Fox Run Management L.L.C. Raises Holdings in Iridium Communications Inc. (NASDAQ:IRDM)

Fox Run Management L.L.C. raised its holdings in shares of Iridium Communications Inc. (NASDAQ:IRDM) by 184.1% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 39,433 shares of the technology company’s stock after purchasing an additional 25,555 shares during the period. Fox Run Management L.L.C.’s holdings in Iridium Communications were worth $1,144,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in IRDM. Thrivent Financial for Lutherans boosted its stake in Iridium Communications by 19.8% during the 3rd quarter. Thrivent Financial for Lutherans now owns 130,370 shares of the technology company’s stock valued at $3,970,000 after purchasing an additional 21,522 shares during the last quarter. Quest Partners LLC boosted its stake in shares of Iridium Communications by 182.2% in the 3rd quarter. Quest Partners LLC now owns 13,877 shares of the technology company’s stock worth $423,000 after buying an additional 8,959 shares during the last quarter. Pathstone Holdings LLC boosted its stake in shares of Iridium Communications by 14.3% in the 3rd quarter. Pathstone Holdings LLC now owns 61,825 shares of the technology company’s stock worth $1,883,000 after buying an additional 7,722 shares during the last quarter. Cerity Partners LLC purchased a new position in shares of Iridium Communications in the 3rd quarter worth $1,359,000. Finally, Algert Global LLC boosted its stake in shares of Iridium Communications by 54.0% in the 3rd quarter. Algert Global LLC now owns 365,121 shares of the technology company’s stock worth $11,118,000 after buying an additional 128,018 shares during the last quarter. 84.36% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, Director Thomas Fitzpatrick sold 12,500 shares of the business’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 transaction, 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 2.00% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on the company. StockNews.com upgraded Iridium Communications from a “hold” rating to a “buy” rating in a research note on Friday. Barclays dropped their price target on Iridium Communications from $45.00 to $38.00 and set an “overweight” rating on the stock in a research note on Monday, March 10th. Finally, Cantor Fitzgerald assumed coverage on Iridium Communications in a research note on Friday, January 24th. They issued an “overweight” rating and a $40.00 price target on the stock.

Iridium Communications Price Performance

NASDAQ IRDM opened at $27.65 on Friday. The company has a market capitalization of $3.01 billion, a PE ratio of 29.11, a price-to-earnings-growth ratio of 1.28 and a beta of 0.70. 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 business’s fifty day moving average is $29.40 and its 200 day moving average is $29.39. Iridium Communications Inc. has a fifty-two week low of $24.14 and a fifty-two week high of $35.85.

Iridium Communications (NASDAQ:IRDM) last released its earnings results on Thursday, February 13th. The technology company reported $0.31 earnings per share for the quarter, beating the consensus estimate of $0.15 by $0.16. The company had revenue of $212.99 million for the quarter, compared to the consensus estimate of $203.78 million. Iridium Communications had a return on equity of 15.66% and a net margin of 13.58%. Sell-side analysts predict that Iridium Communications Inc. will post 0.89 earnings per share for the current year.

Iridium Communications Announces Dividend

The firm also recently declared 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. The ex-dividend date is Monday, March 17th. This represents a $0.56 dividend on an annualized basis and a yield of 2.03%. Iridium Communications’s dividend payout ratio is presently 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.