Mitsubishi UFJ Asset Management Co. Ltd. Purchases 32,380 Shares of Iridium Communications Inc (NASDAQ:IRDM)

Mitsubishi UFJ Asset Management Co. Ltd. raised its holdings in shares of Iridium Communications Inc (NASDAQ:IRDM - Free Report) by 34.8% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 125,390 shares of the technology company's stock after purchasing an additional 32,380 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. owned 0.12% of Iridium Communications worth $3,426,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently modified their holdings of the company. UMB Bank n.a. grew its holdings in shares of Iridium Communications by 129.8% in the 1st quarter. UMB Bank n.a. now owns 1,379 shares of the technology company's stock valued at $38,000 after buying an additional 779 shares during the period. Cooksen Wealth LLC acquired a new stake in shares of Iridium Communications during the first quarter worth about $47,000. SBI Securities Co. Ltd. lifted its holdings in shares of Iridium Communications by 37.2% during the 1st quarter. SBI Securities Co. Ltd. now owns 1,757 shares of the technology company's stock valued at $48,000 after purchasing an additional 476 shares in the last quarter. GAMMA Investing LLC grew its position in shares of Iridium Communications by 14.1% in the 1st quarter. GAMMA Investing LLC now owns 3,961 shares of the technology company's stock valued at $108,000 after purchasing an additional 488 shares during the period. Finally, Salomon & Ludwin LLC bought a new stake in Iridium Communications during the 1st quarter worth approximately $109,000. Institutional investors own 84.36% of the company's stock.

Iridium Communications Stock Performance

IRDM stock traded up $0.06 during midday trading on Friday, reaching $25.01. 1,528,924 shares of the company were exchanged, compared to its average volume of 2,180,651. Iridium Communications Inc has a one year low of $19.91 and a one year high of $35.85. The firm has a market capitalization of $2.65 billion, a price-to-earnings ratio of 25.26, a price-to-earnings-growth ratio of 0.91 and a beta of 0.76. The business has a 50-day moving average price of $28.47 and a two-hundred day moving average price of $27.53. 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 announced its quarterly earnings results on Thursday, July 24th. The technology company reported $0.20 EPS for the quarter, missing analysts' consensus estimates of $0.23 by ($0.03). The company 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 firm's quarterly revenue was up 7.9% on a year-over-year basis. During the same quarter last year, the company posted $0.27 EPS. Equities research analysts forecast that Iridium Communications Inc will post 0.89 EPS for the current year.

Iridium Communications Increases Dividend

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

Analyst Ratings Changes

Several equities research analysts have recently issued reports on IRDM shares. Wall Street Zen downgraded shares of Iridium Communications from a "buy" rating to a "hold" rating in a research report on Thursday, May 1st. Barclays decreased their price objective on Iridium Communications from $38.00 to $31.00 and set an "overweight" rating for the company in a report on Monday, July 28th. Oppenheimer began coverage on shares of Iridium Communications in a research note on Monday, May 5th. They set an "outperform" rating and a $34.00 price target for the company. William Blair raised shares of Iridium Communications from a "market perform" rating to an "outperform" rating in a research report on Tuesday, April 22nd. Finally, Raymond James Financial reissued a "strong-buy" rating and set a $39.00 price target (down from $47.00) on shares of Iridium Communications in a research report on Friday, July 25th. Two analysts have rated the stock with a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $34.33.

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.