Lecap Asset Management Ltd. Has $481,000 Stock Holdings in Iridium Communications Inc $IRDM

Lecap Asset Management Ltd. cut its position in shares of Iridium Communications Inc (NASDAQ:IRDM) by 45.9% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 27,681 shares of the technology company’s stock after selling 23,476 shares during the period. Lecap Asset Management Ltd.’s holdings in Iridium Communications were worth $481,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. ARK Investment Management LLC grew its stake in Iridium Communications by 21.7% in the 3rd quarter. ARK Investment Management LLC now owns 6,490,108 shares of the technology company’s stock valued at $113,317,000 after buying an additional 1,156,580 shares during the last quarter. Silver Heights Capital Management Inc grew its stake in Iridium Communications by 22.7% in the 3rd quarter. Silver Heights Capital Management Inc now owns 5,189,703 shares of the technology company’s stock valued at $90,612,000 after buying an additional 961,440 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. grew its stake in Iridium Communications by 0.6% in the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 4,343,670 shares of the technology company’s stock valued at $75,840,000 after buying an additional 27,907 shares during the last quarter. Millennium Management LLC grew its stake in Iridium Communications by 265.8% in the 3rd quarter. Millennium Management LLC now owns 3,039,731 shares of the technology company’s stock valued at $53,074,000 after buying an additional 2,208,857 shares during the last quarter. Finally, American Century Companies Inc. grew its stake in Iridium Communications by 9.0% in the 3rd quarter. American Century Companies Inc. now owns 2,878,902 shares of the technology company’s stock valued at $50,266,000 after buying an additional 238,244 shares during the last quarter. Institutional investors and hedge funds own 84.36% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have issued reports on IRDM shares. Barclays boosted their price objective on shares of Iridium Communications from $25.00 to $36.00 and gave the company an “overweight” rating in a report on Thursday, April 9th. Weiss Ratings raised shares of Iridium Communications from a “sell (d+)” rating to a “hold (c-)” rating in a report on Tuesday, March 10th. Morgan Stanley boosted their price objective on shares of Iridium Communications from $24.00 to $26.00 and gave the company an “equal weight” rating in a report on Wednesday, February 18th. Finally, BWS Financial reissued a “sell” rating and issued a $16.00 price objective on shares of Iridium Communications in a report on Wednesday, April 15th. Four investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, Iridium Communications presently has an average rating of “Hold” and a consensus target price of $27.60.

Insider Buying and Selling at Iridium Communications

In other news, CAO Timothy Kapalka sold 2,043 shares of the business’s stock in a transaction dated Monday, April 6th. The stock was sold at an average price of $33.00, for a total transaction of $67,419.00. Following the sale, the chief accounting officer directly owned 45,721 shares in the company, valued at approximately $1,508,793. The trade was a 4.28% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 2.70% of the company’s stock.

Iridium Communications Stock Performance

Shares of Iridium Communications stock opened at $41.85 on Monday. The company has a 50 day moving average of $27.27 and a 200-day moving average of $21.40. Iridium Communications Inc has a 1-year low of $15.65 and a 1-year high of $44.36. The company has a current ratio of 2.48, a quick ratio of 1.82 and a debt-to-equity ratio of 3.80. The company has a market cap of $4.42 billion, a PE ratio of 39.48, a price-to-earnings-growth ratio of 2.83 and a beta of 0.48.

Iridium Communications (NASDAQ:IRDM) last issued its quarterly earnings results on Thursday, February 12th. The technology company reported $0.24 earnings per share for the quarter, topping analysts’ consensus estimates of $0.23 by $0.01. The company had revenue of $212.94 million during the quarter, compared to the consensus estimate of $219.14 million. Iridium Communications had a net margin of 13.12% and a return on equity of 24.01%. The firm’s quarterly revenue was up .0% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.32 EPS. As a group, equities research analysts forecast that Iridium Communications Inc will post 0.89 earnings per share for the current fiscal year.

Iridium Communications Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, March 31st. Stockholders of record on Monday, March 16th were issued a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a dividend yield of 1.4%. The ex-dividend date was Monday, March 16th. Iridium Communications’s payout ratio is 56.60%.

Iridium Communications Company Profile

Iridium Communications Inc operates a global satellite communications network that delivers voice and data services across land, sea and air. The company’s unique architecture relies on a constellation of 66 low-Earth orbit satellites, enabling real-time connectivity in regions beyond the reach of terrestrial wireless networks. Iridium’s core offerings include satellite voice and messaging services, broadband data terminals, push-to-talk (PTT) interoperability and machine-to-machine (M2M) solutions for the Internet of Things (IoT).

Iridium serves a diverse range of markets, including maritime shipping, aviation, government and defense, energy, and enterprise.