Cullen Investment Group LTD. Sells 742 Shares of Iridium Communications Inc $IRDM

Cullen Investment Group LTD. reduced its position in shares of Iridium Communications Inc (NASDAQ:IRDM) by 2.4% in the second quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 30,595 shares of the technology company’s stock after selling 742 shares during the quarter. Cullen Investment Group LTD.’s holdings in Iridium Communications were worth $923,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also bought and sold shares of the company. SVB Wealth LLC bought a new stake in Iridium Communications during the 1st quarter valued at about $30,000. UMB Bank n.a. increased its stake in Iridium Communications by 129.8% during the 1st quarter. UMB Bank n.a. now owns 1,379 shares of the technology company’s stock valued at $38,000 after purchasing an additional 779 shares in the last quarter. SBI Securities Co. Ltd. increased its stake in Iridium Communications by 37.2% during the 1st quarter. SBI Securities Co. Ltd. now owns 1,757 shares of the technology company’s stock valued at $48,000 after purchasing an additional 476 shares in the last quarter. Cooksen Wealth LLC bought a new stake in Iridium Communications during the 1st quarter valued at about $47,000. Finally, Summit Securities Group LLC bought a new stake in Iridium Communications during the 1st quarter valued at about $72,000. 84.36% of the stock is currently owned by institutional investors.

Iridium Communications Stock Performance

Shares of IRDM stock opened at $17.79 on Friday. The company has a 50 day moving average price of $25.95 and a 200-day moving average price of $26.61. Iridium Communications Inc has a 52 week low of $17.08 and a 52 week high of $35.85. The firm has a market capitalization of $1.89 billion, a PE ratio of 17.97, a P/E/G ratio of 0.67 and a beta of 0.78. The company has a quick ratio of 1.75, a current ratio of 2.51 and a debt-to-equity ratio of 3.82.

Iridium Communications (NASDAQ:IRDM) last posted its quarterly earnings data on Thursday, July 24th. The technology company reported $0.20 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.23 by ($0.03). The business had revenue of $216.91 million during the quarter, compared to analysts’ expectations of $214.73 million. Iridium Communications had a return on equity of 20.28% and a net margin of 13.20%.The business’s quarterly revenue was up 7.9% compared to the same quarter last year. During the same period in the previous year, the business posted $0.27 EPS. As a group, equities research analysts expect that Iridium Communications Inc will post 0.89 earnings per share for the current year.

Iridium Communications Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 30th. Investors of record on Monday, September 15th will be issued a $0.15 dividend. The ex-dividend date of this dividend is Monday, September 15th. This is a positive change from Iridium Communications’s previous quarterly dividend of $0.14. This represents a $0.60 dividend on an annualized basis and a dividend yield of 3.4%. Iridium Communications’s payout ratio is 56.57%.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on IRDM. Morgan Stanley reduced their price objective on shares of Iridium Communications from $40.00 to $37.00 and set an “overweight” rating for the company in a research note on Friday, August 1st. BWS Financial lowered shares of Iridium Communications from a “neutral” rating to a “sell” rating and reduced their price target for the stock from $25.00 to $16.00 in a research note on Tuesday. Barclays reduced their price target on shares of Iridium Communications from $38.00 to $31.00 and set an “overweight” rating for the company in a research note on Monday, July 28th. Finally, Raymond James Financial lowered shares of Iridium Communications from a “strong-buy” rating to an “outperform” rating and reduced their price target for the stock from $39.00 to $26.00 in a research note on Thursday. Six analysts have rated the stock with a Buy rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, Iridium Communications has an average rating of “Moderate Buy” and an average price target of $30.67.

Iridium Communications 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.