Iridium Communications Inc $IRDM Shares Bought by Daiwa Securities Group Inc.

Daiwa Securities Group Inc. grew its position in shares of Iridium Communications Inc (NASDAQ:IRDM) by 67.5% in the 4th quarter, HoldingsChannel.com reports. The fund owned 112,700 shares of the technology company’s stock after acquiring an additional 45,400 shares during the period. Daiwa Securities Group Inc.’s holdings in Iridium Communications were worth $1,959,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Hantz Financial Services Inc. increased its stake in Iridium Communications by 184.7% during the third quarter. Hantz Financial Services Inc. now owns 1,506 shares of the technology company’s stock worth $26,000 after acquiring an additional 977 shares during the last quarter. Larson Financial Group LLC increased its stake in Iridium Communications by 392.8% during the third quarter. Larson Financial Group LLC now owns 1,508 shares of the technology company’s stock worth $26,000 after acquiring an additional 1,202 shares during the last quarter. CIBC Private Wealth Group LLC acquired a new stake in Iridium Communications during the third quarter worth about $32,000. Aster Capital Management DIFC Ltd acquired a new stake in Iridium Communications during the third quarter worth about $46,000. Finally, Advisory Services Network LLC acquired a new stake in Iridium Communications during the third quarter worth about $48,000. 84.36% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Iridium Communications news, CAO Timothy Kapalka sold 2,043 shares of the firm’s stock in a transaction that occurred on Monday, April 6th. The stock was sold at an average price of $33.00, for a total transaction of $67,419.00. Following the completion of the sale, the chief accounting officer owned 45,721 shares in the company, valued at $1,508,793. This trade represents a 4.28% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 2.70% of the stock is currently owned by company insiders.

Iridium Communications Price Performance

Shares of NASDAQ IRDM opened at $45.10 on Wednesday. Iridium Communications Inc has a fifty-two week low of $15.65 and a fifty-two week high of $53.83. The business has a 50 day moving average price of $41.23 and a two-hundred day moving average price of $27.86. The company has a quick ratio of 2.21, a current ratio of 2.85 and a debt-to-equity ratio of 3.74. The firm has a market cap of $4.77 billion, a PE ratio of 45.56, a price-to-earnings-growth ratio of 3.20 and a beta of 0.89.

Iridium Communications (NASDAQ:IRDM) last issued its quarterly earnings data on Thursday, April 23rd. The technology company reported $0.20 earnings per share for the quarter, missing analysts’ consensus estimates of $0.27 by ($0.07). Iridium Communications had a net margin of 12.05% and a return on equity of 22.76%. The business had revenue of $219.06 million for the quarter, compared to analyst estimates of $218.39 million. During the same quarter last year, the business earned $0.27 EPS. Iridium Communications’s revenue for the quarter was up 2.0% compared to the same quarter last year. Sell-side analysts expect that Iridium Communications Inc will post 1.05 earnings per share for the current fiscal year.

Iridium Communications Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 30th. Shareholders of record on Monday, June 15th will be paid a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a yield of 1.3%. The ex-dividend date is Monday, June 15th. Iridium Communications’s dividend payout ratio (DPR) is 60.61%.

Analyst Upgrades and Downgrades

IRDM has been the subject of several research analyst reports. Weiss Ratings upgraded Iridium Communications from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Tuesday, March 10th. New Street Research began coverage on Iridium Communications in a research note on Thursday, May 14th. They issued a “neutral” rating and a $40.00 target price for the company. BWS Financial reiterated a “sell” rating and issued a $16.00 target price on shares of Iridium Communications in a research note on Monday, April 27th. Oppenheimer increased their target price on Iridium Communications from $48.00 to $60.00 and gave the company an “outperform” rating in a research note on Wednesday, June 3rd. Finally, Morgan Stanley increased their target price on Iridium Communications from $24.00 to $26.00 and gave the company an “equal weight” rating in a research note on Wednesday, February 18th. Two analysts have rated the stock with a Buy rating, four have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, Iridium Communications presently has an average rating of “Hold” and a consensus price target of $34.00.

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.