American Century Companies Inc. Has $50.37 Million Holdings in Iridium Communications Inc. (NASDAQ:IRDM)

American Century Companies Inc. lifted its holdings in shares of Iridium Communications Inc. (NASDAQ:IRDM - Free Report) by 94.2% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 1,735,842 shares of the technology company's stock after buying an additional 841,951 shares during the period. American Century Companies Inc. owned 1.52% of Iridium Communications worth $50,374,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently bought and sold shares of the business. Plato Investment Management Ltd bought a new position in shares of Iridium Communications during the fourth quarter valued at approximately $32,000. SBI Securities Co. Ltd. bought a new position in Iridium Communications during the 4th quarter worth $37,000. Fifth Third Bancorp increased its position in Iridium Communications by 19.8% in the fourth 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 period. GAMMA Investing LLC increased its position in Iridium Communications by 44.8% in the fourth quarter. GAMMA Investing LLC now owns 3,473 shares of the technology company's stock worth $101,000 after buying an additional 1,074 shares during the period. Finally, Millstone Evans Group LLC bought a new stake in Iridium Communications in the fourth quarter valued at $131,000. 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 analyst reports. Barclays dropped their price objective on shares of Iridium Communications from $45.00 to $38.00 and set an "overweight" rating on the stock in a report on Monday, March 10th. Cantor Fitzgerald began coverage on shares of Iridium Communications in a research note on Friday, January 24th. They issued an "overweight" rating and a $40.00 price target on the stock. Finally, StockNews.com downgraded Iridium Communications from a "buy" rating to a "hold" rating in a research report on Saturday.

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Insider Activity

In other news, Director Thomas Fitzpatrick sold 12,500 shares of Iridium Communications stock in a transaction that occurred 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 transaction, the director now owns 241,030 shares of the company's stock, valued at $6,876,585.90. The trade was a 4.93 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this link. 2.00% of the stock is owned by insiders.

Iridium Communications Price Performance

IRDM stock traded down $1.94 during trading on Friday, hitting $27.54. The company had a trading volume of 1,246,704 shares, compared to its average volume of 1,116,047. The business has a 50 day moving average of $29.52 and a 200 day moving average of $29.47. The firm has a market capitalization of $3.00 billion, a price-to-earnings ratio of 28.99, a P/E/G ratio of 1.28 and a beta of 0.70. 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 $24.14 and a fifty-two week high of $35.85.

Iridium Communications (NASDAQ:IRDM - Get Free Report) last issued its quarterly 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 during the quarter, compared to analyst estimates of $203.78 million. Iridium Communications had a net margin of 13.58% and a return on equity of 15.66%. As a group, research analysts predict that Iridium Communications Inc. will post 0.89 earnings per share for the current year.

Iridium Communications Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Monday, March 17th will be paid a dividend of $0.14 per share. This represents a $0.56 dividend on an annualized basis and a yield of 2.03%. The ex-dividend date of this dividend is Monday, March 17th. Iridium Communications's payout ratio is currently 58.95%.

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.