PharVision Advisers LLC Takes $873,000 Position in Iridium Communications Inc. (NASDAQ:IRDM)

PharVision Advisers LLC bought a new position in shares of Iridium Communications Inc. (NASDAQ:IRDM) during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor bought 30,068 shares of the technology company’s stock, valued at approximately $873,000. Iridium Communications makes up approximately 0.7% of PharVision Advisers LLC’s portfolio, making the stock its 5th largest position.

Other institutional investors and hedge funds have also bought and sold shares of the company. Two Sigma Advisers LP raised its holdings in shares of Iridium Communications by 6.6% in the 4th quarter. Two Sigma Advisers LP now owns 8,100 shares of the technology company’s stock valued at $235,000 after purchasing an additional 500 shares during the period. Tidal Investments LLC acquired a new position in Iridium Communications during the fourth quarter worth approximately $610,000. Sherbrooke Park Advisers LLC bought a new stake in Iridium Communications in the fourth quarter valued at approximately $671,000. Point72 Asset Management L.P. lifted its position in shares of Iridium Communications by 277.8% in the fourth quarter. Point72 Asset Management L.P. now owns 270,341 shares of the technology company’s stock valued at $7,845,000 after buying an additional 198,788 shares during the last quarter. Finally, Point72 Hong Kong Ltd acquired a new stake in shares of Iridium Communications in the fourth quarter valued at approximately $1,143,000. Institutional investors own 84.36% of the company’s stock.

Iridium Communications Trading Up 2.3%

NASDAQ IRDM opened at $25.82 on Wednesday. The company has a market cap of $2.79 billion, a price-to-earnings ratio of 27.18, a price-to-earnings-growth ratio of 1.28 and a beta of 0.74. Iridium Communications Inc. has a twelve month low of $19.91 and a twelve month high of $35.85. 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 business’s fifty day moving average is $25.45 and its 200 day moving average is $28.14.

Iridium Communications (NASDAQ:IRDM) last released its quarterly earnings results on Tuesday, April 22nd. The technology company reported $0.27 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.22 by $0.05. Iridium Communications had a net margin of 13.58% and a return on equity of 15.66%. The firm had revenue of $214.88 million during the quarter, compared to the consensus estimate of $211.78 million. During the same quarter last year, the firm earned $0.17 earnings per share. As a group, sell-side analysts expect that Iridium Communications Inc. will post 0.89 EPS for the current fiscal year.

Iridium Communications Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Investors of record on Friday, June 13th will be paid a dividend of $0.14 per share. The ex-dividend date is Friday, June 13th. This represents a $0.56 annualized dividend and a yield of 2.17%. Iridium Communications’s dividend payout ratio is currently 52.83%.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on the stock. StockNews.com cut shares of Iridium Communications from a “buy” rating to a “hold” rating in a research report on Thursday, May 1st. Cantor Fitzgerald started coverage on shares of Iridium Communications in a research note on Friday, January 24th. They set an “overweight” rating and a $40.00 target price for the company. William Blair upgraded shares of Iridium Communications from a “market perform” rating to an “outperform” rating in a research note on Tuesday, April 22nd. BWS Financial cut their price objective on shares of Iridium Communications from $30.00 to $25.00 and set a “neutral” rating for the company in a research report on Wednesday, April 23rd. Finally, Oppenheimer began coverage on Iridium Communications in a report on Monday, May 5th. They set an “outperform” rating and a $34.00 price objective for the company. Two equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $34.25.

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.