Wealth Effects LLC Purchases New Position in Iridium Communications Inc. (NASDAQ:IRDM)

Wealth Effects LLC purchased a new stake in Iridium Communications Inc. (NASDAQ:IRDM - Free Report) during the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 17,500 shares of the technology company's stock, valued at approximately $533,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. Daiwa Securities Group Inc. grew its stake in shares of Iridium Communications by 4.2% in the 2nd quarter. Daiwa Securities Group Inc. now owns 11,389 shares of the technology company's stock valued at $303,000 after buying an additional 462 shares during the period. GAMMA Investing LLC grew its stake in Iridium Communications by 25.2% in the third quarter. GAMMA Investing LLC now owns 2,399 shares of the technology company's stock valued at $73,000 after acquiring an additional 483 shares during the period. Point72 Asia Singapore Pte. Ltd. increased its holdings in shares of Iridium Communications by 6.2% during the second quarter. Point72 Asia Singapore Pte. Ltd. now owns 11,480 shares of the technology company's stock valued at $306,000 after acquiring an additional 671 shares in the last quarter. State of Michigan Retirement System raised its position in shares of Iridium Communications by 2.4% during the first quarter. State of Michigan Retirement System now owns 30,459 shares of the technology company's stock worth $797,000 after purchasing an additional 700 shares during the period. Finally, Mcdonald Partners LLC raised its position in shares of Iridium Communications by 4.1% during the second quarter. Mcdonald Partners LLC now owns 17,925 shares of the technology company's stock worth $477,000 after purchasing an additional 700 shares during the period. 84.36% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several analysts recently issued reports on IRDM shares. Barclays boosted their price target on shares of Iridium Communications from $44.00 to $45.00 and gave the company an "overweight" rating in a research note on Wednesday, July 24th. BWS Financial reiterated a "neutral" rating and set a $30.00 price objective on shares of Iridium Communications in a report on Monday. Two equities 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. According to MarketBeat.com, Iridium Communications has an average rating of "Moderate Buy" and a consensus target price of $41.00.

Iridium Communications Stock Down 5.9 %

NASDAQ IRDM traded down $1.87 on Monday, reaching $29.73. The company had a trading volume of 1,640,476 shares, compared to its average volume of 1,088,523. The company has a quick ratio of 1.52, a current ratio of 2.25 and a debt-to-equity ratio of 2.08. The company's fifty day moving average is $28.30 and its 200 day moving average is $28.00. Iridium Communications Inc. has a 52-week low of $24.14 and a 52-week high of $41.66. The stock has a market capitalization of $3.61 billion, a P/E ratio of 141.57 and a beta of 0.65.

Iridium Communications (NASDAQ:IRDM - Get Free Report) last announced its earnings results on Tuesday, July 23rd. The technology company reported $0.27 EPS for the quarter, beating the consensus estimate of $0.17 by $0.10. Iridium Communications had a net margin of 11.08% and a return on equity of 10.23%. The company had revenue of $201.07 million during the quarter, compared to the consensus estimate of $204.01 million. During the same quarter in the prior year, the company posted ($0.24) earnings per share. The firm's revenue for the quarter was up 4.1% on a year-over-year basis. Sell-side analysts anticipate that Iridium Communications Inc. will post 0.81 earnings per share for the current fiscal year.

Iridium Communications declared that its board has authorized a share buyback plan on Thursday, September 19th that authorizes the company to repurchase $500.00 million in outstanding shares. This repurchase authorization authorizes the technology company to repurchase up to 14.2% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company's leadership believes its shares are undervalued.

Iridium Communications Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Friday, September 13th were issued a $0.14 dividend. This represents a $0.56 annualized dividend and a dividend yield of 1.88%. The ex-dividend date of this dividend was Friday, September 13th. Iridium Communications's dividend payout ratio is presently 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.