American Century Companies Inc. Buys 462,501 Shares of Iridium Communications Inc $IRDM

Key Points

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American Century Companies Inc. raised its holdings in Iridium Communications Inc (NASDAQ:IRDM - Free Report) by 26.6% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 2,198,343 shares of the technology company's stock after buying an additional 462,501 shares during the period. American Century Companies Inc. owned 2.03% of Iridium Communications worth $60,059,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of the company. Bank of Montreal Can grew its position in shares of Iridium Communications by 4.9% in the fourth quarter. Bank of Montreal Can now owns 22,608 shares of the technology company's stock valued at $656,000 after purchasing an additional 1,065 shares during the last quarter. Raymond James Financial Inc. acquired a new position in Iridium Communications in the 4th quarter valued at $17,613,000. Sterling Capital Management LLC raised its holdings in Iridium Communications by 50.2% in the 4th quarter. Sterling Capital Management LLC now owns 6,537 shares of the technology company's stock valued at $190,000 after acquiring an additional 2,186 shares in the last quarter. Mariner LLC grew its stake in Iridium Communications by 20.8% during the fourth quarter. Mariner LLC now owns 11,005 shares of the technology company's stock worth $319,000 after buying an additional 1,897 shares in the last quarter. Finally, Guggenheim Capital LLC increased its stake in Iridium Communications by 45.7% in the fourth quarter. Guggenheim Capital LLC now owns 21,941 shares of the technology company's stock valued at $637,000 after acquiring an additional 6,883 shares during the last quarter. Institutional investors own 84.36% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on the stock. Oppenheimer began coverage on shares of Iridium Communications in a research report on Monday, May 5th. They set an "outperform" rating and a $34.00 price objective for the company. Morgan Stanley lowered their price objective on Iridium Communications from $40.00 to $37.00 and set an "overweight" rating for the company in a research report on Friday, August 1st. Barclays reduced their target price on Iridium Communications from $38.00 to $31.00 and set an "overweight" rating on the stock in a report on Monday, July 28th. Wall Street Zen cut shares of Iridium Communications from a "buy" rating to a "hold" rating in a research report on Thursday, May 1st. Finally, Raymond James Financial restated a "strong-buy" rating and issued a $39.00 target price (down previously from $47.00) on shares of Iridium Communications in a report on Friday, July 25th. One investment analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and one has assigned a Hold rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Buy" and an average target price of $34.33.

Iridium Communications Stock Up 3.5%

NASDAQ:IRDM traded up $0.84 during trading hours on Friday, reaching $24.98. The company had a trading volume of 1,683,009 shares, compared to its average volume of 1,402,201. The business's 50-day simple moving average is $28.09 and its two-hundred day simple moving average is $27.42. Iridium Communications Inc has a twelve month low of $19.91 and a twelve month high of $35.85. The firm has a market cap of $2.65 billion, a price-to-earnings ratio of 25.23, a P/E/G ratio of 0.88 and a beta of 0.76. The company has a quick ratio of 1.75, a current ratio of 2.51 and a debt-to-equity ratio of 3.82.

Iridium Communications (NASDAQ:IRDM - Get Free Report) last announced its quarterly earnings results on Thursday, July 24th. The technology company reported $0.20 earnings per share for the quarter, missing the consensus estimate of $0.23 by ($0.03). The business had revenue of $216.91 million during the quarter, compared to the consensus estimate of $214.73 million. Iridium Communications had a net margin of 13.20% and a return on equity of 20.28%. Iridium Communications's revenue was up 7.9% compared to the same quarter last year. During the same period in the previous year, the business posted $0.27 EPS. On average, equities analysts expect that Iridium Communications Inc will post 0.89 earnings per share for the current year.

Iridium Communications Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 30th. Investors of record on Monday, September 15th will be issued a $0.15 dividend. This is an increase from Iridium Communications's previous quarterly dividend of $0.14. The ex-dividend date of this dividend is Monday, September 15th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 2.4%. Iridium Communications's payout ratio is presently 60.61%.

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.