Lecap Asset Management Ltd. Acquires 17,543 Shares of Iridium Communications Inc (NASDAQ:IRDM)

Lecap Asset Management Ltd. grew its stake in shares of Iridium Communications Inc (NASDAQ:IRDM - Free Report) by 78.7% in the first quarter, according to its most recent filing with the SEC. The fund owned 39,845 shares of the technology company's stock after acquiring an additional 17,543 shares during the period. Lecap Asset Management Ltd.'s holdings in Iridium Communications were worth $1,089,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently modified their holdings of the company. Cambridge Investment Research Advisors Inc. acquired a new stake in shares of Iridium Communications during the first quarter worth $247,000. QRG Capital Management Inc. raised its holdings in Iridium Communications by 18.0% during the 1st quarter. QRG Capital Management Inc. now owns 8,283 shares of the technology company's stock worth $226,000 after buying an additional 1,261 shares during the period. Janney Montgomery Scott LLC lifted its stake in Iridium Communications by 85.8% during the first quarter. Janney Montgomery Scott LLC now owns 26,627 shares of the technology company's stock valued at $727,000 after buying an additional 12,297 shares in the last quarter. Integrated Advisors Network LLC purchased a new stake in Iridium Communications during the first quarter valued at about $296,000. Finally, SG Americas Securities LLC boosted its holdings in shares of Iridium Communications by 182.8% in the first quarter. SG Americas Securities LLC now owns 18,109 shares of the technology company's stock worth $495,000 after buying an additional 11,705 shares during the period. Institutional investors and hedge funds own 84.36% of the company's stock.

Analyst Ratings Changes

A number of research firms have recently issued reports on IRDM. BWS Financial cut their price target on shares of Iridium Communications from $30.00 to $25.00 and set a "neutral" rating on the stock in a report on Wednesday, April 23rd. Wall Street Zen downgraded shares of Iridium Communications from a "buy" rating to a "hold" rating in a research note on Thursday, May 1st. William Blair raised Iridium Communications from a "market perform" rating to an "outperform" rating in a research report on Tuesday, April 22nd. Oppenheimer assumed coverage on Iridium Communications in a research report on Monday, May 5th. They set an "outperform" rating and a $34.00 price target on the stock. Finally, Barclays reduced their price objective on Iridium Communications from $45.00 to $38.00 and set an "overweight" rating for the company in a research note on Monday, March 10th. Two equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $34.25.

Iridium Communications Stock Up 1.8%

Shares of NASDAQ:IRDM traded up $0.53 during trading on Friday, reaching $30.04. 2,400,880 shares of the company traded hands, compared to its average volume of 1,168,603. The firm has a fifty day simple moving average of $26.33 and a 200 day simple moving average of $27.76. The company has a quick ratio of 1.36, a current ratio of 1.99 and a debt-to-equity ratio of 3.43. Iridium Communications Inc has a 1-year low of $19.91 and a 1-year high of $35.85. The firm has a market cap of $3.25 billion, a P/E ratio of 28.34, a price-to-earnings-growth ratio of 1.00 and a beta of 0.75.

Iridium Communications (NASDAQ:IRDM - Get Free Report) last released its quarterly earnings data on Tuesday, April 22nd. The technology company reported $0.27 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.22 by $0.05. Iridium Communications had a return on equity of 19.41% and a net margin of 14.68%. The firm had revenue of $214.88 million during the quarter, compared to analysts' expectations of $211.78 million. During the same quarter last year, the firm earned $0.17 earnings per share. Analysts anticipate that Iridium Communications Inc will post 0.89 earnings per share for the current fiscal year.

Iridium Communications Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Investors of record on Friday, June 13th will be paid a $0.14 dividend. The ex-dividend date is Friday, June 13th. This represents a $0.56 annualized dividend and a dividend yield of 1.86%. Iridium Communications's payout ratio is 52.83%.

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.