Congress Wealth Management LLC DE Invests $438,000 in Iridium Communications Inc. (NASDAQ:IRDM)

Congress Wealth Management LLC DE acquired a new position in shares of Iridium Communications Inc. (NASDAQ:IRDM - Free Report) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 15,100 shares of the technology company's stock, valued at approximately $438,000.

Other institutional investors have also recently modified their holdings of the company. 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 Iridium Communications in the 4th quarter valued at about $37,000. Fifth Third Bancorp increased its holdings in Iridium Communications by 19.8% in the 4th 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 period. GAMMA Investing LLC raised its position 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 buying an additional 1,074 shares in the last quarter. Finally, Millstone Evans Group LLC bought a new stake in shares of Iridium Communications during the 4th quarter worth approximately $131,000. 84.36% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other news, Director Thomas Fitzpatrick sold 12,500 shares of Iridium Communications stock in a transaction 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 transaction, the director now owns 241,030 shares in the company, valued at approximately $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 Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 2.00% of the company's stock.

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Iridium Communications Price Performance

Shares of NASDAQ IRDM traded down $0.13 during midday trading on Wednesday, reaching $27.19. 140,355 shares of the company were exchanged, compared to its average volume of 1,113,756. Iridium Communications Inc. has a one year low of $24.14 and a one year high of $35.85. The stock has a market cap of $2.96 billion, a P/E ratio of 28.59, a PEG ratio of 1.28 and a beta of 0.66. The company has a quick ratio of 1.25, a current ratio of 1.73 and a debt-to-equity ratio of 3.05. The stock's 50-day moving average price is $29.46 and its 200-day moving average price is $29.48.

Iridium Communications (NASDAQ:IRDM - Get Free Report) last issued its earnings results on Thursday, February 13th. The technology company reported $0.31 earnings per share (EPS) for the quarter, topping 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 analysts' expectations of $203.78 million. On average, sell-side analysts anticipate that Iridium Communications Inc. will post 0.89 earnings per share for the current fiscal year.

Iridium Communications Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Monday, March 17th were given a dividend of $0.14 per share. The ex-dividend date was Monday, March 17th. This represents a $0.56 annualized dividend and a yield of 2.06%. Iridium Communications's dividend payout ratio is presently 58.95%.

Analysts Set New Price Targets

A number of research analysts recently issued reports on IRDM shares. StockNews.com cut shares of Iridium Communications from a "buy" rating to a "hold" rating in a research note on Saturday. Cantor Fitzgerald initiated coverage on 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, Barclays dropped their price objective on Iridium Communications from $45.00 to $38.00 and set an "overweight" rating for the company in a research report on Monday, March 10th.

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.