Millstone Evans Group LLC Takes $131,000 Position in Iridium Communications Inc. (NASDAQ:IRDM)

Millstone Evans Group LLC acquired a new stake in Iridium Communications Inc. (NASDAQ:IRDM) in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor acquired 4,515 shares of the technology company’s stock, valued at approximately $131,000.

A number of other hedge funds also recently made changes to their positions in IRDM. Plato Investment Management Ltd bought a new stake in shares of Iridium Communications in the 4th quarter worth about $32,000. SBI Securities Co. Ltd. bought a new stake in shares of Iridium Communications in the 4th quarter worth about $37,000. Fifth Third Bancorp grew its holdings in shares of Iridium Communications by 19.8% in the 4th quarter. Fifth Third Bancorp now owns 2,162 shares of the technology company’s stock worth $63,000 after purchasing an additional 357 shares during the last quarter. GAMMA Investing LLC grew its holdings in shares of Iridium Communications by 44.8% in the 4th quarter. GAMMA Investing LLC now owns 3,473 shares of the technology company’s stock worth $101,000 after purchasing an additional 1,074 shares during the last quarter. Finally, Steward Partners Investment Advisory LLC grew its holdings in shares of Iridium Communications by 376.3% in the 4th quarter. Steward Partners Investment Advisory LLC now owns 4,858 shares of the technology company’s stock worth $141,000 after purchasing an additional 3,838 shares during the last quarter. Institutional investors and hedge funds own 84.36% of the company’s stock.

Analysts Set New Price Targets

IRDM has been the topic of several analyst reports. Barclays lowered their target price on shares of Iridium Communications from $45.00 to $38.00 and set an “overweight” rating on the stock in a report on Monday, March 10th. StockNews.com raised shares of Iridium Communications from a “hold” rating to a “buy” rating in a report on Friday. Finally, Cantor Fitzgerald started coverage on shares of Iridium Communications in a report on Friday, January 24th. They issued an “overweight” rating and a $40.00 target price on the stock.

Iridium Communications Stock Up 0.4 %

Shares of NASDAQ:IRDM opened at $27.65 on Friday. Iridium Communications Inc. has a 12 month low of $24.14 and a 12 month high of $35.85. The company’s 50-day moving average price is $29.40 and its two-hundred day moving average price is $29.39. The company has a quick ratio of 1.25, a current ratio of 1.73 and a debt-to-equity ratio of 3.05. The firm has a market cap of $3.01 billion, a P/E ratio of 29.11, a P/E/G ratio of 1.28 and a beta of 0.70.

Iridium Communications (NASDAQ:IRDM) last issued 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 net margin of 13.58% and a return on equity of 15.66%. The firm had revenue of $212.99 million for the quarter, compared to analyst estimates of $203.78 million. As a group, research analysts forecast that Iridium Communications Inc. will post 0.89 EPS for the current fiscal year.

Iridium Communications Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Monday, March 17th will be issued a dividend of $0.14 per share. 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 dividend payout ratio is currently 58.95%.

Insider Activity

In other 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 approximately $6,876,585.90. This trade represents a 4.93 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 2.00% of the company’s stock.

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.