GAMMA Investing LLC Buys 104,742 Shares of Iridium Communications Inc. (NASDAQ:IRDM)

GAMMA Investing LLC boosted its holdings in shares of Iridium Communications Inc. (NASDAQ:IRDM - Free Report) by 3,015.9% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 108,215 shares of the technology company's stock after buying an additional 104,742 shares during the period. GAMMA Investing LLC owned approximately 0.10% of Iridium Communications worth $2,956,000 as of its most recent SEC filing.

Other institutional investors have also recently bought and sold shares of the company. Plato Investment Management Ltd acquired a new position in Iridium Communications during the fourth quarter worth $32,000. SBI Securities Co. Ltd. acquired a new position in Iridium Communications during the fourth quarter worth $37,000. Pinnacle Holdings LLC raised its holdings in Iridium Communications by 45.4% during the fourth quarter. Pinnacle Holdings LLC now owns 1,528 shares of the technology company's stock worth $44,000 after buying an additional 477 shares during the last quarter. Covestor Ltd raised its holdings in Iridium Communications by 529.6% during the fourth quarter. Covestor Ltd now owns 2,512 shares of the technology company's stock worth $73,000 after buying an additional 2,113 shares during the last quarter. Finally, Millstone Evans Group LLC acquired a new position in Iridium Communications during the fourth quarter worth $131,000. Institutional investors and hedge funds own 84.36% of the company's stock.

Iridium Communications Stock Performance

NASDAQ:IRDM traded up $0.72 on Monday, reaching $29.36. 954,424 shares of the company's stock were exchanged, compared to its average volume of 1,164,186. The company has a debt-to-equity ratio of 3.05, a current ratio of 1.73 and a quick ratio of 1.25. The firm has a market cap of $3.18 billion, a price-to-earnings ratio of 30.91, 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 stock has a fifty day simple moving average of $25.46 and a 200-day simple moving average of $27.82.

Iridium Communications (NASDAQ:IRDM - Get Free Report) last released its quarterly earnings data on Tuesday, April 22nd. The technology company reported $0.27 EPS for the quarter, beating analysts' consensus estimates of $0.22 by $0.05. Iridium Communications had a net margin of 13.58% and a return on equity of 15.66%. The company had revenue of $214.88 million during the quarter, compared to analyst estimates of $211.78 million. During the same period last year, the business earned $0.17 earnings per share. As a group, sell-side analysts predict that Iridium Communications Inc. will post 0.89 earnings per share for the current year.

Iridium Communications Dividend Announcement

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

Analysts Set New Price Targets

Several analysts have recently commented on IRDM shares. Wall Street Zen downgraded shares of Iridium Communications from a "buy" rating to a "hold" rating in a report on Thursday, May 1st. William Blair upgraded shares of Iridium Communications from a "market perform" rating to an "outperform" rating in a report on Tuesday, April 22nd. Barclays decreased their price objective on shares of Iridium Communications from $45.00 to $38.00 and set an "overweight" rating for the company in a report on Monday, March 10th. BWS Financial decreased their price objective on shares of Iridium Communications from $30.00 to $25.00 and set a "neutral" rating for the company in a report on Wednesday, April 23rd. Finally, Oppenheimer assumed coverage on shares of Iridium Communications in a research report on Monday, May 5th. They set an "outperform" rating and a $34.00 target price for the company. Two research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat, Iridium Communications presently has a consensus 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.