Intech Investment Management LLC raised its stake in shares of Iridium Communications Inc. (NASDAQ:IRDM - Free Report) by 498.5% in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 66,142 shares of the technology company's stock after purchasing an additional 55,091 shares during the period. Intech Investment Management LLC owned 0.06% of Iridium Communications worth $1,919,000 as of its most recent filing with the Securities & Exchange Commission.
Several other institutional investors have also added to or reduced their stakes in IRDM. Plato Investment Management Ltd purchased a new position in Iridium Communications in the fourth quarter worth about $32,000. SBI Securities Co. Ltd. purchased a new stake in shares of Iridium Communications in the fourth quarter worth approximately $37,000. Fifth Third Bancorp lifted its position in shares of 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 during the last quarter. GAMMA Investing LLC raised its stake in shares of Iridium Communications by 44.8% during the fourth 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 in the last quarter. Finally, KBC Group NV lifted its holdings in shares of Iridium Communications by 25.9% in the 3rd quarter. KBC Group NV now owns 3,796 shares of the technology company's stock worth $116,000 after buying an additional 781 shares during the period. Hedge funds and other institutional investors own 84.36% of the company's stock.
Iridium Communications Stock Performance
IRDM stock traded up $0.81 during trading on Tuesday, hitting $29.00. 1,613,310 shares of the company traded hands, compared to its average volume of 1,076,480. The company has a debt-to-equity ratio of 3.05, a current ratio of 1.73 and a quick ratio of 1.25. The company has a market cap of $3.16 billion, a PE ratio of 30.53, a P/E/G ratio of 1.28 and a beta of 0.70. The stock's 50-day simple moving average is $29.42 and its 200 day simple moving average is $29.41. Iridium Communications Inc. has a 1 year low of $24.14 and a 1 year high of $35.85.
Iridium Communications (NASDAQ:IRDM - Get Free Report) last released its quarterly earnings results on Thursday, February 13th. The technology company reported $0.31 earnings per share 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 company had revenue of $212.99 million during the quarter, compared to analysts' expectations of $203.78 million. On average, equities analysts expect 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. Investors of record on Monday, March 17th will be given a dividend of $0.14 per share. The ex-dividend date of this dividend is Monday, March 17th. This represents a $0.56 annualized dividend and a dividend yield of 1.93%. Iridium Communications's dividend payout ratio (DPR) is presently 58.95%.
Insider Activity at Iridium Communications
In other Iridium Communications news, Director Thomas Fitzpatrick sold 12,500 shares of the 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 completion of the transaction, the director now owns 241,030 shares of the company's stock, valued at $6,876,585.90. This represents a 4.93 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 2.00% of the stock is currently owned by corporate insiders.
Wall Street Analyst Weigh In
A number of equities analysts have recently issued reports on IRDM shares. Barclays dropped their price objective on shares of 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 started coverage on shares of Iridium Communications in a research report on Friday, January 24th. They issued an "overweight" rating and a $40.00 price objective for the company. Finally, StockNews.com upgraded Iridium Communications from a "hold" rating to a "buy" rating in a research note on Friday.
Get Our Latest Stock Report on Iridium Communications
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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