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

AXQ Capital LP boosted 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 13F filing with the Securities and Exchange Commission (SEC). The fund 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 quarter.

Other hedge funds also recently bought and sold shares of the company. KBC Group NV boosted its holdings in Iridium Communications by 25.9% in the 3rd quarter. KBC Group NV now owns 3,796 shares of the technology company's stock valued at $116,000 after purchasing an additional 781 shares during the period. Thrivent Financial for Lutherans raised its position in shares of Iridium Communications by 19.8% during the third quarter. Thrivent Financial for Lutherans now owns 130,370 shares of the technology company's stock valued at $3,970,000 after buying an additional 21,522 shares during the last quarter. Quest Partners LLC lifted its stake in shares of Iridium Communications by 182.2% in the third quarter. Quest Partners LLC now owns 13,877 shares of the technology company's stock valued at $423,000 after buying an additional 8,959 shares during the period. Pathstone Holdings LLC grew its position in Iridium Communications by 14.3% during the third quarter. Pathstone Holdings LLC now owns 61,825 shares of the technology company's stock worth $1,883,000 after buying an additional 7,722 shares in the last quarter. Finally, Cerity Partners LLC bought a new position in Iridium Communications during the third quarter valued at about $1,359,000. 84.36% of the stock is currently owned by institutional investors.

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Insider Buying and Selling at Iridium Communications

In other Iridium Communications news, Director Thomas Fitzpatrick sold 12,500 shares of the business's stock in a transaction that occurred on Friday, January 10th. The shares were sold at an average price of $28.53, for a total transaction of $356,625.00. Following the sale, the director now directly 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 transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 2.00% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on IRDM shares. Cantor Fitzgerald initiated coverage on shares of Iridium Communications in a research note on Friday, January 24th. They issued an "overweight" rating and a $40.00 price objective for the company. StockNews.com raised shares of Iridium Communications from a "hold" rating to a "buy" rating in a research report on Friday. Finally, Barclays decreased their price objective on Iridium Communications from $45.00 to $38.00 and set an "overweight" rating on the stock in a report on Monday, March 10th.

Iridium Communications Stock Up 3.0 %

Shares of NASDAQ IRDM traded up $0.83 during mid-day trading on Tuesday, reaching $29.02. 396,725 shares of the company's stock were exchanged, compared to its average volume of 1,076,480. The firm has a market capitalization of $3.16 billion, a price-to-earnings ratio of 30.54, a PEG ratio of 1.28 and a beta of 0.70. Iridium Communications Inc. has a twelve month low of $24.14 and a twelve month high of $35.85. The business has a fifty day simple moving average of $29.42 and a 200 day simple moving average of $29.41. 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 (NASDAQ:IRDM - Get Free Report) last released its quarterly earnings data on Thursday, February 13th. The technology company reported $0.31 earnings per share for the quarter, topping the consensus estimate of $0.15 by $0.16. The company had revenue of $212.99 million for 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, equities analysts expect that Iridium Communications Inc. will post 0.89 EPS for the current fiscal year.

Iridium Communications Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Monday, March 17th will be given a $0.14 dividend. This represents a $0.56 dividend on an annualized basis and a dividend yield of 1.93%. The ex-dividend date of this dividend is Monday, March 17th. Iridium Communications's 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.