Iridium Communications Inc. (NASDAQ:IRDM) Shares Purchased by IQ EQ FUND MANAGEMENT IRELAND Ltd

IQ EQ FUND MANAGEMENT IRELAND Ltd lifted its holdings in shares of Iridium Communications Inc. (NASDAQ:IRDM - Free Report) by 28.5% during the fourth quarter, according to its most recent disclosure with the SEC. The fund owned 82,849 shares of the technology company's stock after acquiring an additional 18,388 shares during the period. IQ EQ FUND MANAGEMENT IRELAND Ltd owned approximately 0.07% of Iridium Communications worth $2,404,000 at the end of the most recent quarter.

Several other hedge funds have also recently modified their holdings of IRDM. Plato Investment Management Ltd acquired a new position in shares of Iridium Communications in the 4th quarter valued at $32,000. SBI Securities Co. Ltd. purchased a new stake in Iridium Communications during the 4th quarter valued at about $37,000. Fifth Third Bancorp increased its holdings in shares of Iridium Communications by 19.8% in the fourth quarter. Fifth Third Bancorp now owns 2,162 shares of the technology company's stock valued at $63,000 after purchasing an additional 357 shares during the period. GAMMA Investing LLC raised its stake in shares of Iridium Communications by 44.8% in the fourth quarter. GAMMA Investing LLC now owns 3,473 shares of the technology company's stock worth $101,000 after purchasing an additional 1,074 shares during the last quarter. Finally, Millstone Evans Group LLC acquired a new stake in shares of Iridium Communications during the fourth quarter worth about $131,000. Institutional investors and hedge funds own 84.36% of the company's stock.

Wall Street Analysts Forecast Growth

IRDM has been the topic of several research reports. StockNews.com downgraded shares of Iridium Communications from a "buy" rating to a "hold" rating in a report on Saturday. Cantor Fitzgerald started coverage on shares of Iridium Communications in a report on Friday, January 24th. They issued an "overweight" rating and a $40.00 price objective on the stock. Finally, Barclays reduced their target price on shares of Iridium Communications from $45.00 to $38.00 and set an "overweight" rating for the company in a report on Monday, March 10th.

Remove Ads

Iridium Communications Stock Performance

Iridium Communications stock traded down $0.22 during mid-day trading on Monday, hitting $27.32. The company had a trading volume of 283,313 shares, compared to its average volume of 1,112,845. The company has a market capitalization of $2.97 billion, a price-to-earnings ratio of 28.78, a P/E/G ratio of 1.28 and a beta of 0.70. Iridium Communications Inc. has a 12-month low of $24.14 and a 12-month high of $35.85. The company's fifty day moving average is $29.52 and its 200-day moving average is $29.47. 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 quarterly 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. The firm had revenue of $212.99 million for the quarter, compared to the consensus estimate of $203.78 million. Iridium Communications had a net margin of 13.58% and a return on equity of 15.66%. Equities research analysts predict that Iridium Communications Inc. will post 0.89 EPS for the current year.

Iridium Communications Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Monday, March 17th will be issued a $0.14 dividend. The ex-dividend date of this dividend is Monday, March 17th. This represents a $0.56 dividend on an annualized basis and a yield of 2.05%. Iridium Communications's payout ratio is 58.95%.

Insiders Place Their Bets

In other Iridium Communications news, Director Thomas Fitzpatrick sold 12,500 shares of the company'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 completion of the transaction, the director now directly owns 241,030 shares in the company, valued at approximately $6,876,585.90. This represents a 4.93 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 2.00% of the stock is currently owned by company insiders.

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.