Hancock Whitney Corp Invests $324,000 in Iridium Communications Inc. (NASDAQ:IRDM)

Hancock Whitney Corp acquired a new stake in Iridium Communications Inc. (NASDAQ:IRDM - Free Report) during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 11,173 shares of the technology company's stock, valued at approximately $324,000.

Several other hedge funds also recently bought and sold shares of the stock. JPMorgan Chase & Co. boosted its position 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 worth $18,336,000 after acquiring an additional 10,195 shares in the last quarter. Nordea Investment Management AB lifted its holdings in Iridium Communications by 30.2% in the fourth quarter. Nordea Investment Management AB now owns 248,602 shares of the technology company's stock valued at $7,264,000 after acquiring an additional 57,690 shares during the period. Teacher Retirement System of Texas grew its holdings in 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 valued at $2,019,000 after purchasing an additional 54,747 shares during the last quarter. Steward Partners Investment Advisory LLC boosted its stake in shares of Iridium Communications by 376.3% during the fourth quarter. Steward Partners Investment Advisory LLC now owns 4,858 shares of the technology company's stock valued at $141,000 after acquiring an additional 3,838 shares during the last quarter. Finally, Raymond James Financial Inc. acquired a new stake in Iridium Communications in the 4th quarter worth about $17,613,000. Hedge funds and other institutional investors own 84.36% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms have issued reports on IRDM. Cantor Fitzgerald initiated coverage on Iridium Communications in a report on Friday, January 24th. They set an "overweight" rating and a $40.00 price objective on the stock. StockNews.com downgraded Iridium Communications from a "buy" rating to a "hold" rating in a report on Thursday. Barclays reduced their price target on shares of Iridium Communications from $45.00 to $38.00 and set an "overweight" rating for the company in a research report on Monday, March 10th. William Blair upgraded shares of Iridium Communications from a "market perform" rating to an "outperform" rating in a research note on Tuesday, April 22nd. Finally, BWS Financial cut their target price on shares of Iridium Communications from $30.00 to $25.00 and set a "neutral" rating for the company in a research report on Wednesday, April 23rd. Two analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $34.33.

Iridium Communications Trading Up 4.4 %

Shares of IRDM stock traded up $1.06 on Friday, hitting $25.13. The stock had a trading volume of 461,005 shares, compared to its average volume of 1,127,746. The company has a fifty day moving average price of $26.58 and a two-hundred day moving average price of $28.52. The company has a current ratio of 1.73, a quick ratio of 1.25 and a debt-to-equity ratio of 3.05. The firm has a market cap of $2.72 billion, a P/E ratio of 26.50, a PEG ratio of 1.28 and a beta of 0.66. Iridium Communications Inc. has a twelve month low of $19.91 and a twelve month high of $35.85.

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

Iridium Communications Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Monday, March 17th were paid a dividend of $0.14 per share. The ex-dividend date of this dividend was Monday, March 17th. This represents a $0.56 dividend on an annualized basis and a yield of 2.23%. Iridium Communications's dividend payout ratio (DPR) is presently 52.83%.

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.