AXQ Capital LP Acquires 20,772 Shares of Iridium Communications Inc. (NASDAQ:IRDM)

AXQ Capital LP raised its position in shares of Iridium Communications Inc. (NASDAQ:IRDM - Free Report) by 110.5% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 39,565 shares of the technology company's stock after acquiring an additional 20,772 shares during the period. AXQ Capital LP's holdings in Iridium Communications were worth $1,148,000 at the end of the most recent reporting period.

Several other large investors also recently made changes to their positions in IRDM. Plato Investment Management Ltd acquired a new stake in Iridium Communications in the fourth quarter worth $32,000. SBI Securities Co. Ltd. bought a new position in Iridium Communications in the 4th quarter valued at about $37,000. Fifth Third Bancorp raised its holdings in Iridium Communications by 19.8% during the fourth quarter. Fifth Third Bancorp now owns 2,162 shares of the technology company's stock worth $63,000 after purchasing an additional 357 shares in the last quarter. GAMMA Investing LLC lifted 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 valued at $101,000 after acquiring an additional 1,074 shares during the last quarter. Finally, KBC Group NV increased its holdings in shares of Iridium Communications by 25.9% in the third quarter. KBC Group NV now owns 3,796 shares of the technology company's stock valued at $116,000 after buying an additional 781 shares in the last quarter. Institutional investors and hedge funds own 84.36% of the company's stock.

Analysts Set New Price Targets

A number of analysts have recently issued reports on the stock. Cantor Fitzgerald initiated coverage on shares of Iridium Communications in a research report on Friday, January 24th. They issued an "overweight" rating and a $40.00 price target for the company. StockNews.com raised shares of Iridium Communications from a "hold" rating to a "buy" rating in a report on Friday, March 21st. Finally, Barclays lowered their target price 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.

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Iridium Communications Stock Performance

NASDAQ:IRDM traded up $0.54 on Wednesday, hitting $29.54. The company's stock had a trading volume of 1,056,803 shares, compared to its average volume of 1,076,043. The company has a current ratio of 1.73, a quick ratio of 1.25 and a debt-to-equity ratio of 3.05. The firm has a market capitalization of $3.22 billion, a P/E ratio of 31.10, a price-to-earnings-growth ratio of 1.28 and a beta of 0.70. Iridium Communications Inc. has a one year low of $24.14 and a one year high of $35.85. The stock has a fifty day moving average of $29.49 and a two-hundred day moving average of $29.42.

Iridium Communications (NASDAQ:IRDM - Get Free Report) last posted its quarterly earnings results on Thursday, February 13th. The technology company reported $0.31 EPS for the quarter, beating analysts' consensus estimates of $0.15 by $0.16. Iridium Communications had a return on equity of 15.66% and a net margin of 13.58%. The business had revenue of $212.99 million during the quarter, compared to the consensus estimate of $203.78 million. Research analysts predict that Iridium Communications Inc. will post 0.89 earnings per share for the current year.

Iridium Communications Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Monday, March 17th will be given a $0.14 dividend. The ex-dividend date is Monday, March 17th. This represents a $0.56 dividend on an annualized basis and a dividend yield of 1.90%. Iridium Communications's dividend payout ratio (DPR) is presently 58.95%.

Insider Activity at Iridium Communications

In related news, Director Thomas Fitzpatrick sold 12,500 shares of the company's stock in a transaction that occurred on Friday, January 10th. The stock was sold at an average price of $28.53, for a total transaction of $356,625.00. Following the transaction, the director now directly owns 241,030 shares of the company's stock, valued at approximately $6,876,585.90. This represents a 4.93 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 2.00% of the stock is currently owned by company 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.