Iridium Communications Inc $IRDM Stock Holdings Lowered by UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC

UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC cut its holdings in shares of Iridium Communications Inc (NASDAQ:IRDM) by 5.2% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 340,871 shares of the technology company’s stock after selling 18,659 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC owned approximately 0.32% of Iridium Communications worth $18,697,000 at the end of the most recent quarter.

Other large investors have also recently added to or reduced their stakes in the company. Van ECK Associates Corp boosted its holdings in Iridium Communications by 50.9% during the second quarter. Van ECK Associates Corp now owns 2,270,799 shares of the technology company’s stock worth $124,553,000 after buying an additional 766,171 shares in the last quarter. Braun Stacey Associates Inc. acquired a new stake in shares of Iridium Communications during the 2nd quarter valued at $16,231,000. Empowered Funds LLC acquired a new stake in shares of Iridium Communications during the 2nd quarter valued at $543,000. United Capital Financial Advisors LLC acquired a new position in shares of Iridium Communications in the 2nd quarter worth $257,000. Finally, Centaurus Financial Inc. acquired a new stake in shares of Iridium Communications during the second quarter worth $122,000. 84.36% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several equities research analysts have recently commented on IRDM shares. Oppenheimer upped their target price on Iridium Communications from $48.00 to $60.00 and gave the company an “outperform” rating in a report on Wednesday, June 3rd. Morgan Stanley upped their price objective on shares of Iridium Communications from $26.00 to $54.00 and gave the company an “equal weight” rating in a research note on Tuesday, June 30th. New Street Research upgraded shares of Iridium Communications from a “neutral” rating to a “buy” rating in a report on Wednesday, July 22nd. William Blair downgraded shares of Iridium Communications from an “outperform” rating to a “hold” rating in a research report on Monday, June 29th. Finally, Weiss Ratings restated a “hold (c)” rating on shares of Iridium Communications in a report on Friday, July 10th. Three analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus price target of $38.67.

Iridium Communications Stock Performance

Shares of IRDM opened at $47.21 on Friday. The company’s 50 day moving average price is $48.81 and its 200 day moving average price is $40.76. Iridium Communications Inc has a 52 week low of $15.65 and a 52 week high of $57.18. The company has a market capitalization of $5.00 billion, a PE ratio of 53.65, a PEG ratio of 3.79 and a beta of 0.87. The company has a debt-to-equity ratio of 3.70, a quick ratio of 2.31 and a current ratio of 2.78.

Iridium Communications (NASDAQ:IRDM) last released its earnings results on Wednesday, July 22nd. The technology company reported $0.09 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.28 by ($0.19). Iridium Communications had a return on equity of 22.57% and a net margin of 10.55%.The company had revenue of $225.24 million during the quarter, compared to analysts’ expectations of $220.32 million. During the same quarter in the previous year, the company earned $0.20 EPS. The firm’s quarterly revenue was up 3.8% compared to the same quarter last year. Research analysts expect that Iridium Communications Inc will post 0.95 EPS for the current fiscal year.

Iridium Communications Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Tuesday, September 15th will be given a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 1.3%. The ex-dividend date of this dividend is Tuesday, September 15th. Iridium Communications’s dividend payout ratio is presently 68.18%.

Insider Buying and Selling

In other news, insider Suzanne E. Mcbride sold 85,454 shares of the firm’s stock in a transaction dated Monday, August 17th. The stock was sold at an average price of $50.28, for a total transaction of $4,296,627.12. Following the completion of the sale, the insider directly owned 282,017 shares of the company’s stock, valued at $14,179,814.76. This trade represents a 23.25% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Thomas Fitzpatrick sold 209,233 shares of Iridium Communications stock in a transaction dated Monday, August 17th. The shares were sold at an average price of $50.22, for a total value of $10,507,681.26. Following the sale, the director owned 58,306 shares of the company’s stock, valued at approximately $2,928,127.32. This represents a 78.21% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders sold 375,919 shares of company stock worth $18,878,997. Insiders own 2.70% of the company’s stock.

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.