Raymond James Financial Inc. acquired a new stake in shares of Iridium Communications Inc. (NASDAQ:IRDM - Free Report) in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 606,938 shares of the technology company's stock, valued at approximately $17,613,000. Raymond James Financial Inc. owned about 0.53% of Iridium Communications as of its most recent SEC filing.
Other institutional investors and hedge funds have also made changes to their positions in the company. KBC Group NV lifted its stake in Iridium Communications by 25.9% during the third quarter. KBC Group NV now owns 3,796 shares of the technology company's stock valued at $116,000 after purchasing an additional 781 shares during the last quarter. Thrivent Financial for Lutherans lifted its position in Iridium Communications by 19.8% during the 3rd quarter. Thrivent Financial for Lutherans now owns 130,370 shares of the technology company's stock worth $3,970,000 after acquiring an additional 21,522 shares during the last quarter. Quest Partners LLC lifted its position in shares of Iridium Communications by 182.2% during the 3rd quarter. Quest Partners LLC now owns 13,877 shares of the technology company's stock worth $423,000 after purchasing an additional 8,959 shares during the last quarter. Pathstone Holdings LLC boosted its stake in Iridium Communications by 14.3% during the 3rd quarter. Pathstone Holdings LLC now owns 61,825 shares of the technology company's stock valued at $1,883,000 after purchasing an additional 7,722 shares during the period. Finally, Meeder Asset Management Inc. acquired a new stake in Iridium Communications in the 3rd quarter valued at approximately $407,000. 84.36% of the stock is currently owned by institutional investors and hedge funds.
Wall Street Analysts Forecast Growth
A number of brokerages have recently commented on IRDM. Barclays cut 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 report on Monday, March 10th. Cantor Fitzgerald started coverage on shares of Iridium Communications in a report on Friday, January 24th. They set an "overweight" rating and a $40.00 price target for the company. Finally, StockNews.com raised Iridium Communications from a "hold" rating to a "buy" rating in a report on Friday.
Get Our Latest Stock Analysis on IRDM
Insider Activity
In other Iridium Communications news, Director Thomas Fitzpatrick sold 12,500 shares of the business's stock in a transaction that occurred on Friday, January 10th. The stock was sold at an average price of $28.53, for a total value of $356,625.00. Following the sale, the director now owns 241,030 shares in the company, valued at approximately $6,876,585.90. The trade was a 4.93 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 2.00% of the company's stock.
Iridium Communications Trading Up 0.4 %
Shares of NASDAQ IRDM traded up $0.10 during mid-day trading on Friday, hitting $27.65. The company's stock had a trading volume of 2,677,119 shares, compared to its average volume of 1,076,198. 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 $3.01 billion, a price-to-earnings ratio of 29.11, a price-to-earnings-growth ratio of 1.28 and a beta of 0.70. The company's fifty day simple moving average is $29.42 and its 200-day simple moving average is $29.37. Iridium Communications Inc. has a one year low of $24.14 and a one year high of $35.85.
Iridium Communications (NASDAQ:IRDM - Get Free Report) last issued its earnings results on Thursday, February 13th. The technology company reported $0.31 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.15 by $0.16. The firm had revenue of $212.99 million for the quarter, compared to analysts' expectations of $203.78 million. Iridium Communications had a return on equity of 15.66% and a net margin of 13.58%. On average, sell-side analysts anticipate that Iridium Communications Inc. will post 0.89 earnings per share for the current fiscal year.
Iridium Communications Announces Dividend
The business also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Monday, March 17th will be paid a $0.14 dividend. This represents a $0.56 dividend on an annualized basis and a yield of 2.03%. The ex-dividend date of this dividend is Monday, March 17th. Iridium Communications's payout ratio 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.
Featured Articles
Before you consider Iridium Communications, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Iridium Communications wasn't on the list.
While Iridium Communications currently has a Moderate Buy rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
Need to stretch out your 401K or Roth IRA plan? Use these time-tested investing strategies to grow the monthly retirement income that your stock portfolio generates.
Get This Free Report
Like this article? Share it with a colleague.
Link copied to clipboard.
