Cambridge Investment Research Advisors Inc. bought a new position in Iridium Communications Inc (NASDAQ:IRDM - Free Report) during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund bought 9,031 shares of the technology company's stock, valued at approximately $247,000.
A number of other hedge funds have also modified their holdings of the stock. UMB Bank n.a. grew its holdings in shares of Iridium Communications by 129.8% during the first quarter. UMB Bank n.a. now owns 1,379 shares of the technology company's stock valued at $38,000 after buying an additional 779 shares in the last quarter. Pinnacle Holdings LLC grew its holdings in shares of Iridium Communications by 45.4% during the fourth quarter. Pinnacle Holdings LLC now owns 1,528 shares of the technology company's stock valued at $44,000 after buying an additional 477 shares in the last quarter. Covestor Ltd grew its holdings in shares of Iridium Communications by 529.6% during the fourth quarter. Covestor Ltd now owns 2,512 shares of the technology company's stock valued at $73,000 after buying an additional 2,113 shares in the last quarter. GAMMA Investing LLC grew its holdings in shares of Iridium Communications by 14.1% during 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 in the last quarter. Finally, Millstone Evans Group LLC purchased a new position in shares of Iridium Communications during the fourth quarter valued at $131,000. 84.36% of the stock is currently owned by institutional investors and hedge funds.
Analyst Ratings Changes
A number of research analysts have recently weighed in on the company. Oppenheimer started coverage on Iridium Communications in a report on Monday, May 5th. They set an "outperform" rating and a $34.00 price target on the stock. William Blair raised Iridium Communications from a "market perform" rating to an "outperform" rating in a research report on Tuesday, April 22nd. BWS Financial reduced their price objective on Iridium Communications from $30.00 to $25.00 and set a "neutral" rating for the company in a research report on Wednesday, April 23rd. Finally, Wall Street Zen cut Iridium Communications from a "buy" rating to a "hold" rating in a research report on Thursday, May 1st. Two analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat.com, Iridium Communications has a consensus rating of "Moderate Buy" and a consensus target price of $34.25.
Read Our Latest Stock Report on Iridium Communications
Iridium Communications Price Performance
IRDM opened at $31.45 on Monday. The stock has a market cap of $3.40 billion, a price-to-earnings ratio of 29.67, a PEG ratio of 1.07 and a beta of 0.79. Iridium Communications Inc has a 1 year low of $19.91 and a 1 year high of $35.85. The company has a current ratio of 1.99, a quick ratio of 1.36 and a debt-to-equity ratio of 3.43. The stock has a fifty day moving average price of $27.93 and a 200 day moving average price of $27.87.
Iridium Communications (NASDAQ:IRDM - Get Free Report) last announced its quarterly 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 19.41% and a net margin of 14.68%. The company had revenue of $214.88 million during the quarter, compared to analysts' expectations of $211.78 million. During the same quarter in the previous year, the firm earned $0.17 earnings per share. Analysts forecast that Iridium Communications Inc will post 0.89 EPS for the current fiscal year.
Iridium Communications Dividend Announcement
The business also recently declared a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Friday, June 13th were given a $0.14 dividend. The ex-dividend date was Friday, June 13th. This represents a $0.56 dividend on an annualized basis and a dividend yield of 1.78%. Iridium Communications's dividend payout ratio is currently 52.83%.
About Iridium Communications
(
Free Report)
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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