Vontobel Holding Ltd. Sells 17,885 Shares of Iridium Communications Inc $IRDM

Vontobel Holding Ltd. cut its holdings in Iridium Communications Inc (NASDAQ:IRDM) by 53.4% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 15,623 shares of the technology company’s stock after selling 17,885 shares during the quarter. Vontobel Holding Ltd.’s holdings in Iridium Communications were worth $748,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently bought and sold shares of the company. Fortitude Family Office LLC raised its position in Iridium Communications by 3,345.0% during the 3rd quarter. Fortitude Family Office LLC now owns 2,756 shares of the technology company’s stock valued at $132,000 after purchasing an additional 2,676 shares during the last quarter. Sax Wealth Advisors LLC purchased a new stake in Iridium Communications in the 3rd quarter worth approximately $238,000. GAMMA Investing LLC grew its position in shares of Iridium Communications by 45.2% in the 3rd quarter. GAMMA Investing LLC now owns 4,390 shares of the technology company’s stock worth $210,000 after buying an additional 1,367 shares during the last quarter. Farther Finance Advisors LLC grew its position in shares of Iridium Communications by 18.3% in the 3rd quarter. Farther Finance Advisors LLC now owns 9,379 shares of the technology company’s stock worth $449,000 after buying an additional 1,454 shares during the last quarter. Finally, CoreCap Advisors LLC grew its position in shares of Iridium Communications by 69.0% in the 3rd quarter. CoreCap Advisors LLC now owns 1,021 shares of the technology company’s stock worth $49,000 after buying an additional 417 shares during the last quarter. Hedge funds and other institutional investors own 84.36% of the company’s stock.

Iridium Communications Price Performance

IRDM stock opened at $43.94 on Wednesday. Iridium Communications Inc has a 1 year low of $15.65 and a 1 year high of $57.18. The company has a market cap of $4.66 billion, a P/E ratio of 49.93, a PEG ratio of 3.56 and a beta of 0.84. The firm has a 50-day moving average of $47.56 and a 200 day moving average of $45.86. The company has a debt-to-equity ratio of 3.70, a current ratio of 2.78 and a quick ratio of 2.31.

Iridium Communications (NASDAQ:IRDM) last issued its quarterly earnings data on Tuesday, October 20th. The technology company reported $0.98 EPS for the quarter, topping the consensus estimate of $0.34 by $0.64. The business had revenue of $245.73 million during the quarter, compared to analyst estimates of $236.30 million. Iridium Communications had a net margin of 10.55% and a return on equity of 22.57%. During the same period last year, the business posted $0.35 earnings per share. On average, sell-side analysts forecast that Iridium Communications Inc will post 0.95 EPS for the current year.

Iridium Communications Announces Dividend

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

Analyst Upgrades and Downgrades

IRDM has been the topic of several research analyst reports. William Blair cut Iridium Communications from an “outperform” rating to a “hold” rating in a research note on Monday, June 29th. New Street Research raised Iridium Communications from a “neutral” rating to a “buy” rating in a research note on Wednesday, July 22nd. Weiss Ratings reiterated a “hold (c)” rating on shares of Iridium Communications in a report on Tuesday, October 6th. Finally, Morgan Stanley lifted their price target on shares of Iridium Communications from $26.00 to $54.00 and gave the company an “equal weight” rating in a report on Tuesday, June 30th. Three research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $41.20.

Insider Transactions at Iridium Communications

In related news, Director Thomas Fitzpatrick sold 209,233 shares of Iridium Communications stock in a transaction that occurred on Monday, August 17th. The stock was sold at an average price of $50.22, for a total transaction of $10,507,681.26. Following the sale, the director directly owned 58,306 shares in the company, valued at $2,928,127.32. The trade was a 78.21% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Timothy Last sold 19,521 shares of Iridium Communications stock in a transaction that occurred on Monday, August 17th. The shares were sold at an average price of $50.34, for a total value of $982,687.14. Following the sale, the executive vice president owned 93,413 shares in the company, valued at $4,702,410.42. This represents a 17.29% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders have sold 381,688 shares of company stock worth $19,146,390. 2.70% of the stock is owned by insiders.

About Iridium Communications

Iridium Communications Inc provides global satellite communications services through the Iridium satellite network. The company offers voice and data connectivity for customers in remote and difficult-to-reach locations, supporting applications in maritime, aviation, government, emergency services, transportation, industrial, and recreational markets.

Its product portfolio includes satellite phones, broadband services, specialized voice and data terminals, and Internet of Things connectivity for tracking, monitoring, and machine-to-machine communications.