Norges Bank bought a new position in Iridium Communications Inc. (NASDAQ:IRDM - Free Report) during the fourth quarter, according to the company in its most recent filing with the SEC. The firm bought 973,109 shares of the technology company's stock, valued at approximately $28,240,000. Norges Bank owned 0.85% of Iridium Communications as of its most recent SEC filing.
Several other hedge funds have also added to or reduced their stakes in the business. Plato Investment Management Ltd purchased a new stake in shares of Iridium Communications during the fourth quarter valued at approximately $32,000. SBI Securities Co. Ltd. bought a new stake in Iridium Communications during the 4th quarter valued at $37,000. Fifth Third Bancorp boosted its position in Iridium Communications by 19.8% during the 4th quarter. Fifth Third Bancorp now owns 2,162 shares of the technology company's stock valued at $63,000 after buying an additional 357 shares during the period. GAMMA Investing LLC grew 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. Finally, Millstone Evans Group LLC purchased a new position in shares of Iridium Communications in the fourth quarter valued at about $131,000. 84.36% of the stock is owned by institutional investors.
Iridium Communications Trading Up 0.5 %
Shares of IRDM traded up $0.12 during trading hours on Friday, reaching $24.27. 851,972 shares of the company traded hands, compared to its average volume of 1,124,606. Iridium Communications Inc. has a 12 month low of $22.18 and a 12 month high of $35.85. The company has a quick ratio of 1.25, a current ratio of 1.73 and a debt-to-equity ratio of 3.05. The company's fifty day moving average price is $28.49 and its two-hundred day moving average price is $29.17. The company has a market capitalization of $2.64 billion, a price-to-earnings ratio of 25.55, a price-to-earnings-growth ratio of 1.28 and a beta of 0.66.
Iridium Communications (NASDAQ:IRDM - Get Free Report) last issued its quarterly earnings data on Thursday, February 13th. The technology company reported $0.31 EPS for the quarter, topping the consensus estimate 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 during the quarter, compared to analyst estimates of $203.78 million. Equities research analysts predict that Iridium Communications Inc. will post 0.89 earnings per share for the current fiscal year.
Iridium Communications Announces Dividend
The company also recently declared a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Monday, March 17th were paid a $0.14 dividend. The ex-dividend date of this dividend was Monday, March 17th. This represents a $0.56 annualized dividend and a yield of 2.31%. Iridium Communications's payout ratio is 58.95%.
Wall Street Analyst Weigh In
A number of research firms have recently weighed in on IRDM. Cantor Fitzgerald started coverage on shares of Iridium Communications in a report on Friday, January 24th. They set an "overweight" rating and a $40.00 target price for the company. StockNews.com raised Iridium Communications from a "hold" rating to a "buy" rating in a research report on Sunday, April 6th. Finally, Barclays cut their price objective on Iridium Communications from $45.00 to $38.00 and set an "overweight" rating on the stock in a research report on Monday, March 10th.
View Our Latest Analysis on IRDM
About Iridium Communications
(
Free Report)
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.
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