Iridium Communications Inc $IRDM Shares Bought by Dynamic Technology Lab Private Ltd

Key Points

• Dynamic Technology Lab Private Ltd increased its stake in Iridium Communications Inc by 52.6%, owning 61,598 shares valued at approximately $1.68 million as of the last quarter.
• Several other institutional investors also raised their positions in Iridium, with ARK Investment Management leading the way with a 95.1% increase in its holdings.
• Iridium Communications recently announced a dividend increase to $0.15 per share, resulting in a 2.4% dividend yield for shareholders.

Dynamic Technology Lab Private Ltd grew its position in Iridium Communications Inc (NASDAQ:IRDM - Free Report) by 52.6% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 61,598 shares of the technology company's stock after purchasing an additional 21,227 shares during the quarter. Dynamic Technology Lab Private Ltd owned about 0.06% of Iridium Communications worth $1,683,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. SVB Wealth LLC purchased a new position in Iridium Communications during the 1st quarter worth $30,000. UMB Bank n.a. grew its stake 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 worth $38,000 after acquiring an additional 779 shares during the last quarter. SBI Securities Co. Ltd. increased its holdings in shares of Iridium Communications by 37.2% during the first quarter. SBI Securities Co. Ltd. now owns 1,757 shares of the technology company's stock valued at $48,000 after acquiring an additional 476 shares in the last quarter. Cooksen Wealth LLC purchased a new position in shares of Iridium Communications in the 1st quarter valued at approximately $47,000. Finally, Summit Securities Group LLC acquired a new stake in Iridium Communications in the 1st quarter worth approximately $72,000. Hedge funds and other institutional investors own 84.36% of the company's stock.

Analysts Set New Price Targets

A number of research analysts have issued reports on IRDM shares. BWS Financial lowered shares of Iridium Communications from a "neutral" rating to a "sell" rating and cut their price target for the company from $25.00 to $16.00 in a research note on Tuesday. Morgan Stanley cut their target price on Iridium Communications from $40.00 to $37.00 and set an "overweight" rating on the stock in a research report on Friday, August 1st. Raymond James Financial reaffirmed a "strong-buy" rating and set a $39.00 price target (down previously from $47.00) on shares of Iridium Communications in a research report on Friday, July 25th. Finally, Barclays dropped their price target on Iridium Communications from $38.00 to $31.00 and set an "overweight" rating on the stock in a research note on Monday, July 28th. One equities research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, Iridium Communications currently has a consensus rating of "Moderate Buy" and a consensus target price of $32.83.

Iridium Communications Stock Performance

Shares of IRDM stock traded down $1.23 on Wednesday, hitting $17.96. The company had a trading volume of 9,735,581 shares, compared to its average volume of 2,134,194. Iridium Communications Inc has a twelve month low of $17.94 and a twelve month high of $35.85. The company has a quick ratio of 1.75, a current ratio of 2.51 and a debt-to-equity ratio of 3.82. The firm has a market cap of $1.91 billion, a P/E ratio of 19.38, a price-to-earnings-growth ratio of 0.70 and a beta of 0.78. The company has a 50-day moving average price of $26.77 and a 200-day moving average price of $26.86.

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). Iridium Communications had a net margin of 13.20% and a return on equity of 20.28%. The company had revenue of $216.91 million for the quarter, compared to analysts' expectations of $214.73 million. During the same quarter in the prior year, the business posted $0.27 earnings per share. The firm's revenue was up 7.9% compared to the same quarter last year. As a group, equities research analysts predict that Iridium Communications Inc will post 0.89 earnings per share for the current fiscal year.

Iridium Communications Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Investors of record on Monday, September 15th will be paid a $0.15 dividend. The ex-dividend date is Monday, September 15th. This represents a $0.60 annualized dividend and a dividend yield of 3.3%. This is an increase from Iridium Communications's previous quarterly dividend of $0.14. Iridium Communications's dividend payout ratio (DPR) is presently 56.57%.

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.