Edgestream Partners L.P. Buys Shares of 104,462 Iridium Communications Inc (NASDAQ:IRDM)

Edgestream Partners L.P. bought a new stake in shares of Iridium Communications Inc (NASDAQ:IRDM - Free Report) during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. 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 at the end of the most recent reporting period.

Several other hedge funds also recently added to or reduced their stakes in the business. Pinnacle Holdings LLC lifted its position in Iridium Communications by 45.4% during the 4th quarter. Pinnacle Holdings LLC now owns 1,528 shares of the technology company's stock worth $44,000 after acquiring an additional 477 shares during the period. IFM Investors Pty Ltd boosted its position in Iridium Communications by 3.7% in the first quarter. IFM Investors Pty Ltd now owns 13,402 shares of the technology company's stock valued at $366,000 after buying an additional 480 shares during the last quarter. GAMMA Investing LLC boosted its position in Iridium Communications by 14.1% in the first quarter. GAMMA Investing LLC now owns 3,961 shares of the technology company's stock valued at $108,000 after buying an additional 488 shares during the last quarter. Two Sigma Advisers LP increased its holdings in Iridium Communications by 6.6% in the 4th quarter. Two Sigma Advisers LP now owns 8,100 shares of the technology company's stock worth $235,000 after buying an additional 500 shares during the period. Finally, EntryPoint Capital LLC raised its position in Iridium Communications by 4.1% during the 4th quarter. EntryPoint Capital LLC now owns 15,330 shares of the technology company's stock worth $445,000 after buying an additional 600 shares during the last quarter. 84.36% of the stock is owned by institutional investors and hedge funds.

Iridium Communications Stock Down 0.1%

IRDM stock traded down $0.03 during mid-day trading on Friday, reaching $32.08. The company had a trading volume of 1,403,165 shares, compared to its average volume of 1,188,430. The firm has a fifty day simple moving average of $28.49 and a 200 day simple moving average of $27.97. 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 company has a market capitalization of $3.47 billion, a price-to-earnings ratio of 30.26, a price-to-earnings-growth ratio of 1.08 and a beta of 0.79. Iridium Communications Inc has a fifty-two week low of $19.91 and a fifty-two week high of $35.85.

Iridium Communications (NASDAQ:IRDM - Get Free Report) last released its quarterly earnings data 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 net margin of 14.68% and a return on equity of 19.41%. The company had revenue of $214.88 million for the quarter, compared to analysts' expectations of $211.78 million. During the same quarter last year, the company earned $0.17 earnings per share. Analysts forecast that Iridium Communications Inc will post 0.89 earnings per share for the current fiscal year.

Iridium Communications Dividend Announcement

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

Analyst Ratings Changes

IRDM has been the topic of a number of research analyst reports. 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 assumed coverage on Iridium Communications in a report on Monday, May 5th. They issued an "outperform" rating and a $34.00 price objective on the stock. William Blair raised Iridium Communications from a "market perform" rating to an "outperform" rating in a report on Tuesday, April 22nd. Finally, BWS Financial lowered their price target on Iridium Communications from $30.00 to $25.00 and set a "neutral" rating on the stock in a research note on Wednesday, April 23rd. Two equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company's stock. According to MarketBeat.com, Iridium Communications presently has an average rating of "Moderate Buy" and an average target price 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.