Iridium Communications Inc. (NASDAQ:IRDM) Stake Increased by ARK Investment Management LLC

ARK Investment Management LLC raised its holdings in shares of Iridium Communications Inc. (NASDAQ:IRDM - Free Report) by 5.7% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,507,715 shares of the technology company's stock after acquiring an additional 134,924 shares during the quarter. ARK Investment Management LLC owned approximately 2.20% of Iridium Communications worth $72,774,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also recently added to or reduced their stakes in the company. Capital Performance Advisors LLP purchased a new position in Iridium Communications during the 3rd quarter valued at about $57,000. Fifth Third Bancorp increased its holdings in Iridium Communications by 19.8% during the 4th quarter. Fifth Third Bancorp now owns 2,162 shares of the technology company's stock valued at $63,000 after acquiring an additional 357 shares in the last quarter. GAMMA Investing LLC increased its holdings in Iridium Communications by 44.8% during 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 in the last quarter. KBC Group NV increased its holdings in Iridium Communications by 25.9% during 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 in the last quarter. Finally, Allworth Financial LP grew its holdings in shares of Iridium Communications by 491.9% during the fourth quarter. Allworth Financial LP now owns 5,747 shares of the technology company's stock worth $167,000 after buying an additional 4,776 shares in the last quarter. 84.36% of the stock is currently owned by hedge funds and other institutional investors.

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Insider Buying and Selling at Iridium Communications

In other news, Director Thomas Fitzpatrick sold 12,500 shares of the business's 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 directly owns 241,030 shares of the company's stock, valued at approximately $6,876,585.90. The trade was a 4.93 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 2.00% of the stock is currently owned by corporate insiders.

Iridium Communications Trading Down 1.8 %

Shares of NASDAQ IRDM traded down $0.57 during midday trading on Friday, reaching $31.56. 1,453,466 shares of the stock were exchanged, compared to its average volume of 1,192,063. The company has a market capitalization of $3.43 billion, a P/E ratio of 33.22, a P/E/G ratio of 1.28 and a beta of 0.65. Iridium Communications Inc. has a 52-week low of $24.14 and a 52-week high of $35.85. The company has a current ratio of 1.73, a quick ratio of 1.25 and a debt-to-equity ratio of 3.05. The stock has a 50 day moving average price of $29.49 and a 200-day moving average price of $29.11.

Iridium Communications (NASDAQ:IRDM - Get Free Report) last announced its quarterly earnings results on Thursday, February 13th. The technology company reported $0.31 earnings per share for the quarter, beating analysts' consensus estimates of $0.15 by $0.16. The firm had revenue of $212.99 million for the quarter, compared to analysts' expectations of $203.78 million. Iridium Communications had a net margin of 13.58% and a return on equity of 15.66%. Equities research analysts expect that Iridium Communications Inc. will post 0.89 earnings per share for the current fiscal year.

Iridium Communications Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, December 31st. Shareholders of record on Monday, December 16th were given a dividend of $0.14 per share. The ex-dividend date was Monday, December 16th. This represents a $0.56 dividend on an annualized basis and a yield of 1.77%. Iridium Communications's dividend payout ratio (DPR) is 58.95%.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on the stock. StockNews.com upgraded shares of Iridium Communications from a "hold" rating to a "buy" rating in a report on Thursday. Cantor Fitzgerald assumed coverage on shares of Iridium Communications in a report on Friday, January 24th. They set an "overweight" rating and a $40.00 price target for the company.

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.