Iridium Communications Inc. (NASDAQ:IRDM) Shares Bought by Sei Investments Co.

Sei Investments Co. lifted its position in shares of Iridium Communications Inc. (NASDAQ:IRDM) by 11.1% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 153,672 shares of the technology company’s stock after acquiring an additional 15,388 shares during the quarter. Sei Investments Co. owned 0.13% of Iridium Communications worth $4,460,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Cerity Partners LLC purchased a new stake in shares of Iridium Communications in the third quarter valued at about $1,359,000. FMR LLC increased its holdings in Iridium Communications by 26.7% during the 3rd quarter. FMR LLC now owns 942,380 shares of the technology company’s stock worth $28,695,000 after purchasing an additional 198,360 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in Iridium Communications by 5.7% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 27,714 shares of the technology company’s stock worth $844,000 after acquiring an additional 1,488 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in Iridium Communications by 11.5% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 495,088 shares of the technology company’s stock valued at $15,075,000 after buying an additional 51,121 shares during the last quarter. Finally, Captrust Financial Advisors purchased a new stake in Iridium Communications during the third quarter worth approximately $226,000. Hedge funds and other institutional investors own 84.36% of the company’s stock.

Insider Activity at Iridium Communications

In other Iridium Communications news, Director Thomas Fitzpatrick sold 12,500 shares of the business’s stock in a transaction on Friday, January 10th. The shares were sold at an average price of $28.53, for a total value of $356,625.00. Following the sale, the director now owns 241,030 shares of the company’s stock, valued at $6,876,585.90. The trade was a 4.93 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 2.00% of the stock is owned by company insiders.

Iridium Communications Price Performance

Shares of IRDM opened at $27.03 on Thursday. The company has a debt-to-equity ratio of 3.05, a current ratio of 1.73 and a quick ratio of 1.25. The stock has a fifty day moving average price of $29.42 and a 200 day moving average price of $29.46. The company has a market cap of $2.94 billion, a P/E ratio of 28.45, a PEG ratio of 1.28 and a beta of 0.66. Iridium Communications Inc. has a 12 month low of $24.14 and a 12 month high of $35.85.

Iridium Communications (NASDAQ:IRDM) last announced its earnings results on Thursday, February 13th. The technology company reported $0.31 earnings per share for the quarter, beating the consensus estimate of $0.15 by $0.16. Iridium Communications had a return on equity of 15.66% and a net margin of 13.58%. The business had revenue of $212.99 million during the quarter, compared to analysts’ expectations of $203.78 million. On average, research analysts forecast that Iridium Communications Inc. will post 0.89 earnings per share for the current year.

Iridium Communications Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Monday, March 17th were paid a $0.14 dividend. This represents a $0.56 annualized dividend and a dividend yield of 2.07%. The ex-dividend date of this dividend was Monday, March 17th. Iridium Communications’s payout ratio is presently 58.95%.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on IRDM. StockNews.com lowered shares of Iridium Communications from a “buy” rating to a “hold” rating in a research report on Saturday, March 29th. Barclays decreased their price objective on shares of Iridium Communications from $45.00 to $38.00 and set an “overweight” rating on the stock in a report on Monday, March 10th. Finally, Cantor Fitzgerald started coverage on shares of Iridium Communications in a research report on Friday, January 24th. They issued an “overweight” rating and a $40.00 price target on the stock.

Iridium Communications Company 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.