Main Management ETF Advisors LLC Trims Holdings in Iridium Communications Inc. (NASDAQ:IRDM)

Main Management ETF Advisors LLC reduced its holdings in shares of Iridium Communications Inc. (NASDAQ:IRDM) by 8.2% in the fourth quarter, HoldingsChannel reports. The fund owned 27,768 shares of the technology company’s stock after selling 2,496 shares during the period. Main Management ETF Advisors LLC’s holdings in Iridium Communications were worth $806,000 as of its most recent SEC filing.

Several other hedge funds have also bought and sold shares of the business. JPMorgan Chase & Co. increased its stake in shares of Iridium Communications by 1.6% during the fourth quarter. JPMorgan Chase & Co. now owns 631,852 shares of the technology company’s stock valued at $18,336,000 after purchasing an additional 10,195 shares in the last quarter. Teacher Retirement System of Texas increased its position in Iridium Communications by 369.5% during the 4th quarter. Teacher Retirement System of Texas now owns 69,562 shares of the technology company’s stock valued at $2,019,000 after buying an additional 54,747 shares in the last quarter. Steward Partners Investment Advisory LLC raised its stake in Iridium Communications by 376.3% during the fourth quarter. Steward Partners Investment Advisory LLC now owns 4,858 shares of the technology company’s stock valued at $141,000 after buying an additional 3,838 shares during the last quarter. Raymond James Financial Inc. purchased a new position in Iridium Communications during the fourth quarter valued at $17,613,000. Finally, SBI Securities Co. Ltd. bought a new stake in Iridium Communications in the fourth quarter worth $37,000. Institutional investors own 84.36% of the company’s stock.

Wall Street Analyst Weigh In

IRDM has been the subject of several recent analyst reports. BWS Financial lowered their price target on Iridium Communications from $30.00 to $25.00 and set a “neutral” rating for the company in a research report on Wednesday, April 23rd. 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 target price for the company. Oppenheimer assumed coverage on shares of Iridium Communications in a report on Monday, May 5th. They set an “outperform” rating and a $34.00 price target on the stock. StockNews.com lowered shares of Iridium Communications from a “buy” rating to a “hold” rating in a report on Thursday, May 1st. Finally, William Blair upgraded Iridium Communications from a “market perform” rating to an “outperform” rating in a research note on Tuesday, April 22nd. Two analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $34.25.

Iridium Communications Stock Performance

Shares of NASDAQ IRDM opened at $25.66 on Wednesday. The firm’s 50-day moving average price is $25.78 and its 200-day moving average price is $28.28. Iridium Communications Inc. has a 52-week low of $19.91 and a 52-week high of $35.85. The company has a market cap of $2.78 billion, a PE ratio of 27.01, a PEG ratio of 1.28 and a beta of 0.74. The company has a quick ratio of 1.25, a current ratio of 1.73 and a debt-to-equity ratio of 3.05.

Iridium Communications (NASDAQ:IRDM) last issued its quarterly earnings data on Tuesday, April 22nd. The technology company reported $0.27 earnings per share for the quarter, beating analysts’ consensus estimates of $0.22 by $0.05. Iridium Communications had a net margin of 13.58% and a return on equity of 15.66%. The company had revenue of $214.88 million for the quarter, compared to the consensus estimate of $211.78 million. During the same quarter in the prior year, the firm earned $0.17 earnings per share. As a group, analysts anticipate that Iridium Communications Inc. will post 0.89 EPS for the current year.

Iridium Communications Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Monday, March 17th were paid a $0.14 dividend. The ex-dividend date was Monday, March 17th. This represents a $0.56 dividend on an annualized basis and a dividend yield of 2.18%. Iridium Communications’s dividend payout ratio (DPR) is currently 52.83%.

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.