Blair William & Co. IL Decreases Stock Position in Iridium Communications Inc. (NASDAQ:IRDM)

Blair William & Co. IL cut its position in Iridium Communications Inc. (NASDAQ:IRDM) by 8.3% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 299,698 shares of the technology company’s stock after selling 27,093 shares during the period. Blair William & Co. IL owned 0.25% of Iridium Communications worth $7,978,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently made changes to their positions in IRDM. Vanguard Personalized Indexing Management LLC lifted its stake in shares of Iridium Communications by 100.0% in the second quarter. Vanguard Personalized Indexing Management LLC now owns 21,014 shares of the technology company’s stock worth $559,000 after buying an additional 10,509 shares in the last quarter. Axxcess Wealth Management LLC purchased a new stake in Iridium Communications during the 2nd quarter valued at about $519,000. Edgestream Partners L.P. raised its holdings in Iridium Communications by 213.0% in the 2nd quarter. Edgestream Partners L.P. now owns 35,152 shares of the technology company’s stock valued at $936,000 after acquiring an additional 23,920 shares during the last quarter. Federated Hermes Inc. lifted its stake in Iridium Communications by 25.5% in the 2nd quarter. Federated Hermes Inc. now owns 20,085 shares of the technology company’s stock worth $535,000 after purchasing an additional 4,085 shares in the last quarter. Finally, Main Street Financial Solutions LLC boosted its holdings in shares of Iridium Communications by 34.4% during the 2nd quarter. Main Street Financial Solutions LLC now owns 11,946 shares of the technology company’s stock worth $318,000 after purchasing an additional 3,056 shares during the last quarter. 84.36% of the stock is currently owned by hedge funds and other institutional investors.

Iridium Communications Stock Performance

NASDAQ IRDM opened at $29.22 on Friday. The stock has a fifty day simple moving average of $27.07 and a 200-day simple moving average of $27.51. The company has a current ratio of 2.25, a quick ratio of 1.52 and a debt-to-equity ratio of 2.08. The stock has a market cap of $3.55 billion, a PE ratio of 139.14 and a beta of 0.64. Iridium Communications Inc. has a twelve month low of $24.14 and a twelve month high of $48.71.

Iridium Communications (NASDAQ:IRDM) last released its quarterly earnings results on Tuesday, July 23rd. The technology company reported $0.27 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.17 by $0.10. Iridium Communications had a net margin of 11.08% and a return on equity of 10.23%. The business had revenue of $201.07 million for the quarter, compared to the consensus estimate of $204.01 million. During the same period in the previous year, the firm earned ($0.24) EPS. The business’s revenue was up 4.1% on a year-over-year basis. Equities analysts anticipate that Iridium Communications Inc. will post 0.81 earnings per share for the current year.

Iridium Communications Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Friday, September 13th will be issued a dividend of $0.14 per share. This represents a $0.56 dividend on an annualized basis and a yield of 1.92%. The ex-dividend date of this dividend is Friday, September 13th. Iridium Communications’s dividend payout ratio (DPR) is 266.67%.

Iridium Communications declared that its Board of Directors has authorized a share repurchase plan on Thursday, September 19th that allows the company to repurchase $500.00 million in shares. This repurchase authorization allows the technology company to buy up to 14.2% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board believes its stock is undervalued.

Analyst Upgrades and Downgrades

IRDM has been the topic of a number of recent research reports. BWS Financial reissued a “neutral” rating and set a $30.00 price objective on shares of Iridium Communications in a research note on Wednesday, July 24th. Barclays lifted their price target on Iridium Communications from $44.00 to $45.00 and gave the stock an “overweight” rating in a report on Wednesday, July 24th. Three equities research analysts have rated the stock with a hold rating, one has given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $41.00.

Iridium Communications Profile

Iridium Communications Inc provides mobile voice and data communications services and products to businesses, the United States and international governments, non-governmental organizations, and consumers worldwide. The company offers postpaid mobile voice and data satellite communications; prepaid mobile voice satellite communications; push-to-talk; broadband data; and Internet of Things (IoT) services.