Cresset Asset Management LLC Reduces Stock Position in Iridium Communications Inc. (NASDAQ:IRDM)

Cresset Asset Management LLC reduced its position in shares of Iridium Communications Inc. (NASDAQ:IRDM) by 29.2% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 19,656 shares of the technology company’s stock after selling 8,089 shares during the period. Cresset Asset Management LLC’s holdings in Iridium Communications were worth $570,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of IRDM. Plato Investment Management Ltd purchased a new position in shares of Iridium Communications during the 4th quarter worth approximately $32,000. SBI Securities Co. Ltd. purchased a new position in shares of Iridium Communications during the 4th quarter worth approximately $37,000. Pinnacle Holdings LLC grew its holdings in shares of Iridium Communications by 45.4% during the 4th quarter. Pinnacle Holdings LLC now owns 1,528 shares of the technology company’s stock worth $44,000 after acquiring an additional 477 shares during the period. Fifth Third Bancorp grew its holdings in shares of Iridium Communications by 19.8% during the 4th quarter. Fifth Third Bancorp now owns 2,162 shares of the technology company’s stock worth $63,000 after acquiring an additional 357 shares during the period. Finally, Covestor Ltd grew its holdings in shares of Iridium Communications by 529.6% during the 4th quarter. Covestor Ltd now owns 2,512 shares of the technology company’s stock worth $73,000 after acquiring an additional 2,113 shares during the period. 84.36% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on IRDM. StockNews.com downgraded Iridium Communications from a “buy” rating to a “hold” rating in a report on Thursday, May 1st. Barclays cut their price target on Iridium Communications from $45.00 to $38.00 and set an “overweight” rating on the stock in a research note on Monday, March 10th. Oppenheimer started coverage on Iridium Communications in a research note on Monday, May 5th. They issued an “outperform” rating and a $34.00 price target on the stock. Cantor Fitzgerald started coverage on Iridium Communications in a research note on Friday, January 24th. They issued an “overweight” rating and a $40.00 price target on the stock. 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’s stock. According to data from MarketBeat, Iridium Communications has an average rating of “Moderate Buy” and a consensus price target of $34.25.

Iridium Communications Stock Performance

Shares of IRDM opened at $25.33 on Thursday. The business’s fifty day simple moving average is $25.67 and its two-hundred day simple moving average is $28.26. The company has a current ratio of 1.73, a quick ratio of 1.25 and a debt-to-equity ratio of 3.05. Iridium Communications Inc. has a 12 month low of $19.91 and a 12 month high of $35.85. The company has a market cap of $2.74 billion, a price-to-earnings ratio of 26.66, a P/E/G ratio of 1.28 and a beta of 0.74.

Iridium Communications (NASDAQ:IRDM) last issued its earnings results on Tuesday, April 22nd. The technology company reported $0.27 EPS for the quarter, beating the consensus estimate of $0.22 by $0.05. Iridium Communications had a return on equity of 15.66% and a net margin of 13.58%. The business had revenue of $214.88 million for the quarter, compared to the consensus estimate of $211.78 million. During the same period last year, the business posted $0.17 EPS. Research analysts anticipate that Iridium Communications Inc. will post 0.89 earnings per share for the current fiscal 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 issued a dividend of $0.14 per share. The ex-dividend date was Monday, March 17th. This represents a $0.56 annualized dividend and a dividend yield of 2.21%. Iridium Communications’s payout ratio is 52.83%.

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.