OFI Invest Asset Management Invests $673,000 in Iridium Communications Inc. (NASDAQ:IRDM)

OFI Invest Asset Management purchased a new position in shares of Iridium Communications Inc. (NASDAQ:IRDM) in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 24,000 shares of the technology company’s stock, valued at approximately $673,000.

Other hedge funds and other institutional investors have also modified their holdings of the company. Plato Investment Management Ltd acquired a new stake in shares of Iridium Communications in the fourth quarter valued at $32,000. SBI Securities Co. Ltd. acquired a new stake in shares of Iridium Communications in the fourth quarter valued at $37,000. Capital Performance Advisors LLP acquired a new stake in shares of Iridium Communications in the third quarter valued at $57,000. Fifth Third Bancorp raised its stake in shares of Iridium Communications by 19.8% in the fourth quarter. Fifth Third Bancorp now owns 2,162 shares of the technology company’s stock valued at $63,000 after acquiring an additional 357 shares in the last quarter. Finally, GAMMA Investing LLC raised its stake in shares of Iridium Communications by 44.8% in the fourth quarter. GAMMA Investing LLC now owns 3,473 shares of the technology company’s stock valued at $101,000 after acquiring an additional 1,074 shares in the last quarter. 84.36% of the stock is currently owned by hedge funds and other institutional investors.

Iridium Communications Stock Up 1.2 %

Iridium Communications stock opened at $30.65 on Monday. Iridium Communications Inc. has a 1-year low of $24.14 and a 1-year high of $35.85. 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 cap of $3.34 billion, a PE ratio of 32.26, a P/E/G ratio of 1.28 and a beta of 0.70. The stock’s fifty day moving average is $29.69 and its two-hundred day moving average is $29.29.

Iridium Communications (NASDAQ:IRDM) last posted 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. Iridium Communications had a return on equity of 15.66% and a net margin of 13.58%. The company had revenue of $212.99 million for the quarter, compared to analysts’ expectations of $203.78 million. On average, sell-side analysts expect that Iridium Communications Inc. will post 0.89 EPS for the current fiscal year.

Insider Buying and Selling at Iridium Communications

In other news, Director Thomas Fitzpatrick sold 12,500 shares of Iridium Communications stock in a transaction dated Friday, January 10th. The stock was sold at an average price of $28.53, for a total transaction of $356,625.00. Following the sale, the director now owns 241,030 shares in the company, valued at approximately $6,876,585.90. The trade was a 4.93 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 2.00% of the stock is owned by insiders.

Analysts Set New Price Targets

Several brokerages have recently issued reports on IRDM. Cantor Fitzgerald began coverage on Iridium Communications in a research note on Friday, January 24th. They issued an “overweight” rating and a $40.00 price objective on the stock. StockNews.com upgraded Iridium Communications from a “hold” rating to a “buy” rating in a research note on Thursday, February 27th.

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.