IQ EQ FUND MANAGEMENT IRELAND Ltd Invests $1.96 Million in Iridium Communications Inc. (NASDAQ:IRDM)

IQ EQ FUND MANAGEMENT IRELAND Ltd bought a new stake in Iridium Communications Inc. (NASDAQ:IRDM - Free Report) in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm bought 64,461 shares of the technology company's stock, valued at approximately $1,963,000. IQ EQ FUND MANAGEMENT IRELAND Ltd owned about 0.05% of Iridium Communications as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Allspring Global Investments Holdings LLC increased its holdings in shares of Iridium Communications by 7,684.6% in the second quarter. Allspring Global Investments Holdings LLC now owns 1,012 shares of the technology company's stock valued at $27,000 after purchasing an additional 999 shares during the last quarter. Acadian Asset Management LLC bought a new position in Iridium Communications in the 1st quarter valued at about $29,000. Mather Group LLC. acquired a new stake in Iridium Communications during the second quarter worth approximately $32,000. Blue Trust Inc. boosted its holdings in shares of Iridium Communications by 109.7% during the second quarter. Blue Trust Inc. now owns 1,491 shares of the technology company's stock worth $39,000 after acquiring an additional 780 shares during the period. Finally, International Assets Investment Management LLC acquired a new position in shares of Iridium Communications in the second quarter valued at approximately $45,000. Institutional investors own 84.36% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on IRDM shares. BWS Financial reissued a "neutral" rating and set a $30.00 target price on shares of Iridium Communications in a report on Wednesday, July 24th. Barclays boosted their price objective on shares of Iridium Communications from $44.00 to $45.00 and gave the company an "overweight" rating in a report on Wednesday, July 24th. Two research analysts have rated the stock with a hold rating, one has given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Iridium Communications currently has a consensus rating of "Moderate Buy" and a consensus price target of $41.00.

Iridium Communications Stock Down 5.9 %

Shares of Iridium Communications stock traded down $1.97 during trading hours on Friday, reaching $31.60. The company's stock had a trading volume of 2,030,052 shares, compared to its average volume of 1,085,786. The stock's fifty day simple moving average is $28.30 and its two-hundred day simple moving average is $27.96. Iridium Communications Inc. has a one year low of $24.14 and a one year high of $42.38. The company has a market capitalization of $3.84 billion, a P/E ratio of 150.48 and a beta of 0.65. The company has a debt-to-equity ratio of 2.08, a quick ratio of 1.52 and a current ratio of 2.25.

Iridium Communications (NASDAQ:IRDM - Get Free Report) last released its quarterly earnings data on Tuesday, July 23rd. The technology company reported $0.27 EPS for the quarter, beating analysts' consensus estimates of $0.17 by $0.10. The company had revenue of $201.07 million during the quarter, compared to analyst estimates of $204.01 million. Iridium Communications had a net margin of 11.08% and a return on equity of 10.23%. Iridium Communications's revenue was up 4.1% compared to the same quarter last year. During the same period last year, the business earned ($0.24) earnings per share. On average, research analysts forecast that Iridium Communications Inc. will post 0.81 earnings per share for the current year.

Iridium Communications declared that its Board of Directors has authorized a share buyback plan on Thursday, September 19th that allows the company to buyback $500.00 million in shares. This buyback authorization allows the technology company to buy up to 14.2% of its shares through open market purchases. Shares buyback plans are usually a sign that the company's board believes its shares are undervalued.

Iridium Communications Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Friday, September 13th were given a dividend of $0.14 per share. The ex-dividend date was Friday, September 13th. This represents a $0.56 annualized dividend and a yield of 1.77%. Iridium Communications's payout ratio is currently 266.67%.

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.