Penserra Capital Management LLC Has $2.52 Million Position in Iridium Communications Inc (NASDAQ:IRDM)

Penserra Capital Management LLC increased its stake in shares of Iridium Communications Inc (NASDAQ:IRDM - Free Report) by 20.3% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 92,133 shares of the technology company's stock after purchasing an additional 15,553 shares during the quarter. Penserra Capital Management LLC owned about 0.09% of Iridium Communications worth $2,517,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. SBI Securities Co. Ltd. bought a new stake in shares of Iridium Communications during the fourth quarter valued at approximately $37,000. UMB Bank n.a. boosted its stake in Iridium Communications by 129.8% in the first quarter. UMB Bank n.a. now owns 1,379 shares of the technology company's stock valued at $38,000 after acquiring an additional 779 shares during the last quarter. Pinnacle Holdings LLC boosted its stake in Iridium Communications by 45.4% in the fourth 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 last quarter. Covestor Ltd boosted its stake in Iridium Communications by 529.6% in the fourth 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 last quarter. Finally, GAMMA Investing LLC boosted its stake in Iridium Communications by 14.1% in the first quarter. GAMMA Investing LLC now owns 3,961 shares of the technology company's stock valued at $108,000 after acquiring an additional 488 shares during the last quarter. 84.36% of the stock is owned by institutional investors.

Iridium Communications Trading Down 0.5%

IRDM traded down $0.15 during mid-day trading on Tuesday, hitting $31.87. The stock had a trading volume of 1,009,266 shares, compared to its average volume of 1,168,553. The stock's fifty day simple moving average is $27.35 and its 200-day simple moving average is $27.79. The company has a debt-to-equity ratio of 3.43, a current ratio of 1.99 and a quick ratio of 1.36. The firm has a market capitalization of $3.45 billion, a price-to-earnings ratio of 30.07, a price-to-earnings-growth ratio of 1.08 and a beta of 0.79. Iridium Communications Inc has a 1-year low of $19.91 and a 1-year high of $35.85.

Iridium Communications (NASDAQ:IRDM - Get Free Report) last issued its quarterly earnings data 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 net margin of 14.68% and a return on equity of 19.41%. The business had revenue of $214.88 million for the quarter, compared to analyst estimates of $211.78 million. During the same period last year, the business posted $0.17 earnings per share. As a group, research analysts forecast 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 was paid on Monday, June 30th. Investors of record on Friday, June 13th were issued a dividend of $0.14 per share. The ex-dividend date was Friday, June 13th. This represents a $0.56 dividend on an annualized basis and a dividend yield of 1.76%. Iridium Communications's payout ratio is 52.83%.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on IRDM shares. Wall Street Zen cut shares of Iridium Communications from a "buy" rating to a "hold" rating in a research note on Thursday, May 1st. Oppenheimer started coverage on shares of Iridium Communications in a research note on Monday, May 5th. They issued an "outperform" rating and a $34.00 price objective on the stock. William Blair upgraded shares of Iridium Communications from a "market perform" rating to an "outperform" rating in a report on Tuesday, April 22nd. Barclays cut their target price on shares of Iridium Communications from $45.00 to $38.00 and set an "overweight" rating on the stock in a report on Monday, March 10th. Finally, BWS Financial cut their target price 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. Two research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $34.25.

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.