WealthTrust Axiom LLC Sells 10,873 Shares of Iridium Communications Inc. (NASDAQ:IRDM)

WealthTrust Axiom LLC lessened its stake in shares of Iridium Communications Inc. (NASDAQ:IRDM) by 12.5% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 76,193 shares of the technology company’s stock after selling 10,873 shares during the quarter. Iridium Communications accounts for about 1.0% of WealthTrust Axiom LLC’s investment portfolio, making the stock its 24th largest position. WealthTrust Axiom LLC’s holdings in Iridium Communications were worth $3,136,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also modified their holdings of the stock. Skylands Capital LLC boosted its position in shares of Iridium Communications by 72.2% during the fourth quarter. Skylands Capital LLC now owns 92,150 shares of the technology company’s stock worth $3,793,000 after buying an additional 38,650 shares during the period. Russell Investments Group Ltd. raised its holdings in Iridium Communications by 304.4% during the fourth quarter. Russell Investments Group Ltd. now owns 210,207 shares of the technology company’s stock worth $8,652,000 after acquiring an additional 158,230 shares in the last quarter. Gilliland Jeter Wealth Management LLC bought a new stake in Iridium Communications during the fourth quarter worth about $1,032,000. Headlands Technologies LLC bought a new stake in Iridium Communications during the fourth quarter worth about $60,000. Finally, Semanteon Capital Management LP bought a new stake in Iridium Communications during the fourth quarter worth about $333,000. Institutional investors own 84.36% of the company’s stock.

Analyst Upgrades and Downgrades

IRDM has been the topic of several analyst reports. Barclays upped their target price on Iridium Communications from $42.00 to $44.00 and gave the stock an “overweight” rating in a report on Friday. Raymond James dropped their price objective on Iridium Communications from $53.00 to $48.00 and set a “strong-buy” rating on the stock in a research note on Friday, February 16th. TheStreet upgraded Iridium Communications from a “d+” rating to a “c-” rating in a research note on Thursday, February 15th. William Blair lowered Iridium Communications from an “outperform” rating to a “market perform” rating in a research note on Thursday, February 15th. Finally, BWS Financial restated a “neutral” rating and issued a $30.00 price objective on shares of Iridium Communications in a research note on Monday, April 22nd. Three investment analysts have rated the stock with a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $44.75.

Iridium Communications Stock Performance

Shares of Iridium Communications stock traded down $0.47 on Tuesday, hitting $31.33. The stock had a trading volume of 996,199 shares, compared to its average volume of 1,169,836. Iridium Communications Inc. has a twelve month low of $24.14 and a twelve month high of $65.69. The business’s 50 day moving average is $27.33 and its two-hundred day moving average is $34.21. The company has a quick ratio of 2.52, a current ratio of 3.33 and a debt-to-equity ratio of 1.86. The stock has a market cap of $3.80 billion, a price-to-earnings ratio of 152.52 and a beta of 0.85.

Iridium Communications (NASDAQ:IRDM) last posted its earnings results on Thursday, April 18th. The technology company reported $0.16 EPS for the quarter, beating the consensus estimate of $0.15 by $0.01. Iridium Communications had a return on equity of 2.76% and a net margin of 3.20%. The company had revenue of $203.80 million for the quarter, compared to the consensus estimate of $193.84 million. During the same quarter in the prior year, the business earned $0.08 earnings per share. The firm’s revenue for the quarter was down .7% on a year-over-year basis. Analysts forecast that Iridium Communications Inc. will post 0.73 EPS for the current year.

Iridium Communications Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 29th. Investors of record on Friday, March 15th were given a dividend of $0.13 per share. This represents a $0.52 dividend on an annualized basis and a yield of 1.66%. The ex-dividend date of this dividend was Thursday, March 14th. Iridium Communications’s dividend payout ratio is currently 247.62%.

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.