Nuveen Asset Management LLC Buys 10,226 Shares of Iridium Communications Inc. (NASDAQ:IRDM)

Nuveen Asset Management LLC grew its position in Iridium Communications Inc. (NASDAQ:IRDM - Free Report) by 1.8% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The firm owned 590,023 shares of the technology company's stock after purchasing an additional 10,226 shares during the period. Nuveen Asset Management LLC owned about 0.52% of Iridium Communications worth $17,122,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Plato Investment Management Ltd acquired a new stake in shares of Iridium Communications during the fourth quarter worth $32,000. SBI Securities Co. Ltd. bought a new position in shares of Iridium Communications in the 4th quarter valued at about $37,000. Pinnacle Holdings LLC grew its position in shares of Iridium Communications by 45.4% in the 4th quarter. Pinnacle Holdings LLC now owns 1,528 shares of the technology company's stock valued at $44,000 after acquiring an additional 477 shares during the period. Fifth Third Bancorp grew its position in shares of Iridium Communications by 19.8% in the 4th quarter. Fifth Third Bancorp now owns 2,162 shares of the technology company's stock valued at $63,000 after acquiring an additional 357 shares during the period. Finally, Covestor Ltd grew its position in shares of Iridium Communications by 529.6% in the 4th quarter. Covestor Ltd now owns 2,512 shares of the technology company's stock valued at $73,000 after acquiring an additional 2,113 shares during the period. 84.36% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

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

Iridium Communications Price Performance

Shares of NASDAQ:IRDM traded up $1.01 during midday trading on Tuesday, hitting $26.23. The stock had a trading volume of 1,167,092 shares, compared to its average volume of 1,158,956. The company's 50-day moving average price is $25.27 and its 200-day moving average price is $28.01. The company has a market capitalization of $2.84 billion, a P/E ratio of 27.61, a price-to-earnings-growth ratio of 1.28 and a beta of 0.74. The company has a quick ratio of 1.25, a current ratio of 1.73 and a debt-to-equity ratio of 3.05. Iridium Communications Inc. has a fifty-two week low of $19.91 and a fifty-two week high of $35.85.

Iridium Communications (NASDAQ:IRDM - Get Free Report) last issued its earnings results on Tuesday, April 22nd. The technology company reported $0.27 EPS for the quarter, beating the consensus estimate of $0.22 by $0.05. The company had revenue of $214.88 million during the quarter, compared to analysts' expectations of $211.78 million. Iridium Communications had a net margin of 13.58% and a return on equity of 15.66%. During the same period in the previous year, the company earned $0.17 EPS. As a group, equities research analysts predict that Iridium Communications Inc. will post 0.89 EPS for the current fiscal year.

Iridium Communications Dividend Announcement

The business also recently disclosed 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. This represents a $0.56 annualized dividend and a yield of 2.13%. The ex-dividend date is Friday, June 13th. Iridium Communications's payout ratio is 52.83%.

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.