KLP Kapitalforvaltning AS Invests $609,000 in Iridium Communications Inc. (NASDAQ:IRDM)

KLP Kapitalforvaltning AS acquired a new position in Iridium Communications Inc. (NASDAQ:IRDM - Free Report) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 21,000 shares of the technology company's stock, valued at approximately $609,000.

Several other institutional investors have also recently modified their holdings of IRDM. Cerity Partners LLC bought a new position in shares of Iridium Communications during the 3rd quarter valued at $1,359,000. FMR LLC grew its stake 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 valued at $28,695,000 after buying an additional 198,360 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in shares of Iridium Communications by 5.7% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 27,714 shares of the technology company's stock worth $844,000 after buying an additional 1,488 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in shares of Iridium Communications by 11.5% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 495,088 shares of the technology company's stock valued at $15,075,000 after acquiring an additional 51,121 shares during the last quarter. Finally, Captrust Financial Advisors purchased a new stake in Iridium Communications during the 3rd quarter valued at about $226,000. 84.36% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

IRDM has been the topic of a number of analyst reports. Barclays decreased their price target on 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 assumed coverage on Iridium Communications in a report on Friday, January 24th. They issued an "overweight" rating and a $40.00 price objective for the company. Finally, StockNews.com raised Iridium Communications from a "hold" rating to a "buy" rating in a research note on Sunday.

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Insider Transactions at Iridium Communications

In other news, Director Thomas Fitzpatrick sold 12,500 shares of Iridium Communications stock in a transaction that occurred 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 trade represents a 4.93 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 2.00% of the company's stock.

Iridium Communications Trading Down 5.3 %

IRDM stock traded down $1.31 during trading on Monday, reaching $23.28. The company had a trading volume of 1,884,308 shares, compared to its average volume of 1,118,250. The business has a 50 day moving average of $29.08 and a 200 day moving average of $29.40. 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 $2.53 billion, a P/E ratio of 24.51, a PEG ratio of 1.28 and a beta of 0.66. Iridium Communications Inc. has a 52 week low of $22.90 and a 52 week high of $35.85.

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

Iridium Communications Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Monday, March 17th were issued a dividend of $0.14 per share. This represents a $0.56 dividend on an annualized basis and a dividend yield of 2.41%. The ex-dividend date was Monday, March 17th. Iridium Communications's dividend payout ratio (DPR) is presently 58.95%.

Iridium Communications 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.