XTX Topco Ltd Increases Stock Position in Iridium Communications Inc (NASDAQ:IRDM)

XTX Topco Ltd lifted its stake in shares of Iridium Communications Inc (NASDAQ:IRDM - Free Report) by 166.9% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 57,742 shares of the technology company's stock after buying an additional 36,108 shares during the quarter. XTX Topco Ltd owned about 0.05% of Iridium Communications worth $1,578,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. ARK Investment Management LLC grew its stake in Iridium Communications by 95.1% during the first quarter. ARK Investment Management LLC now owns 4,891,677 shares of the technology company's stock valued at $133,641,000 after acquiring an additional 2,383,962 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. grew its stake in Iridium Communications by 37.6% during the first quarter. Sumitomo Mitsui Trust Group Inc. now owns 3,893,145 shares of the technology company's stock valued at $106,361,000 after acquiring an additional 1,064,093 shares in the last quarter. Nikko Asset Management Americas Inc. grew its stake in shares of Iridium Communications by 37.5% in the 1st quarter. Nikko Asset Management Americas Inc. now owns 3,889,045 shares of the technology company's stock worth $106,210,000 after buying an additional 1,061,465 shares in the last quarter. Norges Bank purchased a new position in shares of Iridium Communications in the 4th quarter worth $28,240,000. Finally, Raymond James Financial Inc. purchased a new position in shares of Iridium Communications in the 4th quarter worth $17,613,000. Hedge funds and other institutional investors own 84.36% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts have commented 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. Raymond James Financial reissued a "strong-buy" rating and issued a $39.00 price objective (down from $47.00) on shares of Iridium Communications in a research note on Friday, July 25th. Oppenheimer started coverage on shares of Iridium Communications in a research note on Monday, May 5th. They set an "outperform" rating and a $34.00 price target for the company. Barclays reduced their price objective on shares of Iridium Communications from $38.00 to $31.00 and set an "overweight" rating on the stock in a research report on Monday, July 28th. 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 equities research analysts have rated the stock with a hold rating, five have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $34.33.

Iridium Communications Stock Up 1.1%

Shares of NASDAQ IRDM traded up $0.27 during trading hours on Monday, hitting $24.45. 561,158 shares of the stock were exchanged, compared to its average volume of 1,386,384. The company has a quick ratio of 1.75, a current ratio of 2.51 and a debt-to-equity ratio of 3.82. Iridium Communications Inc has a 12 month low of $19.91 and a 12 month high of $35.85. The company has a market cap of $2.59 billion, a PE ratio of 24.70, a PEG ratio of 0.89 and a beta of 0.76. The firm has a fifty day moving average price of $28.78 and a 200-day moving average price of $27.85.

Iridium Communications (NASDAQ:IRDM - Get Free Report) last released its quarterly earnings data on Thursday, July 24th. The technology company reported $0.20 EPS for the quarter, missing the consensus estimate of $0.23 by ($0.03). Iridium Communications had a net margin of 13.20% and a return on equity of 20.28%. The business had revenue of $216.91 million during the quarter, compared to analysts' expectations of $214.73 million. During the same period last year, the company earned $0.27 earnings per share. The firm's revenue was up 7.9% on a year-over-year basis. On average, sell-side analysts expect that Iridium Communications Inc will post 0.89 EPS for the current year.

Iridium Communications Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Monday, September 15th will be given a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 2.5%. This is a positive change from Iridium Communications's previous quarterly dividend of $0.14. The ex-dividend date is Monday, September 15th. Iridium Communications's dividend payout ratio (DPR) is currently 56.57%.

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.