ArrowMark Colorado Holdings LLC Buys 567,164 Shares of Iridium Communications Inc. (NASDAQ:IRDM)

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

A number of other hedge funds and other institutional investors have also bought and sold shares of IRDM. Norges Bank bought a new position in Iridium Communications in the fourth quarter valued at about $28,240,000. American Century Companies Inc. increased its position in Iridium Communications by 94.2% during the 4th quarter. American Century Companies Inc. now owns 1,735,842 shares of the technology company's stock worth $50,374,000 after purchasing an additional 841,951 shares in the last quarter. Schroder Investment Management Group boosted its position in Iridium Communications by 44.7% in the fourth 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 stake in shares of Iridium Communications during the fourth quarter worth $17,613,000. Finally, Nikko Asset Management Americas Inc. increased its holdings in shares of Iridium Communications by 13.2% during the fourth quarter. Nikko Asset Management Americas Inc. now owns 2,827,580 shares of the technology company's stock worth $82,028,000 after buying an additional 329,915 shares in the last quarter. Institutional investors and hedge funds own 84.36% of the company's stock.

Iridium Communications Trading Down 0.3 %

Shares of Iridium Communications stock traded down $0.09 on Thursday, reaching $26.22. 400,353 shares of the company's stock were exchanged, compared to its average volume of 1,342,384. The company has a market capitalization of $2.84 billion, a P/E ratio of 27.60, a price-to-earnings-growth ratio of 1.28 and a beta of 0.74. Iridium Communications Inc. has a 52 week low of $19.91 and a 52 week high of $35.85. The company has a debt-to-equity ratio of 3.05, a quick ratio of 1.25 and a current ratio of 1.73. The firm's 50-day moving average is $26.11 and its two-hundred day moving average is $28.37.

Iridium Communications (NASDAQ:IRDM - Get Free Report) last issued its earnings results on Tuesday, April 22nd. The technology company reported $0.27 earnings per share for the quarter, topping analysts' consensus estimates of $0.22 by $0.05. Iridium Communications had a return on equity of 15.66% and a net margin of 13.58%. The company had revenue of $214.88 million for the quarter, compared to analyst estimates of $211.78 million. During the same period in the prior year, the firm earned $0.17 earnings per share. Sell-side analysts predict 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 was paid on Monday, March 31st. Stockholders of record on Monday, March 17th were given a dividend of $0.14 per share. This represents a $0.56 annualized dividend and a dividend yield of 2.14%. The ex-dividend date was Monday, March 17th. Iridium Communications's payout ratio is presently 52.83%.

Analysts Set New Price Targets

A number of equities analysts have issued reports on the company. Oppenheimer began coverage on Iridium Communications in a report on Monday. They issued an "outperform" rating and a $34.00 target price for the company. Barclays decreased their price target on shares of Iridium Communications from $45.00 to $38.00 and set an "overweight" rating for the company in a research report on Monday, March 10th. Cantor Fitzgerald began coverage on shares of Iridium Communications in a research note on Friday, January 24th. They issued an "overweight" rating and a $40.00 price objective on the stock. William Blair upgraded Iridium Communications from a "market perform" rating to an "outperform" rating in a research report on Tuesday, April 22nd. Finally, StockNews.com downgraded Iridium Communications from a "buy" rating to a "hold" rating in a research report on Thursday, May 1st. Two equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target 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.