Charles Schwab Investment Management Inc. grew its holdings in Iridium Communications Inc. (NASDAQ:IRDM - Free Report) by 3.5% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,093,223 shares of the technology company's stock after purchasing an additional 37,371 shares during the quarter. Charles Schwab Investment Management Inc. owned about 0.96% of Iridium Communications worth $31,725,000 as of its most recent SEC filing.
A number of other hedge funds have also recently modified their holdings of the company. Fifth Third Bancorp increased its holdings in Iridium Communications by 19.8% in the fourth quarter. Fifth Third Bancorp now owns 2,162 shares of the technology company's stock valued at $63,000 after buying an additional 357 shares during the last quarter. Ballentine Partners LLC lifted its holdings in shares of Iridium Communications by 6.8% in the fourth quarter. Ballentine Partners LLC now owns 11,731 shares of the technology company's stock valued at $340,000 after purchasing an additional 750 shares in the last quarter. KBC Group NV raised 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 acquiring an additional 781 shares during the last quarter. State of New Jersey Common Pension Fund D boosted its holdings in Iridium Communications by 1.1% in the fourth quarter. State of New Jersey Common Pension Fund D now owns 76,836 shares of the technology company's stock valued at $2,230,000 after acquiring an additional 866 shares during the last quarter. Finally, GAMMA Investing LLC raised its stake in shares of 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 period. Hedge funds and other institutional investors own 84.36% of the company's stock.
Wall Street Analyst Weigh In
A number of research firms have issued reports on IRDM. Barclays cut their target price on Iridium Communications from $45.00 to $38.00 and set an "overweight" rating on the stock in a research note on Monday, March 10th. Cantor Fitzgerald initiated coverage on Iridium Communications in a report on Friday, January 24th. They issued an "overweight" rating and a $40.00 target price for the company. Finally, StockNews.com cut Iridium Communications from a "buy" rating to a "hold" rating in a research report on Thursday.
Get Our Latest Analysis on IRDM
Iridium Communications Stock Performance
Shares of IRDM traded up $0.06 during trading hours on Monday, reaching $27.65. 1,110,380 shares of the company traded hands, compared to its average volume of 1,066,318. The stock's fifty day moving average is $29.57 and its 200 day moving average is $29.37. The company has a debt-to-equity ratio of 3.05, a quick ratio of 1.25 and a current ratio of 1.73. 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 $3.01 billion, a P/E ratio of 29.11, a price-to-earnings-growth ratio of 1.28 and a beta of 0.70.
Iridium Communications (NASDAQ:IRDM - Get Free Report) last posted its quarterly earnings data on Thursday, February 13th. The technology company reported $0.31 EPS for the quarter, topping analysts' consensus estimates 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 return on equity of 15.66% and a net margin of 13.58%. Equities research analysts anticipate that Iridium Communications Inc. will post 0.89 earnings per share for the current fiscal year.
Iridium Communications Announces Dividend
The business also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Monday, March 17th will be given a $0.14 dividend. The ex-dividend date of this dividend 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%.
Insider Buying and Selling
In other news, Director Thomas Fitzpatrick sold 12,500 shares of the business'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 sale, the director now directly owns 241,030 shares in the company, valued at $6,876,585.90. The trade was a 4.93 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 2.00% of the stock is owned by insiders.
Iridium Communications Profile
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Free Report)
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.
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