Iridium Communications Inc. (NASDAQ:IRDM) Shares Acquired by Quarry LP

Quarry LP raised its stake in shares of Iridium Communications Inc. (NASDAQ:IRDM) by 1,373.0% in the fourth quarter, Holdings Channel.com reports. The fund owned 7,100 shares of the technology company’s stock after purchasing an additional 6,618 shares during the period. Quarry LP’s holdings in Iridium Communications were worth $206,000 at the end of the most recent quarter.

A number of other institutional investors have also made changes to their positions in IRDM. Plato Investment Management Ltd acquired a new position in shares of Iridium Communications in the fourth quarter valued at approximately $32,000. SBI Securities Co. Ltd. acquired a new position in shares of Iridium Communications in the fourth quarter valued at approximately $37,000. Pinnacle Holdings LLC grew its holdings in shares of Iridium Communications by 45.4% in the fourth quarter. Pinnacle Holdings LLC now owns 1,528 shares of the technology company’s stock valued at $44,000 after purchasing an additional 477 shares in the last quarter. Fifth Third Bancorp grew its holdings 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 purchasing an additional 357 shares in the last quarter. Finally, Covestor Ltd grew its holdings in shares of Iridium Communications by 529.6% in the fourth quarter. Covestor Ltd now owns 2,512 shares of the technology company’s stock valued at $73,000 after purchasing an additional 2,113 shares in the last quarter. 84.36% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on IRDM shares. William Blair upgraded shares of Iridium Communications from a “market perform” rating to an “outperform” rating in a report on Tuesday, April 22nd. StockNews.com cut shares of Iridium Communications from a “buy” rating to a “hold” rating in a report on Tuesday, April 22nd. BWS Financial lowered their price target on shares of Iridium Communications from $30.00 to $25.00 and set a “neutral” rating for the company in a report on Wednesday, April 23rd. Barclays lowered their price target on shares of Iridium Communications from $45.00 to $38.00 and set an “overweight” rating for the company in a report on Monday, March 10th. Finally, Cantor Fitzgerald started coverage on shares of Iridium Communications in a report on Friday, January 24th. They set an “overweight” rating and a $40.00 price target for the company. Two research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat, Iridium Communications presently has an average rating of “Moderate Buy” and an average price target of $34.33.

Iridium Communications Trading Up 0.5 %

NASDAQ IRDM opened at $23.16 on Monday. The company has a quick ratio of 1.25, a current ratio of 1.73 and a debt-to-equity ratio of 3.05. Iridium Communications Inc. has a 52 week low of $19.91 and a 52 week high of $35.85. The stock has a market capitalization of $2.50 billion, a PE ratio of 24.38, a price-to-earnings-growth ratio of 1.28 and a beta of 0.66. The firm has a 50 day moving average of $27.20 and a two-hundred day moving average of $28.67.

Iridium Communications (NASDAQ:IRDM) last posted its quarterly earnings results on Tuesday, April 22nd. The technology company reported $0.27 EPS for the quarter, topping the consensus estimate of $0.22 by $0.05. The company had revenue of $214.88 million during the quarter, compared to analysts’ expectations of $211.78 million. Iridium Communications had a net margin of 13.58% and a return on equity of 15.66%. During the same quarter in the previous year, the business posted $0.17 EPS. As a group, research analysts expect that Iridium Communications Inc. will post 0.89 EPS for the current fiscal year.

Iridium Communications Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Monday, March 17th were given a dividend of $0.14 per share. The ex-dividend date of this dividend was Monday, March 17th. This represents a $0.56 annualized dividend and a dividend yield of 2.42%. Iridium Communications’s dividend payout ratio is presently 52.83%.

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.