Resona Asset Management Co. Ltd. Buys Shares of 12,342 Iridium Communications Inc. (NASDAQ:IRDM)

Resona Asset Management Co. Ltd. acquired a new position in shares of Iridium Communications Inc. (NASDAQ:IRDM - Free Report) in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 12,342 shares of the technology company's stock, valued at approximately $358,000.

Several other institutional investors and hedge funds also recently modified their holdings of IRDM. Plato Investment Management Ltd acquired a new position in shares of Iridium Communications during the 4th quarter worth about $32,000. SBI Securities Co. Ltd. acquired a new position in Iridium Communications during the fourth quarter valued at approximately $37,000. Fifth Third Bancorp grew its stake in Iridium Communications by 19.8% in the fourth quarter. Fifth Third Bancorp now owns 2,162 shares of the technology company's stock valued at $63,000 after purchasing an additional 357 shares in the last quarter. GAMMA Investing LLC increased its position in shares of Iridium Communications by 44.8% during the 4th quarter. GAMMA Investing LLC now owns 3,473 shares of the technology company's stock worth $101,000 after purchasing an additional 1,074 shares during the last quarter. Finally, Millstone Evans Group LLC bought a new stake in shares of Iridium Communications during the 4th quarter worth approximately $131,000. 84.36% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on IRDM. Cantor Fitzgerald assumed coverage on shares of Iridium Communications in a report on Friday, January 24th. They set an "overweight" rating and a $40.00 target price on the stock. StockNews.com upgraded shares of Iridium Communications from a "hold" rating to a "buy" rating in a research note on Sunday, April 6th. Finally, Barclays cut their target price on shares of Iridium Communications from $45.00 to $38.00 and set an "overweight" rating for the company in a research note on Monday, March 10th.

Iridium Communications Stock Performance

Shares of IRDM stock traded down $0.18 during midday trading on Thursday, hitting $23.65. 110,233 shares of the company were exchanged, compared to its average volume of 1,117,641. The firm has a market capitalization of $2.57 billion, a P/E ratio of 24.93, a PEG ratio of 1.28 and a beta of 0.66. The company has a debt-to-equity ratio of 3.05, a quick ratio of 1.25 and a current ratio of 1.73. Iridium Communications Inc. has a 52 week low of $22.18 and a 52 week high of $35.85. The firm's 50 day moving average price is $28.22 and its two-hundred day moving average price is $29.05.

Iridium Communications (NASDAQ:IRDM - Get Free Report) last announced its earnings results on Thursday, February 13th. The technology company reported $0.31 earnings per share for the quarter, topping analysts' consensus estimates of $0.15 by $0.16. The company had revenue of $212.99 million for the quarter, compared to analyst estimates of $203.78 million. Iridium Communications had a return on equity of 15.66% and a net margin of 13.58%. As a group, equities research analysts anticipate that Iridium Communications Inc. will post 0.89 earnings per share for the current year.

Iridium Communications Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Monday, March 17th were given a dividend of $0.14 per share. This represents a $0.56 dividend on an annualized basis and a yield of 2.37%. The ex-dividend date was Monday, March 17th. Iridium Communications's dividend payout ratio is 58.95%.

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.