Iridium Communications Inc (NASDAQ:IRDM) Shares Sold by Van Berkom & Associates Inc.

Van Berkom & Associates Inc. decreased its holdings in Iridium Communications Inc (NASDAQ:IRDM) by 9.0% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,885,345 shares of the technology company’s stock after selling 286,605 shares during the quarter. Iridium Communications comprises 2.5% of Van Berkom & Associates Inc.’s investment portfolio, making the stock its 16th largest holding. Van Berkom & Associates Inc.’s holdings in Iridium Communications were worth $78,828,000 as of its most recent SEC filing.

A number of other large investors have also recently bought and sold shares of IRDM. Pacer Advisors Inc. increased its stake in Iridium Communications by 38.4% in the first quarter. Pacer Advisors Inc. now owns 1,026,681 shares of the technology company’s stock valued at $28,049,000 after purchasing an additional 285,104 shares during the period. Cetera Investment Advisers acquired a new stake in shares of Iridium Communications during the first quarter worth about $238,000. Universal Beteiligungs und Servicegesellschaft mbH purchased a new position in shares of Iridium Communications during the first quarter worth about $468,000. Allianz Asset Management GmbH acquired a new position in Iridium Communications in the 1st quarter valued at about $205,000. Finally, Los Angeles Capital Management LLC increased its position in Iridium Communications by 182.3% in the 1st quarter. Los Angeles Capital Management LLC now owns 185,658 shares of the technology company’s stock valued at $5,072,000 after acquiring an additional 119,890 shares during the period. Institutional investors and hedge funds own 84.36% of the company’s stock.

Iridium Communications Stock Up 1.7%

Iridium Communications stock opened at $25.69 on Friday. The stock’s 50 day moving average price is $28.85 and its 200 day moving average price is $27.97. Iridium Communications Inc has a 1-year low of $19.91 and a 1-year high of $35.85. The company has a market cap of $2.78 billion, a PE ratio of 25.95, a price-to-earnings-growth ratio of 0.85 and a beta of 0.79. The company has a debt-to-equity ratio of 3.43, a current ratio of 1.99 and a quick ratio of 1.36.

Iridium Communications (NASDAQ:IRDM) last released its earnings results on Thursday, July 24th. The technology company reported $0.20 EPS for the quarter, missing analysts’ consensus estimates of $0.23 by ($0.03). The business had revenue of $216.91 million during the quarter, compared to analyst estimates of $214.73 million. Iridium Communications had a net margin of 13.20% and a return on equity of 19.30%. Iridium Communications’s revenue was up 7.9% compared to the same quarter last year. During the same period last year, the business posted $0.27 EPS. On average, sell-side analysts predict that Iridium Communications Inc will post 0.89 EPS for the current fiscal year.

Iridium Communications Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 30th. Investors of record on Monday, September 15th will be paid a $0.15 dividend. This is a boost from Iridium Communications’s previous quarterly dividend of $0.14. The ex-dividend date of this dividend is Monday, September 15th. This represents a $0.60 annualized dividend and a dividend yield of 2.34%. Iridium Communications’s dividend payout ratio (DPR) is 52.83%.

Analyst Ratings Changes

A number of analysts have weighed in on IRDM shares. BWS Financial decreased their price objective on Iridium Communications from $30.00 to $25.00 and set a “neutral” rating for the company in a research report on Wednesday, April 23rd. Oppenheimer assumed coverage on Iridium Communications in a research note on Monday, May 5th. They set an “outperform” rating and a $34.00 price target for the company. Wall Street Zen downgraded Iridium Communications from a “buy” rating to a “hold” rating in a report on Thursday, May 1st. William Blair raised shares of Iridium Communications from a “market perform” rating to an “outperform” rating in a research note on Tuesday, April 22nd. Finally, Raymond James Financial restated a “strong-buy” rating and set a $39.00 price objective (down previously from $47.00) on shares of Iridium Communications in a research report on Friday. Two equities research analysts have rated the stock with a hold rating, four have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $35.20.

About Iridium Communications

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.