Schroder Investment Management Group Acquires 683,777 Shares of Iridium Communications Inc. (NASDAQ:IRDM)

Schroder Investment Management Group raised its stake in Iridium Communications Inc. (NASDAQ:IRDM - Free Report) by 44.7% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 2,213,512 shares of the technology company's stock after acquiring an additional 683,777 shares during the period. Schroder Investment Management Group owned about 1.94% of Iridium Communications worth $64,125,000 as of its most recent SEC filing.

Other hedge funds have also recently bought and sold shares of the company. Pictet Asset Management Holding SA grew its stake in Iridium Communications by 12.5% during the fourth quarter. Pictet Asset Management Holding SA now owns 14,924 shares of the technology company's stock worth $433,000 after buying an additional 1,656 shares during the last quarter. New Age Alpha Advisors LLC acquired a new position in Iridium Communications in the fourth quarter worth $253,000. Norges Bank bought a new stake in shares of Iridium Communications during the fourth quarter worth $28,240,000. IQ EQ FUND MANAGEMENT IRELAND Ltd raised its holdings in shares of Iridium Communications by 28.5% in the fourth quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd now owns 82,849 shares of the technology company's stock valued at $2,404,000 after buying an additional 18,388 shares during the last quarter. Finally, JPMorgan Chase & Co. lifted its position in Iridium Communications by 1.6% during the 4th quarter. JPMorgan Chase & Co. now owns 631,852 shares of the technology company's stock worth $18,336,000 after buying an additional 10,195 shares in the last quarter. 84.36% of the stock is currently owned by institutional investors and hedge funds.

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Insider Activity at Iridium Communications

In related 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 completion of the transaction, the director now directly 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 2.00% of the stock is owned by corporate insiders.

Iridium Communications Trading Down 5.4 %

NASDAQ IRDM traded down $1.45 on Thursday, reaching $25.58. The company had a trading volume of 1,075,804 shares, compared to its average volume of 1,117,130. 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 stock has a market cap of $2.78 billion, a price-to-earnings ratio of 26.93, a PEG ratio of 1.28 and a beta of 0.66. The stock's 50 day moving average is $29.42 and its 200-day moving average is $29.46.

Iridium Communications (NASDAQ:IRDM - Get Free Report) last announced its quarterly earnings results on Thursday, February 13th. The technology company reported $0.31 earnings per share for the quarter, beating analysts' consensus estimates of $0.15 by $0.16. The business had revenue of $212.99 million for the quarter, compared to the consensus estimate of $203.78 million. Iridium Communications had a net margin of 13.58% and a return on equity of 15.66%. Equities analysts predict that Iridium Communications Inc. will post 0.89 earnings per share for the current year.

Iridium Communications Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Monday, March 17th were issued a $0.14 dividend. This represents a $0.56 annualized dividend and a dividend yield of 2.19%. The ex-dividend date was Monday, March 17th. Iridium Communications's dividend payout ratio (DPR) is 58.95%.

Analysts Set New Price Targets

IRDM has been the topic of a number of research reports. Barclays reduced their target price on shares of Iridium Communications from $45.00 to $38.00 and set an "overweight" rating on the stock in a research report on Monday, March 10th. StockNews.com downgraded shares of Iridium Communications from a "buy" rating to a "hold" rating in a research report on Saturday, March 29th. Finally, Cantor Fitzgerald started coverage on shares of Iridium Communications in a research note on Friday, January 24th. They set an "overweight" rating and a $40.00 price target for the company.

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.