96,160 Shares in Iridium Communications Inc. (NASDAQ:IRDM) Bought by Alberta Investment Management Corp

Alberta Investment Management Corp bought a new position in shares of Iridium Communications Inc. (NASDAQ:IRDM - Free Report) during the fourth quarter, according to its most recent filing with the SEC. The fund bought 96,160 shares of the technology company's stock, valued at approximately $2,791,000. Alberta Investment Management Corp owned 0.08% of Iridium Communications at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Capital Performance Advisors LLP bought a new position in Iridium Communications during the third quarter valued at $57,000. Fifth Third Bancorp grew its stake in shares of Iridium Communications by 19.8% during the 4th quarter. Fifth Third Bancorp now owns 2,162 shares of the technology company's stock worth $63,000 after acquiring an additional 357 shares during the period. GAMMA Investing LLC increased its holdings in Iridium Communications by 44.8% in the 4th quarter. GAMMA Investing LLC now owns 3,473 shares of the technology company's stock worth $101,000 after acquiring an additional 1,074 shares during the last quarter. KBC Group NV raised its stake in Iridium Communications by 25.9% in the 3rd quarter. KBC Group NV now owns 3,796 shares of the technology company's stock valued at $116,000 after acquiring an additional 781 shares during the period. Finally, Allworth Financial LP boosted its position in Iridium Communications by 491.9% during the fourth quarter. Allworth Financial LP now owns 5,747 shares of the technology company's stock worth $167,000 after purchasing an additional 4,776 shares during the period. 84.36% of the stock is owned by hedge funds and other institutional investors.

Iridium Communications Price Performance

Shares of IRDM traded down $1.04 during midday trading on Friday, hitting $31.08. 1,362,368 shares of the company traded hands, compared to its average volume of 1,177,589. The stock has a 50-day moving average of $29.31 and a 200-day moving average of $28.98. The company has a debt-to-equity ratio of 3.05, a current ratio of 1.73 and a quick ratio of 1.25. Iridium Communications Inc. has a one year low of $24.14 and a one year high of $35.85. The firm has a market cap of $3.38 billion, a P/E ratio of 32.72, a PEG ratio of 1.30 and a beta of 0.65.

Iridium Communications (NASDAQ:IRDM - Get Free Report) last posted 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. Iridium Communications had a net margin of 13.58% and a return on equity of 15.66%. The business had revenue of $212.99 million for the quarter, compared to analyst estimates of $203.78 million. As a group, sell-side analysts predict that Iridium Communications Inc. will post 0.89 EPS for the current fiscal year.

Iridium Communications Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, December 31st. Investors of record on Monday, December 16th were given a $0.14 dividend. The ex-dividend date of this dividend was Monday, December 16th. This represents a $0.56 dividend on an annualized basis and a dividend yield of 1.80%. Iridium Communications's dividend payout ratio (DPR) is presently 58.95%.

Analyst Upgrades and Downgrades

Separately, Cantor Fitzgerald began coverage on Iridium Communications in a report on Friday, January 24th. They issued an "overweight" rating and a $40.00 price target for the company.

Insider Activity at Iridium Communications

In other Iridium Communications news, Director Thomas Fitzpatrick sold 12,500 shares of the company's stock in a transaction dated Friday, January 10th. The stock was sold at an average price of $28.53, for a total value of $356,625.00. Following the transaction, the director now directly owns 241,030 shares in the company, valued at $6,876,585.90. This represents a 4.93 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 2.00% of the stock is owned by corporate insiders.

Iridium Communications Company 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.