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

Securian Asset Management Inc. reduced its stake in Iridium Communications Inc. (NASDAQ:IRDM) by 6.5% during the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 8,606 shares of the technology company’s stock after selling 599 shares during the quarter. Securian Asset Management Inc.’s holdings in Iridium Communications were worth $250,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in the stock. AGF Management Ltd. acquired a new position in shares of Iridium Communications in the 4th quarter worth approximately $2,525,000. Zurcher Kantonalbank Zurich Cantonalbank increased 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 buying an additional 3,350 shares during the period. OFI Invest Asset Management purchased a new stake in Iridium Communications during the 4th quarter worth approximately $673,000. Raymond James Financial Inc. purchased a new stake in Iridium Communications during the 4th quarter worth approximately $17,613,000. Finally, Proficio Capital Partners LLC purchased a new stake in Iridium Communications during the 4th quarter worth approximately $408,000. 84.36% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other news, Director Thomas Fitzpatrick sold 12,500 shares of the company’s stock in a transaction on Friday, January 10th. The shares were sold at an average price of $28.53, for a total value of $356,625.00. Following the completion of the transaction, the director now owns 241,030 shares in the company, valued at approximately $6,876,585.90. This represents a 4.93 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Company insiders own 2.00% of the company’s stock.

Iridium Communications Trading Down 1.0 %

Shares of NASDAQ:IRDM opened at $27.36 on Wednesday. Iridium Communications Inc. has a 52 week low of $24.14 and a 52 week high of $35.85. The company’s 50 day moving average is $29.48 and its two-hundred day moving average is $29.39. The company has a current ratio of 1.73, a quick ratio of 1.25 and a debt-to-equity ratio of 3.05. The company has a market cap of $2.98 billion, a PE ratio of 28.80, a P/E/G ratio of 1.28 and a beta of 0.70.

Iridium Communications (NASDAQ:IRDM) last announced its quarterly earnings data on Thursday, February 13th. The technology company reported $0.31 EPS for the quarter, beating analysts’ consensus estimates of $0.15 by $0.16. Iridium Communications had a net margin of 13.58% and a return on equity of 15.66%. The company had revenue of $212.99 million for the quarter, compared to the consensus estimate of $203.78 million. 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, March 31st. Shareholders of record on Monday, March 17th will be given a $0.14 dividend. This represents a $0.56 dividend on an annualized basis and a dividend yield of 2.05%. The ex-dividend date is Monday, March 17th. Iridium Communications’s dividend payout ratio is presently 58.95%.

Analyst Ratings Changes

Several equities research analysts recently weighed in on IRDM shares. StockNews.com downgraded shares of Iridium Communications from a “buy” rating to a “hold” rating in a research note on Thursday, March 13th. Barclays cut their target price on shares of Iridium Communications from $45.00 to $38.00 and set an “overweight” rating on the stock in a research note on Monday, March 10th. Finally, Cantor Fitzgerald started coverage on shares of Iridium Communications in a research note on Friday, January 24th. They set an “overweight” rating and a $40.00 target price on the stock.

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.