Gotham Asset Management LLC Purchases 175,992 Shares of Iridium Communications Inc $IRDM

Key Points

• Gotham Asset Management LLC increased its stake in Iridium Communications by 25%, owning approximately 879,385 shares valued at $24 million after acquiring an additional 175,992 shares.
• The company recently announced a quarterly dividend of $0.15 per share, up from the previous $0.14, representing a 2.4% dividend yield.
• Iridium Communications' stock price currently stands at $24.62 with an average analyst rating of "Buy" and a price target of $34.33.

Gotham Asset Management LLC grew its stake in Iridium Communications Inc (NASDAQ:IRDM - Free Report) by 25.0% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 879,385 shares of the technology company's stock after purchasing an additional 175,992 shares during the quarter. Gotham Asset Management LLC owned approximately 0.81% of Iridium Communications worth $24,025,000 as of its most recent SEC filing.

Several other large investors also recently modified their holdings of the stock. ARK Investment Management LLC raised its position in shares of Iridium Communications by 95.1% in the first quarter. ARK Investment Management LLC now owns 4,891,677 shares of the technology company's stock valued at $133,641,000 after purchasing an additional 2,383,962 shares during the period. Sumitomo Mitsui Trust Group Inc. grew its stake in shares of Iridium Communications by 37.6% in the first quarter. Sumitomo Mitsui Trust Group Inc. now owns 3,893,145 shares of the technology company's stock valued at $106,361,000 after acquiring an additional 1,064,093 shares in the last quarter. Nikko Asset Management Americas Inc. grew its stake in shares of Iridium Communications by 37.5% in the first quarter. Nikko Asset Management Americas Inc. now owns 3,889,045 shares of the technology company's stock valued at $106,210,000 after acquiring an additional 1,061,465 shares in the last quarter. American Century Companies Inc. grew its stake in shares of Iridium Communications by 26.6% in the first quarter. American Century Companies Inc. now owns 2,198,343 shares of the technology company's stock valued at $60,059,000 after acquiring an additional 462,501 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD grew its stake in shares of Iridium Communications by 13.7% in the first quarter. Price T Rowe Associates Inc. MD now owns 1,945,852 shares of the technology company's stock valued at $53,162,000 after acquiring an additional 234,813 shares in the last quarter. 84.36% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several equities analysts recently commented on IRDM shares. BWS Financial downgraded shares of Iridium Communications from a "neutral" rating to a "sell" rating and decreased their price target for the company from $25.00 to $16.00 in a research note on Tuesday. Barclays decreased their price target 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. Raymond James Financial reiterated a "strong-buy" rating and set a $39.00 price objective (down from $47.00) on shares of Iridium Communications in a research note on Friday, July 25th. Finally, Morgan Stanley reduced 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 note on Friday, August 1st. One research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $32.83.

Iridium Communications Trading Down 10.3%

Shares of IRDM stock traded down $2.20 during trading hours on Tuesday, hitting $19.19. 9,595,460 shares of the company were exchanged, compared to its average volume of 1,495,948. The company has a 50 day simple moving average of $27.00 and a two-hundred day simple moving average of $26.91. Iridium Communications Inc has a fifty-two week low of $18.85 and a fifty-two week high of $35.85. The company has a debt-to-equity ratio of 3.82, a quick ratio of 1.75 and a current ratio of 2.51. The firm has a market cap of $2.04 billion, a P/E ratio of 19.38, a P/E/G ratio of 0.92 and a beta of 0.78.

Iridium Communications (NASDAQ:IRDM - Get Free Report) last posted its quarterly earnings results on Thursday, July 24th. The technology company reported $0.20 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.23 by ($0.03). The business 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%. The business's revenue for the quarter was up 7.9% compared to the same quarter last year. During the same period in the previous year, the business posted $0.27 EPS. Equities analysts anticipate that Iridium Communications Inc will post 0.89 EPS for the current year.

Iridium Communications Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Monday, September 15th will be paid a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 3.1%. The ex-dividend date is Monday, September 15th. This is a positive change from Iridium Communications's previous quarterly dividend of $0.14. Iridium Communications's dividend payout ratio (DPR) is presently 60.61%.

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.