Iridium Communications Inc. (NASDAQ:IRDM) Shares Sold by Securian Asset Management Inc.

Securian Asset Management Inc. lowered its holdings in shares of Iridium Communications Inc. (NASDAQ:IRDM) by 6.5% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 8,606 shares of the technology company’s stock after selling 599 shares during the period. Securian Asset Management Inc.’s holdings in Iridium Communications were worth $250,000 as of its most recent SEC filing.

A number of other large investors have also recently bought and sold shares of the business. AGF Management Ltd. acquired a new stake in Iridium Communications during the 4th quarter worth $2,525,000. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in Iridium Communications by 12.1% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 31,064 shares of the technology company’s stock worth $901,000 after purchasing an additional 3,350 shares during the period. OFI Invest Asset Management acquired a new stake in Iridium Communications during the 4th quarter worth $673,000. Raymond James Financial Inc. acquired a new stake in Iridium Communications during the 4th quarter worth $17,613,000. Finally, Proficio Capital Partners LLC acquired a new stake in Iridium Communications during the 4th quarter worth $408,000. Institutional investors and hedge funds own 84.36% of the company’s stock.

Iridium Communications Stock Down 1.0 %

IRDM stock opened at $27.36 on Wednesday. Iridium Communications Inc. has a one year low of $24.14 and a one year high of $35.85. The stock has a market capitalization of $2.98 billion, a PE ratio of 28.80, a price-to-earnings-growth ratio of 1.28 and a beta of 0.70. The company has a debt-to-equity ratio of 3.05, a quick ratio of 1.25 and a current ratio of 1.73. The company has a fifty day moving average of $29.48 and a 200-day moving average of $29.39.

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

Iridium Communications Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Monday, March 17th will be issued a $0.14 dividend. The ex-dividend date is Monday, March 17th. This represents a $0.56 dividend on an annualized basis and a dividend yield of 2.05%. Iridium Communications’s dividend payout ratio is presently 58.95%.

Insider Activity

In other Iridium Communications news, Director Thomas Fitzpatrick sold 12,500 shares of the firm’s stock in a transaction dated Friday, January 10th. The shares were sold at an average price of $28.53, for a total transaction of $356,625.00. Following the completion of the transaction, the director now directly owns 241,030 shares in the company, valued at approximately $6,876,585.90. This trade represents a 4.93 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 2.00% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have recently commented on IRDM. Cantor Fitzgerald began coverage on shares of Iridium Communications in a research note on Friday, January 24th. They issued an “overweight” rating and a $40.00 target price for the company. StockNews.com cut shares of Iridium Communications from a “buy” rating to a “hold” rating in a research note on Thursday, March 13th. Finally, Barclays reduced their target price on shares of Iridium Communications from $45.00 to $38.00 and set an “overweight” rating for the company in a research note on Monday, March 10th.

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.