AGF Management Ltd. Makes New $2.53 Million Investment in Iridium Communications Inc. (NASDAQ:IRDM)

AGF Management Ltd. acquired a new position in Iridium Communications Inc. (NASDAQ:IRDM - Free Report) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 87,024 shares of the technology company's stock, valued at approximately $2,525,000. AGF Management Ltd. owned about 0.08% of Iridium Communications at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in the company. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in shares of Iridium Communications by 12.1% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 31,064 shares of the technology company's stock valued at $901,000 after acquiring an additional 3,350 shares in the last quarter. OFI Invest Asset Management purchased a new position in Iridium Communications during the fourth quarter valued at approximately $673,000. Raymond James Financial Inc. purchased a new position in Iridium Communications in the fourth quarter worth $17,613,000. Proficio Capital Partners LLC purchased a new position in Iridium Communications in the fourth quarter worth $408,000. Finally, M&T Bank Corp grew its holdings in Iridium Communications by 13.8% in the fourth quarter. M&T Bank Corp now owns 8,321 shares of the technology company's stock worth $241,000 after purchasing an additional 1,010 shares during the last quarter. Institutional investors own 84.36% of the company's stock.

Insider Transactions at Iridium Communications

In other news, Director Thomas Fitzpatrick sold 12,500 shares of the firm's stock in a transaction on Friday, January 10th. The shares were sold at an average price of $28.53, for a total value of $356,625.00. Following the sale, the director now directly owns 241,030 shares in the company, valued at approximately $6,876,585.90. This trade represents a 4.93 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 2.00% of the company's stock.

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Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on the stock. Cantor Fitzgerald initiated coverage on shares of Iridium Communications in a report on Friday, January 24th. They set an "overweight" rating and a $40.00 price objective on the stock. Barclays decreased their price objective on shares of Iridium Communications from $45.00 to $38.00 and set an "overweight" rating for the company in a research report on Monday. Finally, StockNews.com downgraded shares of Iridium Communications from a "buy" rating to a "hold" rating in a research report on Thursday.

Iridium Communications Price Performance

Shares of IRDM traded up $0.72 during mid-day trading on Friday, hitting $27.59. 1,277,476 shares of the company were exchanged, compared to its average volume of 1,233,336. Iridium Communications Inc. has a 1-year low of $24.14 and a 1-year high of $35.85. The stock has a market cap of $3.00 billion, a price-to-earnings ratio of 29.04, a price-to-earnings-growth ratio of 1.28 and a beta of 0.70. The company has a debt-to-equity ratio of 3.05, a quick ratio of 1.25 and a current ratio of 1.73. The company has a 50 day moving average of $29.62 and a 200-day moving average of $29.30.

Iridium Communications (NASDAQ:IRDM - Get Free Report) last announced its quarterly earnings data on Thursday, February 13th. The technology company reported $0.31 earnings per share (EPS) for the quarter, beating 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 company had revenue of $212.99 million during the quarter, compared to analysts' expectations of $203.78 million. Analysts expect that Iridium Communications Inc. will post 0.89 EPS for the current fiscal year.

Iridium Communications Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Monday, March 17th will be issued a $0.14 dividend. The ex-dividend date is Monday, March 17th. This represents a $0.56 annualized dividend and a dividend yield of 2.03%. Iridium Communications's dividend payout ratio is currently 58.95%.

About Iridium Communications

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.