Virtu Financial LLC Makes New Investment in Iridium Communications Inc. (NASDAQ:IRDM)

Virtu Financial LLC bought a new stake in Iridium Communications Inc. (NASDAQ:IRDM - Free Report) during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund bought 10,341 shares of the technology company's stock, valued at approximately $300,000.

Several other large investors have also made changes to their positions in IRDM. Plato Investment Management Ltd acquired a new position in Iridium Communications in the fourth quarter valued at about $32,000. SBI Securities Co. Ltd. acquired a new position in shares of Iridium Communications in the 4th quarter worth approximately $37,000. Fifth Third Bancorp grew its position in Iridium Communications by 19.8% during the 4th 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 increased its holdings in Iridium Communications by 44.8% during the 4th 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 in the last quarter. Finally, Millstone Evans Group LLC bought a new position in Iridium Communications in the 4th quarter valued at $131,000. Institutional investors own 84.36% of the company's stock.

Analysts Set New Price Targets

Several analysts have recently commented on the company. 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, March 10th. StockNews.com cut shares of Iridium Communications from a "buy" rating to a "hold" rating in a research report on Saturday. Finally, Cantor Fitzgerald began coverage on shares of Iridium Communications in a research note on Friday, January 24th. They issued an "overweight" rating and a $40.00 target price for the company.

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Insider Activity at Iridium Communications

In related news, Director Thomas Fitzpatrick sold 12,500 shares of the company's 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 sale, the director now owns 241,030 shares in the company, valued at approximately $6,876,585.90. This represents a 4.93 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. 2.00% of the stock is currently owned by company insiders.

Iridium Communications Price Performance

Shares of NASDAQ IRDM remained flat at $27.32 during midday trading on Tuesday. The stock had a trading volume of 1,385,993 shares, compared to its average volume of 1,117,577. The stock has a market cap of $2.97 billion, a price-to-earnings ratio of 28.76, a P/E/G ratio of 1.28 and a beta of 0.70. Iridium Communications Inc. has a one year low of $24.14 and a one 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. The stock has a fifty day simple moving average of $29.46 and a 200-day simple moving average of $29.48.

Iridium Communications (NASDAQ:IRDM - Get Free Report) last announced its quarterly earnings data 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 return on equity of 15.66% and a net margin of 13.58%. The firm had revenue of $212.99 million during the quarter, compared to analyst estimates of $203.78 million. Equities analysts expect that Iridium Communications Inc. will post 0.89 EPS for the current fiscal year.

Iridium Communications Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Monday, March 17th were paid a dividend of $0.14 per share. This represents a $0.56 dividend on an annualized basis and a dividend yield of 2.05%. The ex-dividend date was Monday, March 17th. Iridium Communications's dividend payout ratio (DPR) is 58.95%.

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.