OFI Invest Asset Management purchased a new position in Iridium Communications Inc. (NASDAQ:IRDM - Free Report) during the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund purchased 24,000 shares of the technology company's stock, valued at approximately $673,000.
Other hedge funds have also recently made changes to their positions in the company. Nordea Investment Management AB lifted its position in Iridium Communications by 30.2% in the 4th quarter. Nordea Investment Management AB now owns 248,602 shares of the technology company's stock valued at $7,264,000 after acquiring an additional 57,690 shares in the last quarter. Impax Asset Management Group plc purchased a new stake in shares of Iridium Communications in the 3rd quarter worth $697,000. Thrivent Financial for Lutherans increased its stake in Iridium Communications by 19.8% in the 3rd quarter. Thrivent Financial for Lutherans now owns 130,370 shares of the technology company's stock worth $3,970,000 after buying an additional 21,522 shares in the last quarter. Inspire Investing LLC increased its stake in Iridium Communications by 185.7% in the 4th quarter. Inspire Investing LLC now owns 43,265 shares of the technology company's stock worth $1,256,000 after buying an additional 28,119 shares in the last quarter. Finally, Barclays PLC boosted its holdings in shares of Iridium Communications by 19.2% during the 3rd quarter. Barclays PLC now owns 856,901 shares of the technology company's stock valued at $26,093,000 after purchasing an additional 137,924 shares during the last quarter. 84.36% of the stock is owned by institutional investors.
Analyst Upgrades and Downgrades
IRDM has been the subject of a number of analyst reports. Barclays lowered their price target on shares of Iridium Communications from $45.00 to $38.00 and set an "overweight" rating for the company in a report on Monday. Cantor Fitzgerald initiated coverage on shares of 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 raised shares of Iridium Communications from a "hold" rating to a "buy" rating in a report on Thursday, February 27th.
Read Our Latest Research Report on Iridium Communications
Insider Buying and Selling
In other news, Director Thomas Fitzpatrick sold 12,500 shares of the firm's 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 transaction, the director now directly owns 241,030 shares of the company's stock, valued at approximately $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 can be accessed through this link. 2.00% of the stock is currently owned by corporate insiders.
Iridium Communications Trading Down 1.8 %
Iridium Communications stock traded down $0.48 during midday trading on Thursday, reaching $26.87. The stock had a trading volume of 1,441,551 shares, compared to its average volume of 1,232,385. The company has a quick ratio of 1.25, a current ratio of 1.73 and a debt-to-equity ratio of 3.05. Iridium Communications Inc. has a 52-week low of $24.14 and a 52-week high of $35.85. The firm has a market cap of $2.92 billion, a price-to-earnings ratio of 28.28, a price-to-earnings-growth ratio of 1.28 and a beta of 0.70. The company has a fifty day moving average of $29.68 and a 200 day moving average of $29.32.
Iridium Communications (NASDAQ:IRDM - Get Free Report) last posted its quarterly earnings data on Thursday, February 13th. The technology company reported $0.31 earnings per share 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 company had revenue of $212.99 million for the quarter, compared to analyst estimates of $203.78 million. On average, analysts anticipate that Iridium Communications Inc. will post 0.89 earnings per share for the current fiscal year.
Iridium Communications Dividend Announcement
The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Monday, March 17th will be given a $0.14 dividend. This represents a $0.56 dividend on an annualized basis and a yield of 2.08%. The ex-dividend date is Monday, March 17th. Iridium Communications's dividend payout ratio (DPR) is currently 58.95%.
About Iridium Communications
(
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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