Proficio Capital Partners LLC Makes New Investment in Iridium Communications Inc. (NASDAQ:IRDM)

Proficio Capital Partners LLC bought a new stake in Iridium Communications Inc. (NASDAQ:IRDM - Free Report) in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 14,046 shares of the technology company's stock, valued at approximately $408,000.

Several other large investors have also recently bought and sold shares of IRDM. Van ECK Associates Corp grew its stake in Iridium Communications by 18.2% during the third quarter. Van ECK Associates Corp now owns 56,182 shares of the technology company's stock worth $1,673,000 after purchasing an additional 8,662 shares during the period. QRG Capital Management Inc. bought a new position in shares of Iridium Communications in the third quarter valued at approximately $226,000. Axxcess Wealth Management LLC lifted its holdings in shares of Iridium Communications by 15.2% in the third quarter. Axxcess Wealth Management LLC now owns 22,467 shares of the technology company's stock valued at $684,000 after purchasing an additional 2,959 shares in the last quarter. State of New Jersey Common Pension Fund D lifted its holdings in shares of Iridium Communications by 23.0% in the third quarter. State of New Jersey Common Pension Fund D now owns 75,970 shares of the technology company's stock valued at $2,313,000 after purchasing an additional 14,222 shares in the last quarter. Finally, Los Angeles Capital Management LLC lifted its holdings in Iridium Communications by 13.7% during the third quarter. Los Angeles Capital Management LLC now owns 81,067 shares of the technology company's stock worth $2,468,000 after acquiring an additional 9,747 shares during the period. 84.36% of the stock is currently owned by institutional investors.

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Wall Street Analyst Weigh In

Several brokerages have issued reports on IRDM. StockNews.com lowered Iridium Communications from a "buy" rating to a "hold" rating in a research note on Thursday. Cantor Fitzgerald assumed coverage on Iridium Communications in a report on Friday, January 24th. They set an "overweight" rating and a $40.00 target price for the company. Finally, Barclays lowered their target price on Iridium Communications from $45.00 to $38.00 and set an "overweight" rating for the company in a research note on Monday.

Insider Buying and Selling

In other news, Director Thomas Fitzpatrick sold 12,500 shares of Iridium Communications stock in a transaction dated Friday, January 10th. The stock was sold at an average price of $28.53, for a total value of $356,625.00. Following the completion of the transaction, the director now owns 241,030 shares in the company, valued at approximately $6,876,585.90. This trade represents a 4.93 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 2.00% of the company's stock.

Iridium Communications Trading Up 2.7 %

Shares of IRDM traded up $0.72 during mid-day trading on Friday, reaching $27.59. 1,277,451 shares of the company's stock traded hands, compared to its average volume of 1,233,336. 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 stock has a market cap of $3.00 billion, a P/E ratio of 29.04, a P/E/G ratio of 1.28 and a beta of 0.70. The stock's 50-day moving average is $29.62 and its two-hundred day moving average is $29.30. Iridium Communications Inc. has a 12 month low of $24.14 and a 12 month high of $35.85.

Iridium Communications (NASDAQ:IRDM - Get Free Report) last released its earnings results on Thursday, February 13th. The technology company reported $0.31 earnings per share (EPS) for the quarter, beating 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 for the quarter, compared to the consensus estimate of $203.78 million. Research 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 disclosed 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 dividend on an annualized basis and a dividend yield of 2.03%. The ex-dividend date of this dividend is Monday, March 17th. Iridium Communications's payout ratio is 58.95%.

About Iridium Communications

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.