Iridium Communications Inc $IRDM Shares Sold by Thrivent Financial for Lutherans

Thrivent Financial for Lutherans decreased its holdings in Iridium Communications Inc (NASDAQ:IRDM) by 68.0% in the 3rd quarter, HoldingsChannel.com reports. The fund owned 36,479 shares of the technology company’s stock after selling 77,405 shares during the quarter. Thrivent Financial for Lutherans’ holdings in Iridium Communications were worth $637,000 as of its most recent SEC filing.

A number of other large investors have also modified their holdings of IRDM. Johnson Financial Group Inc. purchased a new position in Iridium Communications in the second quarter valued at $70,000. Connable Office Inc. acquired a new stake in Iridium Communications in the 2nd quarter valued at about $201,000. Whalen Wealth Management Inc. purchased a new position in shares of Iridium Communications in the 2nd quarter valued at about $201,000. Inspire Advisors LLC acquired a new position in shares of Iridium Communications during the second quarter worth about $202,000. Finally, Claret Asset Management Corp acquired a new position in shares of Iridium Communications during the second quarter worth about $234,000. Hedge funds and other institutional investors own 84.36% of the company’s stock.

Iridium Communications Price Performance

IRDM stock opened at $23.17 on Tuesday. The business has a 50 day moving average price of $19.10 and a 200 day moving average price of $19.50. The company has a quick ratio of 1.82, a current ratio of 2.48 and a debt-to-equity ratio of 3.80. The stock has a market cap of $2.43 billion, a price-to-earnings ratio of 21.86, a PEG ratio of 1.38 and a beta of 0.61. Iridium Communications Inc has a fifty-two week low of $15.65 and a fifty-two week high of $34.45.

Iridium Communications (NASDAQ:IRDM) last released its quarterly earnings data on Thursday, February 12th. The technology company reported $0.24 earnings per share for the quarter, topping analysts’ consensus estimates of $0.23 by $0.01. The company had revenue of $212.94 million for the quarter, compared to analysts’ expectations of $219.14 million. Iridium Communications had a net margin of 13.12% and a return on equity of 24.01%. The firm’s revenue for the quarter was up .0% on a year-over-year basis. During the same quarter last year, the company earned $0.32 earnings per share. Equities research analysts anticipate that Iridium Communications Inc will post 0.89 earnings per share for the current fiscal year.

Iridium Communications Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, December 31st. Investors of record on Monday, December 15th were paid a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a yield of 2.6%. The ex-dividend date was Monday, December 15th. Iridium Communications’s dividend payout ratio (DPR) is currently 56.60%.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on the stock. Morgan Stanley reaffirmed an “equal weight” rating and issued a $24.00 target price (down previously from $37.00) on shares of Iridium Communications in a report on Friday, January 16th. BWS Financial reissued a “sell” rating and issued a $16.00 price objective on shares of Iridium Communications in a research report on Friday, October 24th. Finally, Weiss Ratings restated a “sell (d+)” rating on shares of Iridium Communications in a report on Thursday, January 22nd. Four equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, Iridium Communications presently has a consensus rating of “Hold” and an average target price of $25.00.

Iridium Communications 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.