XTX Topco Ltd Grows Holdings in Iridium Communications Inc (NASDAQ:IRDM)

XTX Topco Ltd boosted its holdings in shares of Iridium Communications Inc (NASDAQ:IRDM - Free Report) by 166.9% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 57,742 shares of the technology company's stock after purchasing an additional 36,108 shares during the period. XTX Topco Ltd owned about 0.05% of Iridium Communications worth $1,578,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. UMB Bank n.a. increased its holdings in shares of 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 buying an additional 779 shares in the last quarter. Pinnacle Holdings LLC increased its holdings in shares of Iridium Communications by 45.4% during the fourth quarter. Pinnacle Holdings LLC now owns 1,528 shares of the technology company's stock worth $44,000 after buying an additional 477 shares in the last quarter. Cooksen Wealth LLC acquired a new stake in shares of Iridium Communications during the first quarter worth approximately $47,000. SBI Securities Co. Ltd. increased its holdings in shares of Iridium Communications by 37.2% in the first quarter. SBI Securities Co. Ltd. now owns 1,757 shares of the technology company's stock valued at $48,000 after purchasing an additional 476 shares in the last quarter. Finally, Covestor Ltd increased its holdings in shares of 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 purchasing an additional 2,113 shares in the last quarter. Institutional investors own 84.36% of the company's stock.

Iridium Communications Stock Performance

Iridium Communications stock traded down $0.28 during trading hours on Friday, hitting $24.18. The company had a trading volume of 1,576,310 shares, compared to its average volume of 1,983,965. The firm has a market cap of $2.57 billion, a PE ratio of 24.42, a PEG ratio of 0.90 and a beta of 0.76. The company has a debt-to-equity ratio of 3.82, a current ratio of 2.51 and a quick ratio of 1.75. Iridium Communications Inc has a one year low of $19.91 and a one year high of $35.85. The firm has a 50-day moving average of $28.78 and a 200 day moving average of $27.85.

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

Iridium Communications Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Investors of record on Monday, September 15th will be paid a dividend of $0.15 per share. This is a boost from Iridium Communications's previous quarterly dividend of $0.14. This represents a $0.60 dividend on an annualized basis and a yield of 2.5%. The ex-dividend date of this dividend is Monday, September 15th. Iridium Communications's payout ratio is 56.57%.

Wall Street Analyst Weigh In

A number of research firms have commented on IRDM. Wall Street Zen lowered shares of Iridium Communications from a "buy" rating to a "hold" rating in a report on Thursday, May 1st. Oppenheimer began coverage on shares of Iridium Communications in a report on Monday, May 5th. They set an "outperform" rating and a $34.00 target price for the company. Barclays lowered their target price on shares of Iridium Communications from $38.00 to $31.00 and set an "overweight" rating for the company in a report on Monday, July 28th. Morgan Stanley lowered their target price on shares of Iridium Communications from $40.00 to $37.00 and set an "overweight" rating for the company in a report on Friday. Finally, BWS Financial lowered their target price on shares of Iridium Communications from $30.00 to $25.00 and set a "neutral" rating for the company in a report on Wednesday, April 23rd. Two equities research analysts have rated the stock with a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $34.33.

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.