Iridium Communications Inc $IRDM Shares Purchased by Invesco Ltd.

Key Points

• Invesco Ltd. increased its stake in Iridium Communications by 9.1%, acquiring an additional 59,698 shares, bringing their total ownership to 718,843 shares valued at approximately $19.6 million.
• Iridium Communications reported a quarterly earnings per share (EPS) of $0.20, missing expectations by $0.03, despite a 7.9% revenue increase year-over-year, totaling $216.91 million for the quarter.
• The company has announced a quarterly dividend increase to $0.15 per share, reflecting a 2.5% yield and a change from the previous dividend of $0.14.

Invesco Ltd. grew its holdings in shares of Iridium Communications Inc (NASDAQ:IRDM - Free Report) by 9.1% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 718,843 shares of the technology company's stock after purchasing an additional 59,698 shares during the period. Invesco Ltd. owned about 0.66% of Iridium Communications worth $19,639,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently bought and sold shares of the business. Mitsubishi UFJ Asset Management Co. Ltd. increased its stake in Iridium Communications by 34.8% during the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 125,390 shares of the technology company's stock worth $3,426,000 after purchasing an additional 32,380 shares during the period. Deutsche Bank AG increased its stake in Iridium Communications by 52.4% during the first quarter. Deutsche Bank AG now owns 9,482 shares of the technology company's stock worth $259,000 after purchasing an additional 3,261 shares during the period. New Age Alpha Advisors LLC increased its stake in Iridium Communications by 78.6% during the first quarter. New Age Alpha Advisors LLC now owns 15,559 shares of the technology company's stock worth $425,000 after purchasing an additional 6,847 shares during the period. Jupiter Asset Management Ltd. purchased a new stake in Iridium Communications during the first quarter worth about $7,040,000. Finally, Natixis Advisors LLC increased its stake in Iridium Communications by 3.8% during the first quarter. Natixis Advisors LLC now owns 14,750 shares of the technology company's stock worth $403,000 after purchasing an additional 546 shares during the period. 84.36% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on IRDM shares. Barclays cut their target price on shares of Iridium Communications from $38.00 to $31.00 and set an "overweight" rating on the stock in a research note on Monday, July 28th. Morgan Stanley cut their target price on shares of Iridium Communications from $40.00 to $37.00 and set an "overweight" rating on the stock in a research note on Friday, August 1st. Wall Street Zen lowered shares of Iridium Communications from a "buy" rating to a "hold" rating in a research note on Thursday, May 1st. Oppenheimer started coverage on shares of Iridium Communications in a research note on Monday, May 5th. They set an "outperform" rating and a $34.00 target price on the stock. Finally, Raymond James Financial restated a "strong-buy" rating and set a $39.00 target price (down from $47.00) on shares of Iridium Communications in a research note on Friday, July 25th. One research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Buy" and a consensus target price of $34.33.

Iridium Communications Stock Performance

Shares of IRDM stock traded up $0.84 during trading hours on Friday, hitting $24.98. The stock had a trading volume of 1,683,009 shares, compared to its average volume of 1,686,870. The firm has a market capitalization of $2.65 billion, a PE ratio of 25.23, a PEG ratio of 0.91 and a beta of 0.76. Iridium Communications Inc has a twelve month low of $19.91 and a twelve month high of $35.85. The stock's 50 day moving average is $28.02 and its 200 day moving average is $27.38. The company has a debt-to-equity ratio of 3.82, a current ratio of 2.51 and a quick ratio of 1.75.

Iridium Communications (NASDAQ:IRDM - Get Free Report) last posted its quarterly earnings data 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). The firm had revenue of $216.91 million during the quarter, compared to analyst estimates of $214.73 million. Iridium Communications had a net margin of 13.20% and a return on equity of 20.28%. Iridium Communications's revenue was up 7.9% compared to the same quarter last year. During the same period in the previous year, the company posted $0.27 earnings per share. As a group, research analysts forecast that Iridium Communications Inc will post 0.89 earnings per share for the current fiscal year.

Iridium Communications Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Monday, September 15th will be issued a $0.15 dividend. The ex-dividend date of this dividend is Monday, September 15th. This is an increase from Iridium Communications's previous quarterly dividend of $0.14. This represents a $0.60 annualized dividend and a dividend yield of 2.4%. Iridium Communications's dividend payout ratio is currently 56.57%.

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.