Allen Wealth Management LLC Invests $1.14 Million in Iridium Communications Inc. (NASDAQ:IRDM)

Allen Wealth Management LLC acquired a new position in shares of Iridium Communications Inc. (NASDAQ:IRDM - Free Report) during the 4th quarter, according to its most recent 13F filing with the SEC. The fund acquired 39,142 shares of the technology company's stock, valued at approximately $1,136,000. Iridium Communications comprises 0.8% of Allen Wealth Management LLC's investment portfolio, making the stock its 26th biggest holding.

A number of other hedge funds have also made changes to their positions in the stock. Fifth Third Bancorp lifted its holdings in 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 buying an additional 357 shares during the last quarter. EntryPoint Capital LLC increased its stake in Iridium Communications by 4.1% during the fourth quarter. EntryPoint Capital LLC now owns 15,330 shares of the technology company's stock valued at $445,000 after purchasing an additional 600 shares during the last quarter. Commonwealth Equity Services LLC lifted its position in shares of Iridium Communications by 4.0% in the 4th quarter. Commonwealth Equity Services LLC now owns 19,060 shares of the technology company's stock worth $553,000 after buying an additional 729 shares during the last quarter. Ballentine Partners LLC grew its position in shares of Iridium Communications by 6.8% during the 4th quarter. Ballentine Partners LLC now owns 11,731 shares of the technology company's stock valued at $340,000 after buying an additional 750 shares during the last quarter. Finally, State of New Jersey Common Pension Fund D raised its stake in Iridium Communications by 1.1% during the fourth quarter. State of New Jersey Common Pension Fund D now owns 76,836 shares of the technology company's stock worth $2,230,000 after acquiring an additional 866 shares during the period. Institutional investors and hedge funds own 84.36% of the company's stock.

Wall Street Analysts Forecast Growth

IRDM has been the topic of a number of research reports. Cantor Fitzgerald initiated coverage on Iridium Communications in a research report on Friday, January 24th. They set an "overweight" rating and a $40.00 price target on the stock. StockNews.com raised shares of Iridium Communications from a "hold" rating to a "buy" rating in a report on Sunday. Finally, Barclays cut their price objective on shares of Iridium Communications from $45.00 to $38.00 and set an "overweight" rating on the stock in a research report on Monday, March 10th.

Iridium Communications Stock Performance

IRDM traded up $0.30 during trading hours on Tuesday, hitting $23.58. The company's stock had a trading volume of 376,240 shares, compared to its average volume of 1,115,431. The company has a current ratio of 1.73, a quick ratio of 1.25 and a debt-to-equity ratio of 3.05. Iridium Communications Inc. has a fifty-two week low of $22.90 and a fifty-two week high of $35.85. The company has a 50-day simple moving average of $29.08 and a 200 day simple moving average of $29.40. The firm has a market capitalization of $2.56 billion, a PE ratio of 24.82, a PEG ratio of 1.28 and a beta of 0.66.

Iridium Communications (NASDAQ:IRDM - Get Free Report) last released its earnings results on Thursday, February 13th. The technology company reported $0.31 EPS for the quarter, beating the consensus estimate of $0.15 by $0.16. The firm had revenue of $212.99 million for the quarter, compared to analysts' expectations of $203.78 million. Iridium Communications had a net margin of 13.58% and a return on equity of 15.66%. As a group, sell-side analysts expect that Iridium Communications Inc. will post 0.89 EPS for the current year.

Iridium Communications Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Monday, March 17th were given a dividend of $0.14 per share. This represents a $0.56 annualized dividend and a yield of 2.38%. The ex-dividend date of this dividend was Monday, March 17th. Iridium Communications's payout ratio is 58.95%.

Insider Buying and Selling at Iridium Communications

In other 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 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 document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 2.00% of the company's stock.

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.