Castle Rock Wealth Management LLC Purchases New Shares in Iridium Communications Inc. (NASDAQ:IRDM)

Castle Rock Wealth Management LLC purchased a new position in Iridium Communications Inc. (NASDAQ:IRDM - Free Report) during the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund purchased 60,638 shares of the technology company's stock, valued at approximately $1,918,000. Castle Rock Wealth Management LLC owned approximately 0.06% of Iridium Communications at the end of the most recent quarter.

A number of other large investors also recently added to or reduced their stakes in the business. Plato Investment Management Ltd purchased a new stake in shares of Iridium Communications during the 4th quarter worth approximately $32,000. SBI Securities Co. Ltd. purchased a new stake in shares of Iridium Communications during the 4th quarter worth approximately $37,000. Pinnacle Holdings LLC raised its holdings in shares of 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 in the last quarter. Fifth Third Bancorp raised its holdings in shares of Iridium Communications by 19.8% during the 4th quarter. Fifth Third Bancorp now owns 2,162 shares of the technology company's stock worth $63,000 after acquiring an additional 357 shares in the last quarter. Finally, Covestor Ltd raised its holdings in shares of Iridium Communications by 529.6% during the 4th quarter. Covestor Ltd now owns 2,512 shares of the technology company's stock worth $73,000 after acquiring an additional 2,113 shares in the last quarter. 84.36% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

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

Iridium Communications Trading Down 0.9%

IRDM stock traded down $0.23 during midday trading on Friday, reaching $25.34. The company's stock had a trading volume of 1,432,433 shares, compared to its average volume of 1,160,847. 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 stock has a fifty day simple moving average of $25.08 and a two-hundred day simple moving average of $27.92. Iridium Communications Inc. has a 1 year low of $19.91 and a 1 year high of $35.85. The firm has a market capitalization of $2.74 billion, a price-to-earnings ratio of 26.67, a PEG ratio of 1.28 and a beta of 0.74.

Iridium Communications (NASDAQ:IRDM - Get Free Report) last released its 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 15.66% and a net margin of 13.58%. The business had revenue of $214.88 million for the quarter, compared to analyst estimates of $211.78 million. During the same quarter last year, the firm posted $0.17 earnings per share. On average, equities research analysts predict that Iridium Communications Inc. will post 0.89 EPS for the current year.

Iridium Communications Dividend Announcement

The firm also recently declared 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 2.21%. The ex-dividend date is Friday, June 13th. Iridium Communications's dividend payout ratio is presently 52.83%.

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.