Avanza Fonder AB Takes $414,000 Position in Iridium Communications Inc. (NASDAQ:IRDM)

Avanza Fonder AB acquired a new position in Iridium Communications Inc. (NASDAQ:IRDM - Free Report) during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund acquired 15,312 shares of the technology company's stock, valued at approximately $414,000.

Several other large investors have also recently made changes to their positions in IRDM. Norges Bank acquired a new stake in Iridium Communications during the fourth quarter worth $28,240,000. American Century Companies Inc. boosted its position in Iridium Communications by 94.2% in the 4th quarter. American Century Companies Inc. now owns 1,735,842 shares of the technology company's stock valued at $50,374,000 after buying an additional 841,951 shares during the period. Schroder Investment Management Group grew its position in shares of Iridium Communications by 44.7% during the fourth quarter. Schroder Investment Management Group now owns 2,213,512 shares of the technology company's stock worth $64,125,000 after buying an additional 683,777 shares in the last quarter. Raymond James Financial Inc. purchased a new stake in shares of Iridium Communications in the 4th quarter valued at approximately $17,613,000. Finally, ArrowMark Colorado Holdings LLC raised its stake in 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 in the last quarter. 84.36% of the stock is currently owned by hedge funds and other institutional investors.

Iridium Communications Stock Performance

Iridium Communications stock traded up $0.56 during trading hours on Monday, reaching $29.20. 503,202 shares of the stock were exchanged, compared to its average volume of 1,162,462. The stock has a market cap of $3.16 billion, a P/E ratio of 30.75, a P/E/G ratio of 1.28 and a beta of 0.75. Iridium Communications Inc. has a 52-week low of $19.91 and a 52-week high of $35.85. The firm's 50 day moving average is $25.33 and its 200 day moving average is $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.

Iridium Communications (NASDAQ:IRDM - Get Free Report) last announced 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. The firm had revenue of $214.88 million for the quarter, compared to analyst estimates of $211.78 million. Iridium Communications had a return on equity of 15.66% and a net margin of 13.58%. During the same quarter in the prior year, the company posted $0.17 earnings per share. Analysts predict that Iridium Communications Inc. will post 0.89 EPS for the current fiscal year.

Iridium Communications Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Friday, June 13th will be issued a $0.14 dividend. This represents a $0.56 annualized dividend and a yield of 1.92%. The ex-dividend date of this dividend is Friday, June 13th. Iridium Communications's dividend payout ratio (DPR) is 52.83%.

Analysts Set New Price Targets

IRDM has been the topic of a number of research analyst reports. Barclays cut their price objective on shares of Iridium Communications from $45.00 to $38.00 and set an "overweight" rating on the stock in a report on Monday, March 10th. Wall Street Zen lowered Iridium Communications from a "buy" rating to a "hold" rating in a report on Thursday, May 1st. William Blair upgraded Iridium Communications from a "market perform" rating to an "outperform" rating in a research note on Tuesday, April 22nd. BWS Financial cut their target price on shares of Iridium Communications from $30.00 to $25.00 and set a "neutral" rating on the stock in a report on Wednesday, April 23rd. Finally, Oppenheimer began 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. Two research analysts have rated the stock with a hold rating and four have given a buy rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $34.25.

Iridium Communications 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.