Hsbc Holdings PLC Lowers Holdings in Iridium Communications Inc $IRDM

Hsbc Holdings PLC reduced its position in Iridium Communications Inc (NASDAQ:IRDM) by 35.9% during the 2nd quarter, according to its most recent filing with the SEC. The firm owned 83,601 shares of the technology company’s stock after selling 46,804 shares during the quarter. Hsbc Holdings PLC owned about 0.08% of Iridium Communications worth $2,532,000 as of its most recent filing with the SEC.

Other hedge funds also recently made changes to their positions in the company. SVB Wealth LLC acquired a new position in shares of Iridium Communications during the first quarter worth about $30,000. Johnson Financial Group Inc. purchased a new stake in Iridium Communications in the 2nd quarter valued at approximately $70,000. Summit Securities Group LLC acquired a new position in Iridium Communications during the 1st quarter worth approximately $72,000. Carolina Wealth Advisors LLC purchased a new position in shares of Iridium Communications during the 2nd quarter worth approximately $76,000. Finally, Financiere des Professionnels Fonds d investissement inc. acquired a new stake in shares of Iridium Communications in the 2nd quarter valued at approximately $156,000. Institutional investors and hedge funds own 84.36% of the company’s stock.

Insider Buying and Selling

In other Iridium Communications news, Director Thomas Fitzpatrick sold 20,839 shares of the stock in a transaction on Friday, October 31st. The stock was sold at an average price of $18.00, for a total transaction of $375,102.00. Following the sale, the director owned 231,034 shares in the company, valued at approximately $4,158,612. This represents a 8.27% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Robert H. Niehaus acquired 30,000 shares of the firm’s stock in a transaction that occurred on Tuesday, October 28th. The shares were bought at an average cost of $17.49 per share, for a total transaction of $524,700.00. Following the purchase, the director owned 297,363 shares of the company’s stock, valued at approximately $5,200,878.87. The trade was a 11.22% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Insiders sold 30,967 shares of company stock worth $557,406 in the last ninety days. Insiders own 2.40% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts recently weighed in on the company. Weiss Ratings lowered Iridium Communications from a “hold (c-)” rating to a “sell (d+)” rating in a report on Saturday, October 25th. Raymond James Financial cut shares of Iridium Communications from a “strong-buy” rating to an “outperform” rating and lowered their price target for the stock from $39.00 to $26.00 in a research note on Thursday, September 11th. BWS Financial reiterated a “sell” rating and issued a $16.00 price target on shares of Iridium Communications in a report on Friday, October 24th. Finally, Barclays decreased their price objective on shares of Iridium Communications from $31.00 to $25.00 and set an “overweight” rating on the stock in a report on Wednesday, October 1st. Six equities research analysts have rated the stock with a Buy rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $29.67.

Iridium Communications Trading Up 1.1%

NASDAQ:IRDM opened at $17.74 on Friday. The company has a market capitalization of $1.86 billion, a PE ratio of 15.70, a price-to-earnings-growth ratio of 1.13 and a beta of 0.61. The company has a quick ratio of 1.93, a current ratio of 2.67 and a debt-to-equity ratio of 4.02. Iridium Communications Inc has a 52-week low of $15.65 and a 52-week high of $34.45. The stock has a fifty day simple moving average of $17.67 and a 200-day simple moving average of $22.99.

Iridium Communications (NASDAQ:IRDM) last issued its quarterly earnings data on Thursday, October 23rd. The technology company reported $0.35 EPS for the quarter, beating analysts’ consensus estimates of $0.26 by $0.09. Iridium Communications had a net margin of 14.44% and a return on equity of 24.93%. The firm had revenue of $226.94 million for the quarter, compared to analysts’ expectations of $222.13 million. During the same period in the prior year, the company earned $0.21 EPS. The firm’s revenue was up 6.6% on a year-over-year basis. On average, equities research analysts expect that Iridium Communications Inc will post 0.89 earnings per share for the current fiscal year.

Iridium Communications Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 31st. Stockholders of record on Monday, December 15th will be paid a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 3.4%. The ex-dividend date of this dividend is Monday, December 15th. Iridium Communications’s dividend payout ratio (DPR) is 53.10%.

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.