Proficio Capital Partners LLC Takes Position in Iridium Communications Inc. (NASDAQ:IRDM)

Proficio Capital Partners LLC acquired a new position in shares of Iridium Communications Inc. (NASDAQ:IRDM - Free Report) in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 14,046 shares of the technology company's stock, valued at approximately $408,000.

A number of other institutional investors also recently bought and sold shares of IRDM. Plato Investment Management Ltd acquired a new stake in shares of Iridium Communications during the 4th quarter worth approximately $32,000. SBI Securities Co. Ltd. purchased a new position in Iridium Communications in the fourth quarter worth approximately $37,000. Fifth Third Bancorp increased its stake in 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 acquiring an additional 357 shares during the last quarter. GAMMA Investing LLC raised its position in 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, Steward Partners Investment Advisory LLC lifted its stake in shares of Iridium Communications by 376.3% in the 4th quarter. Steward Partners Investment Advisory LLC now owns 4,858 shares of the technology company's stock valued at $141,000 after purchasing an additional 3,838 shares during the last quarter. 84.36% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

IRDM has been the subject of several research analyst reports. Cantor Fitzgerald assumed coverage on Iridium Communications in a research report on Friday, January 24th. They set an "overweight" rating and a $40.00 price target for the company. StockNews.com upgraded Iridium Communications from a "hold" rating to a "buy" rating in a report on Friday. Finally, Barclays cut their price target on shares of Iridium Communications from $45.00 to $38.00 and set an "overweight" rating on the stock in a research note on Monday, March 10th.

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Iridium Communications Stock Up 2.9 %

Shares of Iridium Communications stock traded up $0.81 on Tuesday, reaching $29.00. 1,613,310 shares of the company were exchanged, compared to its average volume of 1,076,480. The stock's 50 day moving average price is $29.42 and its 200-day moving average price is $29.41. The company has a debt-to-equity ratio of 3.05, a current ratio of 1.73 and a quick ratio of 1.25. Iridium Communications Inc. has a 1-year low of $24.14 and a 1-year high of $35.85. The company has a market cap of $3.16 billion, a P/E ratio of 30.53, a price-to-earnings-growth ratio of 1.28 and a beta of 0.70.

Iridium Communications (NASDAQ:IRDM - Get Free Report) last issued its 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 net margin of 13.58% and a return on equity of 15.66%. The firm had revenue of $212.99 million during the quarter, compared to the consensus estimate of $203.78 million. As a group, equities analysts forecast that Iridium Communications Inc. will post 0.89 EPS for the current year.

Iridium Communications Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Stockholders 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 1.93%. The ex-dividend date is Monday, March 17th. Iridium Communications's dividend payout ratio (DPR) is presently 58.95%.

Insider Buying and Selling

In other Iridium Communications news, Director Thomas Fitzpatrick sold 12,500 shares of the company's stock in a transaction on Friday, January 10th. The shares were 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 $6,876,585.90. This represents a 4.93 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. 2.00% of the stock is owned by company insiders.

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.