ARK Investment Management LLC Raises Stock Position in Iridium Communications Inc. (NASDAQ:IRDM)

ARK Investment Management LLC grew its holdings in Iridium Communications Inc. (NASDAQ:IRDM) by 12.9% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 2,173,964 shares of the technology company’s stock after acquiring an additional 249,185 shares during the period. ARK Investment Management LLC owned about 1.76% of Iridium Communications worth $89,480,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in IRDM. Rhumbline Advisers increased its stake in Iridium Communications by 1.1% during the 1st quarter. Rhumbline Advisers now owns 359,276 shares of the technology company’s stock worth $14,486,000 after buying an additional 3,957 shares during the period. BlackRock Inc. boosted its holdings in shares of Iridium Communications by 0.5% in the 1st quarter. BlackRock Inc. now owns 15,739,982 shares of the technology company’s stock valued at $634,635,000 after buying an additional 71,031 shares during the period. Great West Life Assurance Co. Can boosted its holdings in shares of Iridium Communications by 7.4% in the 1st quarter. Great West Life Assurance Co. Can now owns 70,873 shares of the technology company’s stock valued at $2,934,000 after buying an additional 4,877 shares during the period. Yousif Capital Management LLC boosted its holdings in shares of Iridium Communications by 3.5% in the 1st quarter. Yousif Capital Management LLC now owns 69,722 shares of the technology company’s stock valued at $2,811,000 after buying an additional 2,353 shares during the period. Finally, Raymond James Trust N.A. boosted its holdings in shares of Iridium Communications by 16.6% in the 1st quarter. Raymond James Trust N.A. now owns 9,943 shares of the technology company’s stock valued at $401,000 after buying an additional 1,417 shares during the period. Hedge funds and other institutional investors own 84.36% of the company’s stock.

Iridium Communications Stock Up 2.8 %

IRDM stock opened at $26.30 on Thursday. Iridium Communications Inc. has a 52 week low of $25.27 and a 52 week high of $68.34. The company has a market capitalization of $3.22 billion, a price-to-earnings ratio of 202.31 and a beta of 0.87. The firm’s 50-day moving average is $31.21 and its two-hundred day moving average is $37.45. The company has a current ratio of 2.06, a quick ratio of 1.37 and a debt-to-equity ratio of 1.65.

Iridium Communications (NASDAQ:IRDM) last released its earnings results on Thursday, February 15th. The technology company reported $0.30 EPS for the quarter, topping analysts’ consensus estimates of $0.03 by $0.27. Iridium Communications had a net margin of 1.95% and a return on equity of 1.58%. The business had revenue of $194.74 million for the quarter, compared to the consensus estimate of $192.13 million. During the same period in the previous year, the firm earned ($0.01) EPS. The business’s revenue for the quarter was up .5% on a year-over-year basis. On average, analysts forecast that Iridium Communications Inc. will post 0.72 earnings per share for the current fiscal year.

Iridium Communications Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 29th. Investors of record on Friday, March 15th will be issued a $0.13 dividend. The ex-dividend date of this dividend is Thursday, March 14th. This represents a $0.52 dividend on an annualized basis and a dividend yield of 1.98%. Iridium Communications’s payout ratio is currently 400.00%.

Analysts Set New Price Targets

Several research analysts have recently commented on IRDM shares. TheStreet raised shares of Iridium Communications from a “d+” rating to a “c-” rating in a report on Thursday, February 15th. Raymond James cut their price objective on shares of Iridium Communications from $53.00 to $48.00 and set a “strong-buy” rating on the stock in a research report on Friday, February 16th. William Blair downgraded shares of Iridium Communications from an “outperform” rating to a “market perform” rating in a research report on Thursday, February 15th. Barclays cut their price objective on shares of Iridium Communications from $45.00 to $42.00 and set an “overweight” rating on the stock in a research report on Friday, February 23rd. Finally, BWS Financial downgraded shares of Iridium Communications from a “buy” rating to a “neutral” rating and set a $30.00 price objective on the stock. in a research report on Friday, February 16th. Three investment analysts have rated the stock with a hold rating, three have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $49.80.

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.