LBP AM SA lifted its stake in Iridium Communications Inc. (NASDAQ:IRDM - Free Report) by 67.0% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 122,075 shares of the technology company's stock after buying an additional 48,975 shares during the period. LBP AM SA owned approximately 0.11% of Iridium Communications worth $3,543,000 as of its most recent SEC filing.
A number of other large investors have also modified their holdings of the stock. Plato Investment Management Ltd acquired a new position in Iridium Communications during the 4th quarter worth approximately $32,000. SBI Securities Co. Ltd. purchased a new stake in shares of Iridium Communications during the fourth quarter valued at approximately $37,000. Fifth Third Bancorp lifted its position 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 worth $63,000 after purchasing an additional 357 shares in the last quarter. GAMMA Investing LLC boosted 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 valued at $101,000 after purchasing an additional 1,074 shares during the period. Finally, KBC Group NV grew 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 purchasing an additional 781 shares in the last quarter. Institutional investors and hedge funds own 84.36% of the company's stock.
Wall Street Analyst Weigh In
A number of brokerages have commented on IRDM. Barclays cut their price objective on shares of Iridium Communications from $45.00 to $38.00 and set an "overweight" rating on the stock in a report on Monday, March 10th. Cantor Fitzgerald started coverage on Iridium Communications in a report on Friday, January 24th. They issued an "overweight" rating and a $40.00 price target for the company. Finally, StockNews.com lowered Iridium Communications from a "buy" rating to a "hold" rating in a research note on Thursday, March 13th.
Get Our Latest Stock Analysis on Iridium Communications
Insiders Place Their Bets
In other Iridium Communications 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 value of $356,625.00. Following the transaction, the director now owns 241,030 shares of the company's stock, valued at $6,876,585.90. This trade represents a 4.93 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. 2.00% of the stock is currently owned by corporate insiders.
Iridium Communications Stock Down 0.6 %
IRDM stock traded down $0.16 during mid-day trading on Tuesday, hitting $27.49. 460,099 shares of the company were exchanged, compared to its average volume of 1,068,274. The firm has a fifty day simple moving average of $29.52 and a 200 day simple moving average of $29.38. The company has a market capitalization of $2.99 billion, a PE ratio of 28.90, a price-to-earnings-growth ratio of 1.28 and a beta of 0.70. Iridium Communications Inc. has a twelve month low of $24.14 and a twelve month 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.
Iridium Communications (NASDAQ:IRDM - Get Free Report) last posted its quarterly earnings results on Thursday, February 13th. The technology company reported $0.31 EPS for the quarter, topping analysts' consensus estimates of $0.15 by $0.16. Iridium Communications had a return on equity of 15.66% and a net margin of 13.58%. The business had revenue of $212.99 million during the quarter, compared to the consensus estimate of $203.78 million. On average, research analysts forecast that Iridium Communications Inc. will post 0.89 earnings per share for the current fiscal year.
Iridium Communications Announces Dividend
The company also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Monday, March 17th will be given a dividend of $0.14 per share. This represents a $0.56 annualized dividend and a dividend yield of 2.04%. The ex-dividend date is Monday, March 17th. Iridium Communications's dividend payout ratio is currently 58.95%.
Iridium Communications Company Profile
(
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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