Avanza Fonder AB Makes New $414,000 Investment in Iridium Communications Inc. (NASDAQ:IRDM)

Avanza Fonder AB purchased a new position in shares of Iridium Communications Inc. (NASDAQ:IRDM - Free Report) during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm purchased 15,312 shares of the technology company's stock, valued at approximately $414,000.

A number of other hedge funds have also bought and sold shares of IRDM. Nikko Asset Management Americas Inc. raised its stake in shares of Iridium Communications by 13.2% in the fourth quarter. Nikko Asset Management Americas Inc. now owns 2,827,580 shares of the technology company's stock valued at $82,028,000 after buying an additional 329,915 shares during the period. ARK Investment Management LLC raised its stake in shares of Iridium Communications by 5.7% in the fourth quarter. ARK Investment Management LLC now owns 2,507,715 shares of the technology company's stock valued at $72,774,000 after buying an additional 134,924 shares during the period. Schroder Investment Management Group raised its stake in shares of 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 during the period. ArrowMark Colorado Holdings LLC raised its stake in shares of Iridium Communications by 37.3% in the fourth quarter. ArrowMark Colorado Holdings LLC now owns 2,088,053 shares of the technology company's stock valued at $60,595,000 after buying an additional 567,164 shares during the period. Finally, Dimensional Fund Advisors LP raised its stake in shares of Iridium Communications by 7.8% in the fourth quarter. Dimensional Fund Advisors LP now owns 2,062,066 shares of the technology company's stock valued at $59,841,000 after buying an additional 149,606 shares during the period. 84.36% of the stock is currently owned by institutional investors.

Iridium Communications Price Performance

Iridium Communications stock traded up $0.72 during midday trading on Monday, hitting $29.36. 954,424 shares of the company's stock were exchanged, compared to its average volume of 1,164,186. Iridium Communications Inc. has a 52-week low of $19.91 and a 52-week high of $35.85. The stock has a 50-day moving average price of $25.46 and a two-hundred day moving average price of $27.82. 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 company has a market cap of $3.18 billion, a P/E ratio of 30.91, a PEG ratio of 1.28 and a beta of 0.75.

Iridium Communications (NASDAQ:IRDM - Get Free Report) last posted its earnings results on Tuesday, April 22nd. The technology company reported $0.27 EPS for the quarter, topping the consensus estimate of $0.22 by $0.05. Iridium Communications had a return on equity of 15.66% and a net margin of 13.58%. The business had revenue of $214.88 million during the quarter, compared to analysts' expectations of $211.78 million. During the same period 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 Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Friday, June 13th will be paid a dividend of $0.14 per share. This represents a $0.56 annualized dividend and a yield of 1.91%. The ex-dividend date is Friday, June 13th. Iridium Communications's dividend payout ratio (DPR) is currently 52.83%.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on IRDM. Barclays reduced their price target on Iridium Communications from $45.00 to $38.00 and set an "overweight" rating for the company in a research report on Monday, March 10th. Oppenheimer began coverage on Iridium Communications in a research report on Monday, May 5th. They issued an "outperform" rating and a $34.00 price target for the company. William Blair upgraded Iridium Communications from a "market perform" rating to an "outperform" rating in a research report on Tuesday, April 22nd. Wall Street Zen cut Iridium Communications from a "buy" rating to a "hold" rating in a research report on Thursday, May 1st. Finally, BWS Financial reduced their price target 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. Two analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $34.25.

Iridium Communications Company 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.