ArrowMark Colorado Holdings LLC Boosts Holdings in Iridium Communications Inc. (NASDAQ:IRDM)

ArrowMark Colorado Holdings LLC raised its stake in Iridium Communications Inc. (NASDAQ:IRDM - Free Report) by 37.3% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 2,088,053 shares of the technology company's stock after acquiring an additional 567,164 shares during the quarter. ArrowMark Colorado Holdings LLC owned approximately 1.83% of Iridium Communications worth $60,595,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. Norges Bank purchased a new stake in Iridium Communications during the fourth quarter valued at about $28,240,000. American Century Companies Inc. raised its position in shares of Iridium Communications by 94.2% in the fourth quarter. American Century Companies Inc. now owns 1,735,842 shares of the technology company's stock valued at $50,374,000 after purchasing an additional 841,951 shares during the period. Schroder Investment Management Group lifted its stake in shares of Iridium Communications by 44.7% during the 4th quarter. Schroder Investment Management Group now owns 2,213,512 shares of the technology company's stock valued at $64,125,000 after buying an additional 683,777 shares in the last quarter. Raymond James Financial Inc. bought a new position in Iridium Communications in the 4th quarter worth approximately $17,613,000. Finally, Nikko Asset Management Americas Inc. grew its stake in Iridium Communications by 13.2% in the 4th quarter. Nikko Asset Management Americas Inc. now owns 2,827,580 shares of the technology company's stock valued at $82,028,000 after buying an additional 329,915 shares in the last quarter. 84.36% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on IRDM shares. Barclays decreased their price objective on Iridium Communications from $45.00 to $38.00 and set an "overweight" rating on the stock in a research note on Monday, March 10th. 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. StockNews.com cut shares of Iridium Communications from a "buy" rating to a "hold" rating in a research note on Thursday. William Blair upgraded shares of Iridium Communications from a "market perform" rating to an "outperform" rating in a research note on Tuesday, April 22nd. Finally, Cantor Fitzgerald initiated coverage on shares of Iridium Communications in a research report on Friday, January 24th. They set an "overweight" rating and a $40.00 price target for the company. Two investment analysts have rated the stock with a hold rating and three have given a buy rating to the company's stock. Based on data from MarketBeat.com, Iridium Communications has a consensus rating of "Moderate Buy" and a consensus target price of $34.33.

Iridium Communications Stock Up 4.6 %

IRDM stock opened at $25.17 on Friday. Iridium Communications Inc. has a 1-year low of $19.91 and a 1-year high of $35.85. The stock has a market cap of $2.72 billion, a price-to-earnings ratio of 26.50, a price-to-earnings-growth ratio of 1.28 and a beta of 0.74. The company has a current ratio of 1.73, a quick ratio of 1.25 and a debt-to-equity ratio of 3.05. The company's 50 day moving average is $26.46 and its 200 day moving average is $28.49.

Iridium Communications (NASDAQ:IRDM - Get Free Report) last issued its quarterly earnings results on Tuesday, April 22nd. The technology company reported $0.27 EPS for the quarter, topping analysts' consensus estimates 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 for the quarter, compared to analyst estimates of $211.78 million. During the same quarter in the prior year, the firm earned $0.17 EPS. Sell-side analysts predict that Iridium Communications Inc. will post 0.89 EPS for the current fiscal year.

Iridium Communications Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Monday, March 17th were issued a $0.14 dividend. This represents a $0.56 dividend on an annualized basis and a dividend yield of 2.22%. The ex-dividend date of this dividend was Monday, March 17th. Iridium Communications's payout ratio is currently 52.83%.

Iridium Communications Company 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.

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