Cullen Investment Group LTD. Takes $1.55 Million Position in Iridium Communications Inc. (NASDAQ:IRDM)

Cullen Investment Group LTD. purchased a new position in Iridium Communications Inc. (NASDAQ:IRDM - Free Report) in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 37,605 shares of the technology company's stock, valued at approximately $1,548,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of IRDM. ICA Group Wealth Management LLC purchased a new stake in shares of Iridium Communications during the fourth quarter worth about $36,000. Quarry LP bought a new stake in shares of Iridium Communications in the 2nd quarter valued at approximately $39,000. Belpointe Asset Management LLC lifted its stake in shares of Iridium Communications by 78.7% in the 1st quarter. Belpointe Asset Management LLC now owns 990 shares of the technology company's stock valued at $61,000 after purchasing an additional 436 shares during the last quarter. Allspring Global Investments Holdings LLC bought a new stake in shares of Iridium Communications in the 4th quarter valued at approximately $41,000. Finally, Covestor Ltd lifted its stake in shares of Iridium Communications by 83.2% in the 3rd quarter. Covestor Ltd now owns 1,006 shares of the technology company's stock valued at $46,000 after purchasing an additional 457 shares during the last quarter. Hedge funds and other institutional investors own 84.36% of the company's stock.

Iridium Communications Trading Down 0.1 %

NASDAQ:IRDM traded down $0.02 on Monday, reaching $24.65. The company's stock had a trading volume of 1,185,632 shares, compared to its average volume of 1,086,779. Iridium Communications Inc. has a 12-month low of $24.17 and a 12-month high of $68.34. The company has a quick ratio of 1.37, a current ratio of 2.06 and a debt-to-equity ratio of 1.65. The firm has a market cap of $3.02 billion, a price-to-earnings ratio of 186.85 and a beta of 0.85. The stock has a 50 day moving average price of $28.53 and a 200 day moving average price of $35.47.

Iridium Communications (NASDAQ:IRDM - Get Free Report) last issued its quarterly earnings data on Thursday, February 15th. The technology company reported $0.30 earnings per share for the quarter, beating analysts' consensus estimates of $0.03 by $0.27. Iridium Communications had a return on equity of 1.58% and a net margin of 1.95%. The business had revenue of $194.74 million during the quarter, compared to analysts' expectations of $192.13 million. During the same period in the previous year, the firm posted ($0.01) earnings per share. The company's revenue was up .5% on a year-over-year basis. On average, equities analysts anticipate that Iridium Communications Inc. will post 0.72 EPS for the current fiscal year.

Iridium Communications Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Friday, March 15th were issued a $0.13 dividend. This represents a $0.52 annualized dividend and a dividend yield of 2.11%. The ex-dividend date of this dividend was Thursday, March 14th. Iridium Communications's payout ratio is currently 400.00%.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on IRDM shares. BWS Financial lowered Iridium Communications from a "buy" rating to a "neutral" rating and set a $30.00 price target for the company. in a research note on Friday, February 16th. TheStreet upgraded Iridium Communications from a "d+" rating to a "c-" rating in a report on Thursday, February 15th. Barclays cut their price target on Iridium Communications from $45.00 to $42.00 and set an "overweight" rating on the stock in a report on Friday, February 23rd. William Blair lowered Iridium Communications from an "outperform" rating to a "market perform" rating in a report on Thursday, February 15th. Finally, Raymond James dropped their target price on Iridium Communications from $53.00 to $48.00 and set a "strong-buy" rating on the stock in a report on Friday, February 16th. Three analysts have rated the stock with a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $49.80.

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.