Private Advisor Group LLC boosted its position in Iridium Communications Inc. (NASDAQ:IRDM – Free Report) by 91.0% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 96,702 shares of the technology company’s stock after purchasing an additional 46,069 shares during the period. Private Advisor Group LLC owned about 0.08% of Iridium Communications worth $2,806,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other institutional investors also recently added to or reduced their stakes in the business. State Street Corp raised its stake in shares of Iridium Communications by 0.9% during the 3rd quarter. State Street Corp now owns 4,269,883 shares of the technology company’s stock worth $130,018,000 after buying an additional 36,851 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. grew its holdings in Iridium Communications by 12.8% during the fourth quarter. Sumitomo Mitsui Trust Group Inc. now owns 2,829,052 shares of the technology company’s stock worth $82,099,000 after acquiring an additional 320,506 shares during the period. Victory Capital Management Inc. lifted its holdings in Iridium Communications by 0.7% in the third quarter. Victory Capital Management Inc. now owns 1,609,649 shares of the technology company’s stock valued at $49,014,000 after acquiring an additional 11,117 shares during the period. FMR LLC raised its holdings in Iridium Communications by 26.7% during the third quarter. FMR LLC now owns 942,380 shares of the technology company’s stock worth $28,695,000 after purchasing an additional 198,360 shares during the last quarter. Finally, Barclays PLC grew its position in shares of Iridium Communications by 19.2% in the third quarter. Barclays PLC now owns 856,901 shares of the technology company’s stock valued at $26,093,000 after purchasing an additional 137,924 shares during the last quarter. Hedge funds and other institutional investors own 84.36% of the company’s stock.
Wall Street Analyst Weigh In
Separately, Cantor Fitzgerald assumed coverage on Iridium Communications in a report on Friday, January 24th. They issued an “overweight” rating and a $40.00 price target for the company.
Iridium Communications Stock Up 1.1 %
IRDM opened at $31.43 on Tuesday. Iridium Communications Inc. has a 12 month low of $24.14 and a 12 month high of $35.85. The business has a 50-day moving average of $29.34 and a two-hundred day moving average of $29.04. 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 capitalization of $3.42 billion, a price-to-earnings ratio of 33.08, a price-to-earnings-growth ratio of 1.28 and a beta of 0.65.
Iridium Communications (NASDAQ:IRDM – Get Free Report) last released its earnings results on Thursday, February 13th. The technology company reported $0.31 earnings per share (EPS) for the quarter, beating 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. On average, research analysts expect that Iridium Communications Inc. will post 0.89 earnings per share for the current year.
Iridium Communications Dividend Announcement
The company also recently announced a quarterly dividend, which was paid on Tuesday, December 31st. Investors of record on Monday, December 16th were issued a $0.14 dividend. This represents a $0.56 dividend on an annualized basis and a yield of 1.78%. The ex-dividend date of this dividend was Monday, December 16th. Iridium Communications’s payout ratio is currently 58.95%.
Insiders Place Their Bets
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 shares were sold at an average price of $28.53, for a total transaction of $356,625.00. Following the completion of the sale, the director now directly owns 241,030 shares in the company, valued at $6,876,585.90. The trade was a 4.93 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 2.00% of the stock is currently owned by insiders.
About Iridium Communications
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.
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