Inspire Investing LLC Acquires 2,719 Shares of Iridium Communications Inc $IRDM

Inspire Investing LLC increased its holdings in shares of Iridium Communications Inc (NASDAQ:IRDM) by 6.4% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 45,489 shares of the technology company’s stock after buying an additional 2,719 shares during the quarter. Inspire Investing LLC’s holdings in Iridium Communications were worth $1,372,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also modified their holdings of the company. SVB Wealth LLC bought a new stake in shares of Iridium Communications during the 1st quarter worth $30,000. UMB Bank n.a. lifted its position in shares of Iridium Communications by 129.8% during the 1st quarter. UMB Bank n.a. now owns 1,379 shares of the technology company’s stock worth $38,000 after buying an additional 779 shares during the last quarter. SBI Securities Co. Ltd. lifted its position in shares of Iridium Communications by 37.2% during the 1st quarter. SBI Securities Co. Ltd. now owns 1,757 shares of the technology company’s stock worth $48,000 after buying an additional 476 shares during the last quarter. Cooksen Wealth LLC bought a new stake in shares of Iridium Communications during the 1st quarter worth $47,000. Finally, Carolina Wealth Advisors LLC bought a new stake in shares of Iridium Communications during the 2nd quarter worth $76,000. 84.36% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several equities analysts have commented on the company. Barclays dropped their target price on Iridium Communications from $31.00 to $25.00 and set an “overweight” rating for the company in a research report on Wednesday, October 1st. Weiss Ratings reiterated a “hold (c-)” rating on shares of Iridium Communications in a research report on Wednesday. BWS Financial downgraded Iridium Communications from a “neutral” rating to a “sell” rating and dropped their target price for the company from $25.00 to $16.00 in a research report on Tuesday, September 9th. Morgan Stanley dropped their target price on Iridium Communications from $40.00 to $37.00 and set an “overweight” rating for the company in a research report on Friday, August 1st. Finally, Raymond James Financial downgraded Iridium Communications from a “strong-buy” rating to an “outperform” rating and dropped their target price for the company from $39.00 to $26.00 in a research report on Thursday, September 11th. Six equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, Iridium Communications presently has an average rating of “Moderate Buy” and an average target price of $29.67.

Iridium Communications Trading Down 6.8%

NASDAQ IRDM opened at $18.38 on Friday. The business has a 50 day simple moving average of $21.53 and a 200 day simple moving average of $25.08. Iridium Communications Inc has a one year low of $17.08 and a one year high of $35.85. The stock has a market capitalization of $1.95 billion, a P/E ratio of 18.57, a P/E/G ratio of 0.67 and a beta of 0.70. The company has a debt-to-equity ratio of 3.82, a current ratio of 2.51 and a quick ratio of 1.75.

Iridium Communications (NASDAQ:IRDM) last released its earnings results on Thursday, July 24th. The technology company reported $0.20 EPS for the quarter, missing the consensus estimate of $0.23 by ($0.03). Iridium Communications had a return on equity of 20.28% and a net margin of 13.20%.The business had revenue of $216.91 million for the quarter, compared to analyst estimates of $214.73 million. During the same period in the prior year, the business earned $0.27 EPS. The company’s revenue for the quarter was up 7.9% on a year-over-year basis. Research analysts expect that Iridium Communications Inc will post 0.89 earnings per share for the current year.

Iridium Communications Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 30th. Investors of record on Monday, September 15th were paid a dividend of $0.15 per share. This is an increase from Iridium Communications’s previous quarterly dividend of $0.14. This represents a $0.60 annualized dividend and a yield of 3.3%. The ex-dividend date of this dividend was Monday, September 15th. Iridium Communications’s payout ratio is 60.61%.

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.