Values First Advisors Inc. Decreases Stock Holdings in Iridium Communications Inc. (NASDAQ:IRDM)

Values First Advisors Inc. lessened its stake in shares of Iridium Communications Inc. (NASDAQ:IRDM) by 10.4% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 12,259 shares of the technology company’s stock after selling 1,422 shares during the quarter. Values First Advisors Inc.’s holdings in Iridium Communications were worth $356,000 as of its most recent SEC filing.

A number of other large investors have also recently made changes to their positions in IRDM. Advisors Preferred LLC purchased a new stake in Iridium Communications in the fourth quarter worth approximately $846,000. Sumitomo Mitsui Trust Group Inc. lifted its holdings in shares of Iridium Communications by 12.8% during the 4th quarter. Sumitomo Mitsui Trust Group Inc. now owns 2,829,052 shares of the technology company’s stock valued at $82,099,000 after buying an additional 320,506 shares during the period. Pacer Advisors Inc. boosted its stake in shares of Iridium Communications by 4.2% in the 4th quarter. Pacer Advisors Inc. now owns 741,577 shares of the technology company’s stock worth $21,521,000 after buying an additional 29,821 shares during the last quarter. KBC Group NV grew its holdings in shares of Iridium Communications by 30.3% in the fourth quarter. KBC Group NV now owns 4,948 shares of the technology company’s stock worth $144,000 after acquiring an additional 1,152 shares during the period. Finally, Fifth Third Bancorp increased its position in Iridium Communications by 19.8% during the fourth quarter. Fifth Third Bancorp now owns 2,162 shares of the technology company’s stock valued at $63,000 after acquiring an additional 357 shares during the last quarter. 84.36% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

IRDM has been the topic of several research reports. BWS Financial reissued a “neutral” rating and issued a $30.00 target price on shares of Iridium Communications in a research report on Monday, October 21st. Cantor Fitzgerald assumed coverage on shares of Iridium Communications in a research note on Friday, January 24th. They issued an “overweight” rating and a $40.00 price objective on the stock. Two investment analysts have rated the stock with a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $40.75.

Insider Activity

In related news, Director Thomas Fitzpatrick sold 12,500 shares of the stock in a transaction that occurred 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 sale, the director now directly owns 241,030 shares of the company’s stock, valued at approximately $6,876,585.90. This represents a 4.93 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 2.00% of the company’s stock.

Iridium Communications Price Performance

Shares of Iridium Communications stock opened at $27.72 on Thursday. The stock has a market cap of $3.16 billion, a P/E ratio of 29.49 and a beta of 0.65. The company has a debt-to-equity ratio of 2.68, a quick ratio of 2.01 and a current ratio of 2.62. The stock’s fifty day moving average is $29.13 and its 200 day moving average is $28.81. Iridium Communications Inc. has a one year low of $24.14 and a one year high of $36.32.

Iridium Communications Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, December 31st. Stockholders of record on Monday, December 16th were paid a $0.14 dividend. This represents a $0.56 annualized dividend and a dividend yield of 2.02%. The ex-dividend date of this dividend was Monday, December 16th. Iridium Communications’s dividend payout ratio (DPR) is currently 59.58%.

About Iridium Communications

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.