Hsbc Holdings PLC Has $768,000 Holdings in Iridium Communications Inc $IRDM

Hsbc Holdings PLC cut its position in shares of Iridium Communications Inc (NASDAQ:IRDM) by 38.0% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 27,510 shares of the technology company’s stock after selling 16,848 shares during the quarter. Hsbc Holdings PLC’s holdings in Iridium Communications were worth $768,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Royal Bank of Canada raised its holdings in shares of Iridium Communications by 33.0% during the first quarter. Royal Bank of Canada now owns 48,325 shares of the technology company’s stock valued at $1,320,000 after acquiring an additional 11,985 shares during the period. Amundi boosted its stake in Iridium Communications by 1,243.0% in the 1st quarter. Amundi now owns 40,479 shares of the technology company’s stock worth $1,035,000 after purchasing an additional 37,465 shares during the period. Goldman Sachs Group Inc. boosted its stake in Iridium Communications by 16.7% in the 1st quarter. Goldman Sachs Group Inc. now owns 232,231 shares of the technology company’s stock worth $6,345,000 after purchasing an additional 33,191 shares during the period. United Services Automobile Association purchased a new position in Iridium Communications during the 1st quarter worth approximately $218,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in Iridium Communications by 16.2% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 539,566 shares of the technology company’s stock worth $14,741,000 after purchasing an additional 75,060 shares in the last quarter. 84.36% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

IRDM has been the subject of a number of research analyst reports. Raymond James Financial restated a “market perform” rating on shares of Iridium Communications in a report on Friday, April 24th. New Street Research raised Iridium Communications from a “neutral” rating to a “buy” rating in a research report on Wednesday, July 22nd. Barclays increased their price objective on Iridium Communications from $25.00 to $36.00 and gave the stock an “overweight” rating in a research note on Thursday, April 9th. William Blair lowered Iridium Communications from an “outperform” rating to a “hold” rating in a research report on Monday, June 29th. Finally, Oppenheimer lifted their target price on Iridium Communications from $48.00 to $60.00 and gave the company an “outperform” rating in a research note on Wednesday, June 3rd. Three research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $38.67.

Iridium Communications Trading Down 2.4%

Shares of NASDAQ:IRDM opened at $44.36 on Thursday. The firm has a fifty day moving average of $48.08 and a two-hundred day moving average of $35.56. The firm has a market capitalization of $4.70 billion, a P/E ratio of 50.41, a price-to-earnings-growth ratio of 3.59 and a beta of 0.87. Iridium Communications Inc has a 12-month low of $15.65 and a 12-month high of $57.18. The company has a quick ratio of 2.31, a current ratio of 2.78 and a debt-to-equity ratio of 3.70.

Iridium Communications (NASDAQ:IRDM) last posted its quarterly earnings results on Wednesday, July 22nd. The technology company reported $0.09 EPS for the quarter, missing the consensus estimate of $0.28 by ($0.19). Iridium Communications had a net margin of 10.55% and a return on equity of 22.57%. The company had revenue of $225.24 million for the quarter, compared to analysts’ expectations of $220.32 million. During the same quarter in the prior year, the firm earned $0.20 earnings per share. The company’s revenue was up 3.8% on a year-over-year basis. On average, equities analysts expect that Iridium Communications Inc will post 0.97 EPS for the current fiscal year.

Iridium Communications Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, June 30th. Shareholders of record on Monday, June 15th were paid a $0.15 dividend. The ex-dividend date was Monday, June 15th. This represents a $0.60 dividend on an annualized basis and a yield of 1.4%. Iridium Communications’s payout ratio is 68.18%.

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.