PharVision Advisers LLC Invests $873,000 in Iridium Communications Inc. (NASDAQ:IRDM)

PharVision Advisers LLC purchased a new position in shares of Iridium Communications Inc. (NASDAQ:IRDM - Free Report) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 30,068 shares of the technology company's stock, valued at approximately $873,000. Iridium Communications makes up 0.7% of PharVision Advisers LLC's holdings, making the stock its 5th biggest holding.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Two Sigma Advisers LP increased its holdings in Iridium Communications by 6.6% in the 4th quarter. Two Sigma Advisers LP now owns 8,100 shares of the technology company's stock valued at $235,000 after buying an additional 500 shares during the period. Tidal Investments LLC acquired a new stake in shares of Iridium Communications during the 4th quarter worth approximately $610,000. Sherbrooke Park Advisers LLC bought a new position in Iridium Communications in the fourth quarter valued at approximately $671,000. Point72 Asset Management L.P. raised its position in Iridium Communications by 277.8% during the fourth quarter. Point72 Asset Management L.P. now owns 270,341 shares of the technology company's stock valued at $7,845,000 after purchasing an additional 198,788 shares in the last quarter. Finally, Point72 Hong Kong Ltd bought a new stake in Iridium Communications during the fourth quarter worth $1,143,000. 84.36% of the stock is owned by institutional investors and hedge funds.

Iridium Communications Trading Down 1.2%

IRDM traded down $0.31 during midday trading on Monday, hitting $25.22. 742,698 shares of the company were exchanged, compared to its average volume of 1,158,923. The firm's 50 day moving average price is $25.32 and its 200-day moving average price is $28.04. Iridium Communications Inc. has a 1-year low of $19.91 and a 1-year high of $35.85. The firm has a market capitalization of $2.73 billion, a P/E ratio of 26.55, a P/E/G 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 (NASDAQ:IRDM - Get Free Report) last posted 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. The company had revenue of $214.88 million for the quarter, compared to analyst estimates of $211.78 million. Iridium Communications had a return on equity of 15.66% and a net margin of 13.58%. During the same period in the previous year, the firm earned $0.17 earnings per share. As a group, equities analysts forecast that Iridium Communications Inc. will post 0.89 EPS for the current fiscal year.

Iridium Communications Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Friday, June 13th will be given a dividend of $0.14 per share. This represents a $0.56 annualized dividend and a dividend yield of 2.22%. The ex-dividend date of this dividend is Friday, June 13th. Iridium Communications's dividend payout ratio (DPR) is presently 52.83%.

Analyst Ratings Changes

Several equities analysts have recently issued reports on IRDM shares. BWS Financial decreased 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. Oppenheimer started coverage on Iridium Communications in a research report on Monday, May 5th. They issued 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. Barclays dropped 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. Finally, Wall Street Zen lowered shares of 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 stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average 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.