Jump Financial LLC Grows Stock Position in Iridium Communications Inc $IRDM

Key Points

• Jump Financial LLC increased its stake in Iridium Communications Inc by 64.8%, now owning 176,336 shares valued at approximately $4.8 million.
• The company announced a quarterly dividend increase from $0.14 to $0.15 per share, representing a 2.4% yield.
• Iridium Communications reported a net margin of 13.20% and a revenue increase of 7.9% year-over-year, despite missing EPS estimates for the quarter.

Jump Financial LLC boosted its position in shares of Iridium Communications Inc (NASDAQ:IRDM - Free Report) by 64.8% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 176,336 shares of the technology company's stock after acquiring an additional 69,336 shares during the period. Jump Financial LLC owned 0.16% of Iridium Communications worth $4,818,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. SBI Securities Co. Ltd. raised its stake in Iridium Communications by 37.2% during the 1st 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 period. IFM Investors Pty Ltd lifted its holdings in Iridium Communications by 3.7% in the 1st quarter. IFM Investors Pty Ltd now owns 13,402 shares of the technology company's stock worth $366,000 after purchasing an additional 480 shares in the last quarter. GAMMA Investing LLC lifted its holdings in Iridium Communications by 14.1% in the 1st quarter. GAMMA Investing LLC now owns 3,961 shares of the technology company's stock worth $108,000 after purchasing an additional 488 shares in the last quarter. Two Sigma Advisers LP lifted its holdings in Iridium Communications by 6.6% in the 4th quarter. Two Sigma Advisers LP now owns 8,100 shares of the technology company's stock worth $235,000 after purchasing an additional 500 shares in the last quarter. Finally, Natixis Advisors LLC lifted its holdings in Iridium Communications by 3.8% in the 1st quarter. Natixis Advisors LLC now owns 14,750 shares of the technology company's stock worth $403,000 after purchasing an additional 546 shares in the last quarter. Institutional investors own 84.36% of the company's stock.

Wall Street Analyst Weigh In

A number of research analysts recently commented on the company. Barclays lowered their price target on Iridium Communications from $38.00 to $31.00 and set an "overweight" rating on the stock in a report on Monday, July 28th. Raymond James Financial reissued a "strong-buy" rating and issued a $39.00 price target (down from $47.00) on shares of Iridium Communications in a report on Friday, July 25th. Oppenheimer assumed coverage on Iridium Communications in a report on Monday, May 5th. They issued an "outperform" rating and a $34.00 price target on the stock. Finally, Morgan Stanley lowered their price target on Iridium Communications from $40.00 to $37.00 and set an "overweight" rating on the stock in a report on Friday, August 1st. One investment analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and one has assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Buy" and a consensus target price of $34.33.

Iridium Communications Price Performance

Shares of IRDM traded up $0.28 during mid-day trading on Friday, hitting $24.89. 2,073,476 shares of the stock were exchanged, compared to its average volume of 1,523,532. The company has a market cap of $2.64 billion, a PE ratio of 25.14, a price-to-earnings-growth ratio of 0.91 and a beta of 0.78. Iridium Communications Inc has a 52-week low of $19.91 and a 52-week high of $35.85. The firm has a 50-day moving average of $27.62 and a two-hundred day moving average of $27.23. 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 quarterly earnings data 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 firm 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%.The firm's revenue was up 7.9% on a year-over-year basis. During the same period last year, the company earned $0.27 earnings per share. On average, equities analysts predict that Iridium Communications Inc will post 0.89 earnings per share for the current year.

Iridium Communications Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 30th. Investors of record on Monday, September 15th will be issued a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a yield of 2.4%. The ex-dividend date is Monday, September 15th. This is a boost from Iridium Communications's previous quarterly dividend of $0.14. Iridium Communications's payout ratio is currently 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.