Tidal Investments LLC Acquires New Holdings in Iridium Communications Inc. (NASDAQ:IRDM)

Tidal Investments LLC bought a new position in shares of Iridium Communications Inc. (NASDAQ:IRDM - Free Report) during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 21,031 shares of the technology company's stock, valued at approximately $610,000.

Several other institutional investors also recently bought and sold shares of the stock. JPMorgan Chase & Co. increased its holdings in shares of Iridium Communications by 1.6% during the 4th quarter. JPMorgan Chase & Co. now owns 631,852 shares of the technology company's stock valued at $18,336,000 after acquiring an additional 10,195 shares during the last quarter. Teacher Retirement System of Texas lifted its stake in shares of Iridium Communications by 369.5% in the fourth quarter. Teacher Retirement System of Texas now owns 69,562 shares of the technology company's stock worth $2,019,000 after buying an additional 54,747 shares during the last quarter. Steward Partners Investment Advisory LLC boosted its holdings in shares of Iridium Communications by 376.3% during the 4th quarter. Steward Partners Investment Advisory LLC now owns 4,858 shares of the technology company's stock worth $141,000 after buying an additional 3,838 shares during the period. Raymond James Financial Inc. acquired a new position in Iridium Communications in the 4th quarter valued at $17,613,000. Finally, SBI Securities Co. Ltd. acquired a new position in Iridium Communications in the 4th quarter valued at $37,000. 84.36% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several brokerages have recently issued reports on IRDM. BWS Financial lowered their price target on Iridium Communications from $30.00 to $25.00 and set a "neutral" rating on the stock in a research report on Wednesday, April 23rd. Wall Street Zen lowered Iridium Communications from a "buy" rating to a "hold" rating in a research note on Thursday, May 1st. William Blair raised Iridium Communications from a "market perform" rating to an "outperform" rating in a report on Tuesday, April 22nd. Oppenheimer began coverage on shares of Iridium Communications in a research report on Monday, May 5th. They issued an "outperform" rating and a $34.00 price target on the stock. Finally, Barclays decreased their target price on Iridium Communications from $45.00 to $38.00 and set an "overweight" rating on the stock in a report on Monday, March 10th. Two investment 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 Trading Down 0.9%

NASDAQ IRDM traded down $0.23 during trading hours on Friday, hitting $25.34. The company's stock had a trading volume of 1,432,433 shares, compared to its average volume of 1,159,833. Iridium Communications Inc. has a twelve month low of $19.91 and a twelve month high of $35.85. The firm has a market capitalization of $2.74 billion, a P/E ratio of 26.67, a PEG 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. The stock has a fifty day moving average of $25.08 and a 200 day moving average of $27.90.

Iridium Communications (NASDAQ:IRDM - Get Free Report) last posted its quarterly earnings results on Tuesday, April 22nd. The technology company reported $0.27 earnings per share for the quarter, beating analysts' consensus estimates of $0.22 by $0.05. The company had revenue of $214.88 million for the quarter, compared to the consensus estimate of $211.78 million. Iridium Communications had a return on equity of 15.66% and a net margin of 13.58%. During the same quarter in the prior year, the business posted $0.17 EPS. Equities research analysts forecast that Iridium Communications Inc. will post 0.89 earnings per share for the current fiscal year.

Iridium Communications Announces Dividend

The business also recently announced 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. The ex-dividend date is Friday, June 13th. This represents a $0.56 annualized dividend and a dividend yield of 2.21%. 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.