Riverwater Partners LLC grew its position in Iridium Communications Inc. (NASDAQ:IRDM - Free Report) by 19.2% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 101,496 shares of the technology company's stock after purchasing an additional 16,350 shares during the quarter. Iridium Communications makes up about 1.4% of Riverwater Partners LLC's portfolio, making the stock its 10th largest position. Riverwater Partners LLC owned 0.09% of Iridium Communications worth $2,945,000 at the end of the most recent reporting period.
Several other large investors also recently modified their holdings of the company. Plato Investment Management Ltd bought a new position in shares of Iridium Communications during the 4th quarter worth approximately $32,000. SBI Securities Co. Ltd. acquired a new stake in Iridium Communications in the fourth quarter worth $37,000. Fifth Third Bancorp raised its holdings 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 valued at $63,000 after purchasing an additional 357 shares during the period. GAMMA Investing LLC boosted its position in shares of Iridium Communications by 44.8% during the 4th 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 in the last quarter. Finally, Millstone Evans Group LLC acquired a new stake in shares of Iridium Communications in the 4th quarter valued at about $131,000. 84.36% of the stock is currently owned by institutional investors and hedge funds.
Iridium Communications Stock Down 2.1 %
NASDAQ:IRDM traded down $0.52 during trading hours on Thursday, hitting $24.13. 449,998 shares of the company traded hands, compared to its average volume of 1,269,841. 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 company has a market cap of $2.62 billion, a PE ratio of 25.40, a PEG ratio of 1.28 and a beta of 0.66. The firm's 50-day simple moving average is $28.66 and its 200-day simple moving average is $29.24. Iridium Communications Inc. has a one year low of $22.18 and a one year high of $35.85.
Iridium Communications (NASDAQ:IRDM - Get Free Report) last issued its quarterly earnings data 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 net margin of 13.58% and a return on equity of 15.66%. The business had revenue of $212.99 million during the quarter, compared to the consensus estimate of $203.78 million. Equities analysts predict that Iridium Communications Inc. will post 0.89 earnings per share for the current year.
Iridium Communications Dividend Announcement
The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Monday, March 17th were given a $0.14 dividend. The ex-dividend date was Monday, March 17th. This represents a $0.56 annualized dividend and a yield of 2.32%. Iridium Communications's dividend payout ratio is currently 58.95%.
Analyst Ratings Changes
Several research analysts have issued reports on IRDM shares. Barclays cut their price target on Iridium Communications from $45.00 to $38.00 and set an "overweight" rating on the stock in a report on Monday, March 10th. StockNews.com upgraded shares of Iridium Communications from a "hold" rating to a "buy" rating in a research note on Sunday. Finally, Cantor Fitzgerald initiated coverage on shares of Iridium Communications in a report on Friday, January 24th. They set an "overweight" rating and a $40.00 price objective for the company.
Check Out Our Latest Analysis on Iridium Communications
Insider Buying and Selling at Iridium Communications
In related news, Director Thomas Fitzpatrick sold 12,500 shares of the firm's stock in a transaction dated 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 sale, the director now owns 241,030 shares in the company, valued at approximately $6,876,585.90. This trade represents a 4.93 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Corporate insiders own 2.00% of the company's stock.
Iridium Communications Company Profile
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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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