Iridium Communications Inc. (NASDAQ:IRDM) Shares Purchased by Sumitomo Mitsui Trust Group Inc.

Sumitomo Mitsui Trust Group Inc. raised its position in Iridium Communications Inc. (NASDAQ:IRDM) by 12.8% during the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 2,829,052 shares of the technology company’s stock after purchasing an additional 320,506 shares during the period. Sumitomo Mitsui Trust Group Inc. owned 2.48% of Iridium Communications worth $82,099,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Capital Performance Advisors LLP purchased a new position in shares of Iridium Communications in the third quarter worth about $57,000. Fifth Third Bancorp lifted its stake in Iridium Communications by 19.8% in the 4th quarter. Fifth Third Bancorp now owns 2,162 shares of the technology company’s stock worth $63,000 after purchasing an additional 357 shares in the last quarter. GAMMA Investing LLC boosted its holdings in shares of Iridium Communications by 25.2% during the 3rd quarter. GAMMA Investing LLC now owns 2,399 shares of the technology company’s stock worth $73,000 after purchasing an additional 483 shares during the last quarter. KBC Group NV grew its position in shares of Iridium Communications by 25.9% in the third quarter. KBC Group NV now owns 3,796 shares of the technology company’s stock valued at $116,000 after purchasing an additional 781 shares in the last quarter. Finally, SG Americas Securities LLC acquired a new stake in shares of Iridium Communications in the fourth quarter valued at approximately $186,000. Institutional investors and hedge funds own 84.36% of the company’s stock.

Insider Buying and Selling at Iridium Communications

In other Iridium Communications news, Director Thomas Fitzpatrick sold 12,500 shares of the business’s stock in a transaction that occurred on Friday, January 10th. The stock was 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 ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 2.00% of the stock is currently owned by corporate insiders.

Iridium Communications Price Performance

IRDM stock opened at $28.42 on Monday. Iridium Communications Inc. has a 52-week low of $24.14 and a 52-week high of $36.32. The company has a quick ratio of 2.01, a current ratio of 2.62 and a debt-to-equity ratio of 2.68. The stock has a market cap of $3.24 billion, a price-to-earnings ratio of 30.23 and a beta of 0.65. The business has a fifty day moving average of $29.28 and a two-hundred day moving average of $28.82.

Iridium Communications Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, December 31st. Investors of record on Monday, December 16th were issued a $0.14 dividend. The ex-dividend date was Monday, December 16th. This represents a $0.56 annualized dividend and a yield of 1.97%. Iridium Communications’s dividend payout ratio (DPR) is currently 59.58%.

Analyst Ratings Changes

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 Monday, October 21st. Cantor Fitzgerald assumed coverage on shares of Iridium Communications in a research report on Friday, January 24th. They set an “overweight” rating and a $40.00 price target on the stock. Two equities research analysts have rated the stock with a hold rating, two have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $40.75.

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.