Sumitomo Mitsui Trust Group Inc. Has $21.96 Million Stake in Iridium Communications Inc $IRDM

Sumitomo Mitsui Trust Group Inc. reduced its holdings in Iridium Communications Inc (NASDAQ:IRDM) by 32.3% in the 1st quarter, Holdings Channel reports. The fund owned 791,773 shares of the technology company’s stock after selling 378,479 shares during the quarter. Sumitomo Mitsui Trust Group Inc.’s holdings in Iridium Communications were worth $21,964,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. Quantinno Capital Management LP grew its position in shares of Iridium Communications by 3.1% in the 2nd quarter. Quantinno Capital Management LP now owns 15,199 shares of the technology company’s stock valued at $459,000 after purchasing an additional 461 shares during the period. Empowered Funds LLC lifted its stake in Iridium Communications by 4.4% in the fourth quarter. Empowered Funds LLC now owns 11,350 shares of the technology company’s stock valued at $197,000 after buying an additional 478 shares in the last quarter. Allworth Financial LP boosted its holdings in shares of Iridium Communications by 11.2% in the fourth quarter. Allworth Financial LP now owns 5,677 shares of the technology company’s stock valued at $99,000 after buying an additional 572 shares during the period. Quadrant Capital Group LLC boosted its holdings in shares of Iridium Communications by 107.5% in the fourth quarter. Quadrant Capital Group LLC now owns 1,430 shares of the technology company’s stock valued at $25,000 after buying an additional 741 shares during the period. Finally, Pictet Asset Management Holding SA increased its position in shares of Iridium Communications by 5.3% during the first quarter. Pictet Asset Management Holding SA now owns 14,971 shares of the technology company’s stock worth $415,000 after acquiring an additional 753 shares in the last quarter. Institutional investors and hedge funds own 84.36% of the company’s stock.

Wall Street Analyst Weigh In

IRDM has been the topic of several research reports. Barclays boosted their price objective on shares of Iridium Communications from $25.00 to $36.00 and gave the company an “overweight” rating in a research report on Thursday, April 9th. BWS Financial reissued a “sell” rating and issued a $16.00 price target on shares of Iridium Communications in a research note on Monday, April 27th. Morgan Stanley boosted their price target on Iridium Communications from $26.00 to $54.00 and gave the company an “equal weight” rating in a report on Tuesday, June 30th. William Blair cut Iridium Communications from an “outperform” rating to a “hold” rating in a research report on Monday, June 29th. Finally, Oppenheimer increased their price objective on Iridium Communications from $48.00 to $60.00 and gave the stock an “outperform” rating in a report on Wednesday, June 3rd. Two analysts have rated the stock with a Buy rating, five have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $38.67.

Iridium Communications Stock Performance

IRDM opened at $48.59 on Tuesday. Iridium Communications Inc has a 52-week low of $15.65 and a 52-week high of $57.18. The firm has a market capitalization of $5.14 billion, a PE ratio of 49.08, a PEG ratio of 2.98 and a beta of 0.87. The company has a debt-to-equity ratio of 3.74, a quick ratio of 2.21 and a current ratio of 2.85. The business’s 50-day simple moving average is $47.00 and its 200 day simple moving average is $33.11.

Iridium Communications (NASDAQ:IRDM) last announced its quarterly earnings data on Thursday, April 23rd. The technology company reported $0.20 EPS for the quarter, missing analysts’ consensus estimates of $0.27 by ($0.07). The firm had revenue of $219.06 million during the quarter, compared to the consensus estimate of $218.39 million. Iridium Communications had a net margin of 12.05% and a return on equity of 22.76%. The business’s revenue was up 2.0% on a year-over-year basis. During the same period last year, the business earned $0.27 EPS. As a group, sell-side analysts expect that Iridium Communications Inc will post 1.05 earnings per share for the current fiscal year.

Iridium Communications Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, June 30th. Shareholders of record on Monday, June 15th were issued a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 1.2%. The ex-dividend date of this dividend was Monday, June 15th. Iridium Communications’s dividend payout ratio is currently 60.61%.

Iridium Communications Company Profile

Iridium Communications Inc operates a global satellite communications network that delivers voice and data services across land, sea and air. The company’s unique architecture relies on a constellation of 66 low-Earth orbit satellites, enabling real-time connectivity in regions beyond the reach of terrestrial wireless networks. Iridium’s core offerings include satellite voice and messaging services, broadband data terminals, push-to-talk (PTT) interoperability and machine-to-machine (M2M) solutions for the Internet of Things (IoT).

Iridium serves a diverse range of markets, including maritime shipping, aviation, government and defense, energy, and enterprise.