UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC Reduces Position in Iridium Communications Inc. (NASDAQ:IRDM)

UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC cut its stake in shares of Iridium Communications Inc. (NASDAQ:IRDM) by 6.2% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 464,506 shares of the technology company’s stock after selling 30,582 shares during the quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC owned about 0.41% of Iridium Communications worth $13,480,000 as of its most recent SEC filing.

Other large investors have also recently made changes to their positions in the company. Plato Investment Management Ltd purchased a new stake in shares of Iridium Communications during the fourth quarter valued at $32,000. SBI Securities Co. Ltd. purchased a new stake in shares of Iridium Communications during the fourth quarter valued at $37,000. Pinnacle Holdings LLC boosted its holdings in Iridium Communications by 45.4% in the fourth quarter. Pinnacle Holdings LLC now owns 1,528 shares of the technology company’s stock valued at $44,000 after purchasing an additional 477 shares during the last quarter. Fifth Third Bancorp boosted its holdings in Iridium Communications by 19.8% in the fourth quarter. Fifth Third Bancorp now owns 2,162 shares of the technology company’s stock valued at $63,000 after purchasing an additional 357 shares during the last quarter. Finally, Covestor Ltd boosted its holdings in Iridium Communications by 529.6% in the fourth quarter. Covestor Ltd now owns 2,512 shares of the technology company’s stock valued at $73,000 after purchasing an additional 2,113 shares during the last quarter. 84.36% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research firms have commented on IRDM. Oppenheimer began coverage on shares of Iridium Communications in a report on Monday, May 5th. They issued an “outperform” rating and a $34.00 price target on the stock. William Blair raised shares of Iridium Communications from a “market perform” rating to an “outperform” rating in a report on Tuesday, April 22nd. BWS Financial lowered their price target on shares of Iridium Communications from $30.00 to $25.00 and set a “neutral” rating on the stock in a report on Wednesday, April 23rd. Barclays lowered their price target 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, Wall Street Zen lowered shares of Iridium Communications from a “buy” rating to a “hold” rating in a report on Thursday, May 1st. Two research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $34.25.

Iridium Communications Trading Down 0.4%

Shares of Iridium Communications stock opened at $25.57 on Friday. The firm has a 50-day simple moving average of $25.15 and a two-hundred day simple moving average of $27.95. The company has a market cap of $2.77 billion, a P/E ratio of 26.92, a price-to-earnings-growth ratio of 1.28 and a beta of 0.74. Iridium Communications Inc. has a fifty-two week low of $19.91 and a fifty-two week high of $35.85. The company has a debt-to-equity ratio of 3.05, a quick ratio of 1.25 and a current ratio of 1.73.

Iridium Communications (NASDAQ:IRDM) last issued its quarterly earnings data on Tuesday, April 22nd. The technology company reported $0.27 earnings per share for the quarter, topping analysts’ consensus estimates of $0.22 by $0.05. The business had revenue of $214.88 million during the quarter, compared to the consensus estimate of $211.78 million. Iridium Communications had a net margin of 13.58% and a return on equity of 15.66%. During the same quarter in the prior year, the firm posted $0.17 earnings per share. As a group, equities analysts predict that Iridium Communications Inc. will post 0.89 earnings per share for the current fiscal year.

Iridium Communications Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Friday, June 13th will be given a $0.14 dividend. The ex-dividend date is Friday, June 13th. This represents a $0.56 dividend on an annualized basis and a dividend yield of 2.19%. Iridium Communications’s dividend payout ratio (DPR) is currently 52.83%.

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.