Iridium Communications Inc (NASDAQ:IRDM) Stake Lifted by Private Advisor Group LLC

Private Advisor Group LLC grew its stake in shares of Iridium Communications Inc (NASDAQ:IRDM - Free Report) by 24.0% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 119,876 shares of the technology company's stock after acquiring an additional 23,174 shares during the quarter. Private Advisor Group LLC owned about 0.11% of Iridium Communications worth $3,275,000 at the end of the most recent quarter.

Several other large investors have also modified their holdings of IRDM. UMB Bank n.a. increased its position in Iridium Communications by 129.8% during the first quarter. UMB Bank n.a. now owns 1,379 shares of the technology company's stock worth $38,000 after purchasing an additional 779 shares during the last quarter. Pinnacle Holdings LLC grew its stake in shares of Iridium Communications by 45.4% during the 4th quarter. Pinnacle Holdings LLC now owns 1,528 shares of the technology company's stock valued at $44,000 after buying an additional 477 shares during the period. Cooksen Wealth LLC acquired a new stake in shares of Iridium Communications during the 1st quarter worth $47,000. SBI Securities Co. Ltd. increased its holdings in shares of Iridium Communications by 37.2% during the 1st quarter. SBI Securities Co. Ltd. now owns 1,757 shares of the technology company's stock worth $48,000 after buying an additional 476 shares during the last quarter. Finally, Covestor Ltd raised 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 worth $73,000 after buying an additional 2,113 shares during the period. 84.36% of the stock is currently owned by hedge funds and other institutional investors.

Iridium Communications Stock Down 22.1%

NASDAQ IRDM traded down $7.17 during mid-day trading on Thursday, reaching $25.26. 10,280,064 shares of the company's stock traded hands, compared to its average volume of 1,359,078. The company has a market cap of $2.73 billion, a price-to-earnings ratio of 23.83, a P/E/G ratio of 1.07 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 company has a fifty day simple moving average of $28.86 and a 200-day simple moving average of $28.03. 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 released its earnings results on Thursday, July 24th. The technology company reported $0.20 earnings per share for the quarter, missing the consensus estimate of $0.23 by ($0.03). The company had revenue of $216.91 million during the quarter, compared to the consensus estimate of $214.73 million. Iridium Communications had a return on equity of 19.41% and a net margin of 14.68%. Iridium Communications's revenue for the quarter was up 7.9% on a year-over-year basis. During the same period in the previous year, the firm posted $0.27 EPS. As a group, equities research analysts expect that Iridium Communications Inc will post 0.89 EPS for the current year.

Iridium Communications Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Friday, June 13th were issued a $0.14 dividend. This represents a $0.56 dividend on an annualized basis and a yield of 2.22%. The ex-dividend date of this dividend was Friday, June 13th. Iridium Communications's dividend payout ratio is presently 52.83%.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on the company. Oppenheimer initiated coverage on Iridium Communications in a research note on Monday, May 5th. They set an "outperform" rating and a $34.00 price target for the company. Wall Street Zen lowered shares of Iridium Communications from a "buy" rating to a "hold" rating in a report on Thursday, May 1st. BWS Financial reduced their price target on shares of Iridium Communications from $30.00 to $25.00 and set a "neutral" rating on the stock in a research report on Wednesday, April 23rd. Finally, William Blair raised shares of Iridium Communications from a "market perform" rating to an "outperform" rating in a research report on Tuesday, April 22nd. 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 stock presently has an average rating of "Moderate Buy" and a consensus 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.