Iridium Communications Inc $IRDM Shares Bought by Lbp Am Sa

Key Points

• Lbp Am Sa increased its stake in Iridium Communications Inc by 22.0%, owning approximately 0.17% of the company's stock, valued at $5,493,000.
• Several analysts have downgraded Iridium's stock ratings recently, with target prices revised down to as low as $16.00 following changes from firms like Raymond James and Barclays.
• Iridium Communications announced a quarterly dividend increase to $0.15 per share, representing a dividend yield of 3.4%, with a payout ratio of 60.61%.

Lbp Am Sa grew its stake in shares of Iridium Communications Inc (NASDAQ:IRDM - Free Report) by 22.0% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 182,071 shares of the technology company's stock after purchasing an additional 32,777 shares during the quarter. Lbp Am Sa owned approximately 0.17% of Iridium Communications worth $5,493,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. SVB Wealth LLC purchased a new position in shares of Iridium Communications during the first quarter worth approximately $30,000. UMB Bank n.a. grew its position 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. Cooksen Wealth LLC purchased a new position in shares of Iridium Communications during the first quarter worth approximately $47,000. SBI Securities Co. Ltd. grew its position 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 worth $48,000 after acquiring an additional 476 shares during the last quarter. Finally, Summit Securities Group LLC purchased a new position in shares of Iridium Communications during the first quarter worth approximately $72,000. Institutional investors and hedge funds own 84.36% of the company's stock.

Wall Street Analyst Weigh In

IRDM has been the topic of a number of research reports. Raymond James Financial lowered shares of Iridium Communications from a "strong-buy" rating to an "outperform" rating and lowered their target price for the stock from $39.00 to $26.00 in a research report on Thursday, September 11th. Barclays lowered their price objective on shares of Iridium Communications from $31.00 to $25.00 and set an "overweight" rating on the stock in a research report on Wednesday. BWS Financial lowered shares of Iridium Communications from a "neutral" rating to a "sell" rating and lowered their price objective for the company from $25.00 to $16.00 in a research report on Tuesday, September 9th. Finally, Morgan Stanley lowered their price objective on shares of Iridium Communications from $40.00 to $37.00 and set an "overweight" rating on the stock in a research report on Friday, August 1st. Six investment analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $29.67.

Iridium Communications Price Performance

Shares of NASDAQ IRDM opened at $17.64 on Thursday. The firm has a market capitalization of $1.87 billion, a P/E ratio of 17.82, a PEG ratio of 0.64 and a beta of 0.70. Iridium Communications Inc has a one year low of $17.08 and a one year high of $35.85. The company's fifty day moving average is $22.33 and its two-hundred day moving average is $25.53. The company has a debt-to-equity ratio of 3.82, a quick ratio of 1.75 and a current ratio of 2.51.

Iridium Communications (NASDAQ:IRDM - Get Free Report) last issued its earnings results on Thursday, July 24th. The technology company reported $0.20 EPS for the quarter, missing the consensus estimate of $0.23 by ($0.03). The company had revenue of $216.91 million for the quarter, compared to analysts' expectations of $214.73 million. Iridium Communications had a return on equity of 20.28% and a net margin of 13.20%.Iridium Communications's revenue for the quarter was up 7.9% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.27 earnings per share. Analysts forecast that Iridium Communications Inc will post 0.89 EPS for the current fiscal year.

Iridium Communications Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, September 30th. Shareholders of record on Monday, September 15th were given a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a dividend yield of 3.4%. The ex-dividend date was Monday, September 15th. This is an increase from Iridium Communications's previous quarterly dividend of $0.14. Iridium Communications's payout ratio is presently 60.61%.

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.

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