Private Advisor Group LLC Has $2.81 Million Position in Iridium Communications Inc. (NASDAQ:IRDM)

Private Advisor Group LLC lifted its holdings in Iridium Communications Inc. (NASDAQ:IRDM - Free Report) by 91.0% during the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 96,702 shares of the technology company's stock after buying an additional 46,069 shares during the quarter. Private Advisor Group LLC owned approximately 0.08% of Iridium Communications worth $2,806,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also modified their holdings of the business. Sumitomo Mitsui Trust Group Inc. increased its position in Iridium Communications by 12.8% in the fourth quarter. Sumitomo Mitsui Trust Group Inc. now owns 2,829,052 shares of the technology company's stock worth $82,099,000 after buying an additional 320,506 shares during the period. FMR LLC grew its position in shares of Iridium Communications by 26.7% during the third quarter. FMR LLC now owns 942,380 shares of the technology company's stock worth $28,695,000 after acquiring an additional 198,360 shares during the last quarter. Weiss Asset Management LP acquired a new stake in shares of Iridium Communications in the 3rd quarter worth about $4,614,000. Barclays PLC lifted its position in Iridium Communications by 19.2% in the 3rd quarter. Barclays PLC now owns 856,901 shares of the technology company's stock valued at $26,093,000 after purchasing an additional 137,924 shares during the last quarter. Finally, Algert Global LLC boosted its stake in Iridium Communications by 54.0% during the 3rd quarter. Algert Global LLC now owns 365,121 shares of the technology company's stock valued at $11,118,000 after purchasing an additional 128,018 shares during the period. 84.36% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, Director Thomas Fitzpatrick sold 12,500 shares of the firm's stock in a transaction 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 sale, the director now directly owns 241,030 shares of the company's stock, valued at $6,876,585.90. This trade represents a 4.93 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 2.00% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

IRDM has been the topic of several analyst reports. Cantor Fitzgerald started coverage on shares of Iridium Communications in a research note on Friday, January 24th. They issued an "overweight" rating and a $40.00 price target on the stock. StockNews.com raised Iridium Communications from a "hold" rating to a "buy" rating in a report on Thursday.

Iridium Communications Price Performance

NASDAQ IRDM traded down $0.57 on Friday, reaching $31.56. 1,453,466 shares of the stock traded hands, compared to its average volume of 1,191,969. Iridium Communications Inc. has a 12 month low of $24.14 and a 12 month high of $35.85. 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 firm's fifty day simple moving average is $29.49 and its 200 day simple moving average is $29.11. The company has a market cap of $3.43 billion, a price-to-earnings ratio of 33.22, a P/E/G ratio of 1.28 and a beta of 0.65.

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

Iridium Communications Announces Dividend

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 $0.14 dividend. The ex-dividend date of this dividend was Monday, December 16th. This represents a $0.56 annualized dividend and a yield of 1.77%. Iridium Communications's dividend payout ratio (DPR) is 58.95%.

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.