Iridium Communications Inc. (NASDAQ:IRDM) Shares Sold by Silver Heights Capital Management Inc

Silver Heights Capital Management Inc trimmed its position in Iridium Communications Inc. (NASDAQ:IRDM) by 0.3% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 3,715,471 shares of the technology company’s stock after selling 9,796 shares during the period. Iridium Communications makes up approximately 47.9% of Silver Heights Capital Management Inc’s holdings, making the stock its biggest holding. Silver Heights Capital Management Inc’s holdings in Iridium Communications were worth $107,823,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also bought and sold shares of IRDM. Plato Investment Management Ltd bought a new stake in Iridium Communications in the fourth quarter valued at approximately $32,000. SBI Securities Co. Ltd. bought a new stake in shares of Iridium Communications in the 4th quarter valued at $37,000. Fifth Third Bancorp increased its position in shares of Iridium Communications by 19.8% in the 4th quarter. Fifth Third Bancorp now owns 2,162 shares of the technology company’s stock valued at $63,000 after buying an additional 357 shares in the last quarter. GAMMA Investing LLC raised its stake in Iridium Communications by 44.8% during the 4th quarter. GAMMA Investing LLC now owns 3,473 shares of the technology company’s stock worth $101,000 after buying an additional 1,074 shares during the period. Finally, Millstone Evans Group LLC bought a new position in Iridium Communications during the fourth quarter worth about $131,000. Institutional investors own 84.36% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on IRDM shares. Barclays lowered their price target on Iridium Communications from $45.00 to $38.00 and set an “overweight” rating for the company in a report on Monday, March 10th. StockNews.com upgraded shares of Iridium Communications from a “hold” rating to a “buy” rating in a report on Sunday. Finally, Cantor Fitzgerald began coverage on shares of Iridium Communications in a report on Friday, January 24th. They issued an “overweight” rating and a $40.00 price target for the company.

Insider Buying and Selling

In related news, Director Thomas Fitzpatrick sold 12,500 shares of the company’s stock in a transaction dated Friday, January 10th. The stock was sold at an average price of $28.53, for a total transaction of $356,625.00. Following the sale, 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 ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 2.00% of the stock is currently owned by corporate insiders.

Iridium Communications Stock Performance

IRDM opened at $24.59 on Friday. The company has a market capitalization of $2.67 billion, a price-to-earnings ratio of 25.88, a P/E/G ratio of 1.28 and a beta of 0.66. The business’s 50-day moving average price is $29.22 and its two-hundred day moving average price is $29.42. Iridium Communications Inc. has a 1 year low of $24.12 and a 1 year high of $35.85. The company has a debt-to-equity ratio of 3.05, a current ratio of 1.73 and a quick ratio of 1.25.

Iridium Communications (NASDAQ:IRDM) last announced its 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. Iridium Communications had a return on equity of 15.66% and a net margin of 13.58%. The business had revenue of $212.99 million for the quarter, compared to analyst estimates of $203.78 million. Equities analysts expect that Iridium Communications Inc. will post 0.89 EPS for the current fiscal year.

Iridium Communications Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Monday, March 17th were given a $0.14 dividend. This represents a $0.56 dividend on an annualized basis and a dividend yield of 2.28%. The ex-dividend date was Monday, March 17th. Iridium Communications’s dividend payout ratio is presently 58.95%.

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.