Janney Montgomery Scott LLC Acquires 12,297 Shares of Iridium Communications Inc (NASDAQ:IRDM)

Janney Montgomery Scott LLC grew its position in shares of Iridium Communications Inc (NASDAQ:IRDM - Free Report) by 85.8% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 26,627 shares of the technology company's stock after acquiring an additional 12,297 shares during the quarter. Janney Montgomery Scott LLC's holdings in Iridium Communications were worth $727,000 as of its most recent filing with the SEC.

Several other institutional investors have also bought and sold shares of the stock. Norges Bank acquired a new position in shares of Iridium Communications in the 4th quarter valued at about $28,240,000. American Century Companies Inc. increased its holdings in shares of Iridium Communications by 94.2% in the 4th quarter. American Century Companies Inc. now owns 1,735,842 shares of the technology company's stock valued at $50,374,000 after purchasing an additional 841,951 shares during the period. Schroder Investment Management Group increased its holdings in shares of Iridium Communications by 44.7% in the 4th quarter. Schroder Investment Management Group now owns 2,213,512 shares of the technology company's stock valued at $64,125,000 after purchasing an additional 683,777 shares during the period. Raymond James Financial Inc. acquired a new position in shares of Iridium Communications in the 4th quarter valued at about $17,613,000. Finally, ArrowMark Colorado Holdings LLC increased its holdings in shares of Iridium Communications by 37.3% in the 4th quarter. ArrowMark Colorado Holdings LLC now owns 2,088,053 shares of the technology company's stock valued at $60,595,000 after purchasing an additional 567,164 shares during the period. Institutional investors and hedge funds own 84.36% of the company's stock.

Iridium Communications Stock Performance

Iridium Communications stock traded up $0.24 during trading hours on Friday, reaching $31.76. 870,458 shares of the company were exchanged, compared to its average volume of 1,168,802. The firm has a market cap of $3.44 billion, a price-to-earnings ratio of 29.96, a PEG ratio of 1.08 and a beta of 0.79. The company has a current ratio of 1.99, a quick ratio of 1.36 and a debt-to-equity ratio of 3.43. The stock has a 50-day moving average of $27.19 and a 200 day moving average of $27.78. Iridium Communications Inc has a 12 month low of $19.91 and a 12 month high of $35.85.

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

Iridium Communications Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Stockholders of record on Friday, June 13th were paid a $0.14 dividend. This represents a $0.56 dividend on an annualized basis and a dividend yield of 1.76%. The ex-dividend date of this dividend was Friday, June 13th. Iridium Communications's dividend payout ratio is 52.83%.

Analysts Set New Price Targets

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

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.