Charles Schwab Investment Management Inc. boosted its stake in Iridium Communications Inc. (NASDAQ:IRDM - Free Report) by 3.5% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,093,223 shares of the technology company's stock after buying an additional 37,371 shares during the period. Charles Schwab Investment Management Inc. owned 0.96% of Iridium Communications worth $31,725,000 as of its most recent SEC filing.
Several other large investors have also recently added to or reduced their stakes in the stock. Steward Partners Investment Advisory LLC increased its position in Iridium Communications by 376.3% in the fourth quarter. Steward Partners Investment Advisory LLC now owns 4,858 shares of the technology company's stock worth $141,000 after buying an additional 3,838 shares during the period. Plato Investment Management Ltd bought a new position in shares of Iridium Communications in the fourth quarter worth $32,000. SBI Securities Co. Ltd. bought a new position in shares of Iridium Communications in the fourth quarter worth $37,000. Proficio Capital Partners LLC bought a new position in shares of Iridium Communications in the fourth quarter worth $408,000. Finally, ARK Investment Management LLC grew its stake in shares of Iridium Communications by 5.7% in the fourth quarter. ARK Investment Management LLC now owns 2,507,715 shares of the technology company's stock worth $72,774,000 after purchasing an additional 134,924 shares in the last quarter. 84.36% of the stock is owned by institutional investors and hedge funds.
Wall Street Analyst Weigh In
Several research analysts have recently issued reports on IRDM shares. StockNews.com cut Iridium Communications from a "buy" rating to a "hold" rating in a research note on Thursday, March 13th. Cantor Fitzgerald started coverage on Iridium Communications in a research note on Friday, January 24th. They issued an "overweight" rating and a $40.00 price target for the company. Finally, Barclays decreased their target price on Iridium Communications from $45.00 to $38.00 and set an "overweight" rating for the company in a research note on Monday, March 10th.
Get Our Latest Analysis on Iridium Communications
Insider Buying and Selling
In related news, Director Thomas Fitzpatrick sold 12,500 shares of Iridium Communications 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 of the company's stock, valued at approximately $6,876,585.90. This trade represents a 4.93 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 2.00% of the stock is currently owned by company insiders.
Iridium Communications Price Performance
IRDM stock traded down $0.30 during trading hours on Tuesday, hitting $27.36. 420,501 shares of the stock traded hands, compared to its average volume of 1,068,097. The stock has a 50-day simple moving average of $29.52 and a 200 day simple moving average of $29.38. Iridium Communications Inc. has a one year low of $24.14 and a one year high of $35.85. The company has a market cap of $2.98 billion, a P/E ratio of 28.78, 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 (NASDAQ:IRDM - Get Free Report) last announced 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 business had revenue of $212.99 million during the quarter, compared to the consensus estimate of $203.78 million. Iridium Communications had a return on equity of 15.66% and a net margin of 13.58%. Equities analysts forecast that Iridium Communications Inc. will post 0.89 earnings per share for the current 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 paid a $0.14 dividend. The ex-dividend date is Monday, March 17th. This represents a $0.56 dividend on an annualized basis and a yield of 2.05%. Iridium Communications's dividend payout ratio is currently 58.95%.
Iridium Communications Company Profile
(
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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