Lbp Am Sa Acquires 27,219 Shares of Iridium Communications Inc (NASDAQ:IRDM)

LBP AM SA lifted its holdings in shares of Iridium Communications Inc (NASDAQ:IRDM - Free Report) by 22.3% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 149,294 shares of the technology company's stock after purchasing an additional 27,219 shares during the quarter. LBP AM SA owned 0.14% of Iridium Communications worth $4,079,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently modified their holdings of the business. Crossmark Global Holdings Inc. grew its holdings in shares of Iridium Communications by 467.6% during the first quarter. Crossmark Global Holdings Inc. now owns 224,764 shares of the technology company's stock worth $6,141,000 after purchasing an additional 185,167 shares in the last quarter. Cooksen Wealth LLC bought a new stake in Iridium Communications in the 1st quarter worth approximately $47,000. Penserra Capital Management LLC lifted its position in Iridium Communications by 20.3% in the first quarter. Penserra Capital Management LLC now owns 92,133 shares of the technology company's stock valued at $2,517,000 after purchasing an additional 15,553 shares during the last quarter. Impax Asset Management Group plc lifted its position in Iridium Communications by 3.6% in the first quarter. Impax Asset Management Group plc now owns 35,227 shares of the technology company's stock valued at $962,000 after purchasing an additional 1,212 shares during the last quarter. Finally, IFM Investors Pty Ltd lifted its position in Iridium Communications by 3.7% in the first quarter. IFM Investors Pty Ltd now owns 13,402 shares of the technology company's stock valued at $366,000 after purchasing an additional 480 shares during the last quarter. Hedge funds and other institutional investors own 84.36% of the company's stock.

Wall Street Analysts Forecast Growth

IRDM has been the subject of several recent research reports. Wall Street Zen downgraded Iridium Communications from a "buy" rating to a "hold" rating in a research report on Thursday, May 1st. Oppenheimer began coverage on Iridium Communications in a research note on Monday, May 5th. They set an "outperform" rating and a $34.00 target price on the stock. William Blair raised Iridium Communications from a "market perform" rating to an "outperform" rating in a research note on Tuesday, April 22nd. Finally, BWS Financial reduced their price target on Iridium Communications from $30.00 to $25.00 and set a "neutral" rating on the stock in a research note on Wednesday, April 23rd. Two equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $34.25.

Iridium Communications Stock Down 1.9%

Shares of NASDAQ IRDM traded down $0.61 during trading on Friday, reaching $31.45. The company had a trading volume of 1,113,566 shares, compared to its average volume of 1,175,039. Iridium Communications Inc has a 12-month low of $19.91 and a 12-month high of $35.85. The stock has a market cap of $3.40 billion, a PE ratio of 29.67, a P/E/G ratio of 1.07 and a beta of 0.79. The business's 50-day moving average is $27.93 and its 200 day moving average is $27.87. 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 (NASDAQ:IRDM - Get Free Report) last released its earnings results on Tuesday, April 22nd. The technology company reported $0.27 EPS for the quarter, topping 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 for the quarter, compared to analysts' expectations of $211.78 million. During the same period in the prior year, the firm posted $0.17 earnings per share. As a group, equities analysts forecast that Iridium Communications Inc will post 0.89 earnings per share for the current fiscal year.

Iridium Communications Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, June 30th. Stockholders of record on Friday, June 13th were issued a dividend of $0.14 per share. This represents a $0.56 dividend on an annualized basis and a dividend yield of 1.78%. The ex-dividend date of this dividend was Friday, June 13th. Iridium Communications's payout ratio is currently 52.83%.

About Iridium Communications

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.