Proficio Capital Partners LLC Buys Shares of 14,046 Iridium Communications Inc. (NASDAQ:IRDM)

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

Several other hedge funds have also recently added to or reduced their stakes in the company. Sumitomo Mitsui Trust Group Inc. raised its position in Iridium Communications by 12.8% in the 4th quarter. Sumitomo Mitsui Trust Group Inc. now owns 2,829,052 shares of the technology company's stock worth $82,099,000 after purchasing an additional 320,506 shares during the period. Bank of New York Mellon Corp lifted its stake in shares of Iridium Communications by 27.0% in the 4th quarter. Bank of New York Mellon Corp now owns 1,297,676 shares of the technology company's stock valued at $37,659,000 after acquiring an additional 275,775 shares during the last quarter. FMR LLC boosted its holdings in Iridium Communications by 26.7% during the 3rd quarter. FMR LLC now owns 942,380 shares of the technology company's stock valued at $28,695,000 after acquiring an additional 198,360 shares during the period. Weiss Asset Management LP bought a new position in Iridium Communications during the 3rd quarter worth approximately $4,614,000. Finally, Barclays PLC increased its stake in Iridium Communications by 19.2% in the 3rd quarter. Barclays PLC now owns 856,901 shares of the technology company's stock worth $26,093,000 after purchasing an additional 137,924 shares during the period. Institutional investors own 84.36% of the company's stock.

Analysts Set New Price Targets

Several brokerages have recently commented on IRDM. Barclays lowered their price objective on shares of Iridium Communications from $45.00 to $38.00 and set an "overweight" rating for the company in a research note on Monday, March 10th. Cantor Fitzgerald began coverage on Iridium Communications in a report on Friday, January 24th. They issued an "overweight" rating and a $40.00 price objective for the company. Finally, StockNews.com raised Iridium Communications from a "hold" rating to a "buy" rating in a research note on Friday, March 21st.

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Insiders Place Their Bets

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

Iridium Communications Stock Performance

Shares of IRDM traded down $1.94 during mid-day trading on Friday, hitting $27.54. 1,246,704 shares of the company traded hands, compared to its average volume of 1,114,530. The stock has a market cap of $3.00 billion, a price-to-earnings ratio of 28.99, a P/E/G ratio of 1.28 and a beta of 0.70. The stock has a 50-day moving average price of $29.53 and a two-hundred day moving average price of $29.43. Iridium Communications Inc. has a 1 year low of $24.14 and a 1 year high of $35.85. The company has a debt-to-equity ratio of 3.05, a quick ratio of 1.25 and a current ratio of 1.73.

Iridium Communications (NASDAQ:IRDM - Get Free Report) last released its quarterly earnings results on Thursday, February 13th. The technology company reported $0.31 EPS for the quarter, beating the consensus estimate 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 analyst estimates of $203.78 million. Equities analysts anticipate that Iridium Communications Inc. will post 0.89 earnings per share for the current year.

Iridium Communications Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Monday, March 17th will be issued a $0.14 dividend. The ex-dividend date is Monday, March 17th. This represents a $0.56 dividend on an annualized basis and a yield of 2.03%. Iridium Communications's dividend payout ratio is presently 58.95%.

Iridium Communications Company 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.