Edgestream Partners L.P. Makes New Investment in Iridium Communications Inc (NASDAQ:IRDM)

Edgestream Partners L.P. bought a new stake in Iridium Communications Inc (NASDAQ:IRDM - Free Report) in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 104,462 shares of the technology company's stock, valued at approximately $2,854,000. Edgestream Partners L.P. owned approximately 0.10% of Iridium Communications as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of the business. Proficio Capital Partners LLC acquired a new stake in shares of Iridium Communications in the fourth quarter valued at about $408,000. Zurcher Kantonalbank Zurich Cantonalbank grew its position in shares of Iridium Communications by 12.1% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 31,064 shares of the technology company's stock valued at $901,000 after purchasing an additional 3,350 shares during the last quarter. Commonwealth Equity Services LLC grew its position in Iridium Communications by 4.0% during the fourth quarter. Commonwealth Equity Services LLC now owns 19,060 shares of the technology company's stock worth $553,000 after buying an additional 729 shares in the last quarter. Intech Investment Management LLC grew its position in Iridium Communications by 498.5% during the fourth quarter. Intech Investment Management LLC now owns 66,142 shares of the technology company's stock worth $1,919,000 after buying an additional 55,091 shares in the last quarter. Finally, Chesapeake Capital Corp IL acquired a new stake in Iridium Communications during the fourth quarter worth about $204,000. Hedge funds and other institutional investors own 84.36% of the company's stock.

Iridium Communications Stock Performance

NASDAQ:IRDM traded down $0.03 during mid-day trading on Friday, hitting $32.08. The stock had a trading volume of 1,403,165 shares, compared to its average volume of 1,185,901. The company's 50 day simple moving average is $28.49 and its 200 day simple moving average is $27.98. The company has a debt-to-equity ratio of 3.43, a quick ratio of 1.36 and a current ratio of 1.99. The stock has a market cap of $3.47 billion, a price-to-earnings ratio of 30.26, a PEG ratio of 1.08 and a beta of 0.79. Iridium Communications Inc has a twelve month low of $19.91 and a twelve month high of $35.85.

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. The company had revenue of $214.88 million for the quarter, compared to analyst estimates of $211.78 million. Iridium Communications had a net margin of 14.68% and a return on equity of 19.41%. During the same quarter in the previous year, the business earned $0.17 earnings per share. On average, equities research analysts forecast that Iridium Communications Inc will post 0.89 earnings per share for the current year.

Iridium Communications Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Friday, June 13th were issued a dividend of $0.14 per share. The ex-dividend date of this dividend was Friday, June 13th. This represents a $0.56 dividend on an annualized basis and a yield of 1.75%. Iridium Communications's dividend payout ratio is currently 52.83%.

Analysts Set New Price Targets

A number of research firms have recently issued reports on IRDM. William Blair upgraded shares of Iridium Communications from a "market perform" rating to an "outperform" rating in a research note on Tuesday, April 22nd. Wall Street Zen cut shares of Iridium Communications from a "buy" rating to a "hold" rating in a research note on Thursday, May 1st. Oppenheimer began coverage on shares of Iridium Communications in a research note on Monday, May 5th. They issued an "outperform" rating and a $34.00 target price for the company. Finally, BWS Financial cut their target price on shares of Iridium Communications from $30.00 to $25.00 and set a "neutral" rating for the company in a research note on Wednesday, April 23rd. Two research analysts have rated the stock with a hold rating and four have given a buy rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $34.25.

About Iridium Communications

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.