Voya Investment Management LLC Grows Stock Position in Iridium Communications Inc. (NASDAQ:IRDM)

Voya Investment Management LLC increased its holdings in Iridium Communications Inc. (NASDAQ:IRDM) by 165.5% in the 4th quarter, HoldingsChannel reports. The fund owned 430,273 shares of the technology company’s stock after purchasing an additional 268,191 shares during the quarter. Voya Investment Management LLC’s holdings in Iridium Communications were worth $12,487,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in IRDM. Plato Investment Management Ltd acquired a new position in shares of Iridium Communications in the 4th quarter valued at $32,000. SBI Securities Co. Ltd. purchased a new stake in Iridium Communications in the 4th quarter valued at about $37,000. Pinnacle Holdings LLC lifted its position in 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 buying an additional 477 shares during the last quarter. Fifth Third Bancorp boosted its stake in Iridium Communications by 19.8% during the fourth quarter. Fifth Third Bancorp now owns 2,162 shares of the technology company’s stock worth $63,000 after buying an additional 357 shares during the period. Finally, Covestor Ltd increased its position in shares of Iridium Communications by 529.6% during the fourth quarter. Covestor Ltd now owns 2,512 shares of the technology company’s stock valued at $73,000 after acquiring an additional 2,113 shares during the last quarter. Institutional investors and hedge funds own 84.36% of the company’s stock.

Iridium Communications Stock Performance

NASDAQ:IRDM opened at $24.16 on Tuesday. Iridium Communications Inc. has a 52 week low of $19.91 and a 52 week high of $35.85. The company has a fifty day simple moving average of $27.03 and a two-hundred day simple moving average of $28.63. 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 company has a market cap of $2.61 billion, a price-to-earnings ratio of 25.43, a price-to-earnings-growth ratio of 1.28 and a beta of 0.66.

Iridium Communications (NASDAQ:IRDM) last released its 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 firm had revenue of $214.88 million during the quarter, compared to analysts’ expectations of $211.78 million. Iridium Communications had a return on equity of 15.66% and a net margin of 13.58%. During the same period in the previous year, the firm posted $0.17 EPS. As a group, equities analysts anticipate that Iridium Communications Inc. will post 0.89 earnings per share for the current fiscal year.

Iridium Communications Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Monday, March 17th were paid a dividend of $0.14 per share. The ex-dividend date of this dividend was Monday, March 17th. This represents a $0.56 dividend on an annualized basis and a dividend yield of 2.32%. Iridium Communications’s payout ratio is 52.83%.

Analyst Ratings Changes

Several equities analysts have recently commented on IRDM shares. Barclays decreased their price objective 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 lowered Iridium Communications from a “buy” rating to a “hold” rating in a research report on Tuesday, April 22nd. BWS Financial dropped their price objective on Iridium Communications from $30.00 to $25.00 and set a “neutral” rating for the company in a research note on Wednesday, April 23rd. Cantor Fitzgerald assumed coverage on Iridium Communications in a research note on Friday, January 24th. They set an “overweight” rating and a $40.00 target price on the stock. Finally, William Blair raised Iridium Communications from a “market perform” rating to an “outperform” rating in a research report on Tuesday, April 22nd. Two research analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to data from MarketBeat, Iridium Communications presently has a consensus rating of “Moderate Buy” and an average target price of $34.33.

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.