Van Berkom & Associates Inc. Sells 358,567 Shares of Iridium Communications Inc. (NASDAQ:IRDM)

Van Berkom & Associates Inc. trimmed its position in Iridium Communications Inc. (NASDAQ:IRDM) by 10.2% during the fourth quarter, according to its most recent 13F filing with the SEC. The fund owned 3,171,950 shares of the technology company’s stock after selling 358,567 shares during the period. Iridium Communications comprises approximately 2.7% of Van Berkom & Associates Inc.’s holdings, making the stock its 11th largest holding. Van Berkom & Associates Inc. owned about 2.79% of Iridium Communications worth $92,050,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently made changes to their positions in IRDM. Sumitomo Mitsui Trust Group Inc. lifted its stake in shares of Iridium Communications by 12.8% during the fourth quarter. Sumitomo Mitsui Trust Group Inc. now owns 2,829,052 shares of the technology company’s stock valued at $82,099,000 after acquiring an additional 320,506 shares during the period. FMR LLC raised its holdings in Iridium Communications by 26.7% during the 3rd quarter. FMR LLC now owns 942,380 shares of the technology company’s stock worth $28,695,000 after purchasing an additional 198,360 shares during the last quarter. Weiss Asset Management LP acquired a new position in Iridium Communications during the 3rd quarter valued at about $4,614,000. Barclays PLC boosted its stake in shares of Iridium Communications by 19.2% in the 3rd quarter. Barclays PLC now owns 856,901 shares of the technology company’s stock valued at $26,093,000 after purchasing an additional 137,924 shares during the last quarter. Finally, Algert Global LLC grew its position in shares of Iridium Communications by 54.0% during the 3rd quarter. Algert Global LLC now owns 365,121 shares of the technology company’s stock worth $11,118,000 after buying an additional 128,018 shares during the period. 84.36% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Iridium Communications

In related news, Director Thomas Fitzpatrick sold 12,500 shares of the firm’s stock in a transaction on Friday, January 10th. The stock was sold at an average price of $28.53, for a total transaction of $356,625.00. Following the sale, the director now owns 241,030 shares of the company’s stock, valued at approximately $6,876,585.90. This trade represents a 4.93 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Insiders own 2.00% of the company’s stock.

Analyst Upgrades and Downgrades

Separately, Cantor Fitzgerald started 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.

Iridium Communications Trading Down 1.7 %

NASDAQ IRDM opened at $32.12 on Friday. Iridium Communications Inc. has a 12 month low of $24.14 and a 12 month high of $35.85. The stock has a 50-day simple moving average of $29.30 and a 200 day simple moving average of $28.95. The company has a current ratio of 1.73, a quick ratio of 1.25 and a debt-to-equity ratio of 3.05. The company has a market capitalization of $3.50 billion, a PE ratio of 33.81 and a beta of 0.65.

Iridium Communications (NASDAQ:IRDM) last announced its quarterly earnings results on Thursday, February 13th. The technology company reported $0.31 EPS for the quarter, beating analysts’ consensus estimates of $0.15 by $0.16. Iridium Communications had a return on equity of 15.66% and a net margin of 13.58%. The company had revenue of $212.99 million during the quarter, compared to analysts’ expectations of $203.78 million. Research analysts forecast that Iridium Communications Inc. will post 0.91 EPS for the current year.

Iridium Communications Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, December 31st. Shareholders of record on Monday, December 16th were issued a $0.14 dividend. The ex-dividend date was Monday, December 16th. This represents a $0.56 annualized dividend and a yield of 1.74%. Iridium Communications’s dividend payout ratio (DPR) is presently 58.95%.

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.