Gilliland Jeter Wealth Management LLC Makes New $1.03 Million Investment in Iridium Communications Inc. (NASDAQ:IRDM)

Gilliland Jeter Wealth Management LLC bought a new stake in Iridium Communications Inc. (NASDAQ:IRDM - Free Report) in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 25,072 shares of the technology company's stock, valued at approximately $1,032,000.

Other institutional investors and hedge funds have also made changes to their positions in the company. Allspring Global Investments Holdings LLC purchased a new stake in Iridium Communications during the 4th quarter valued at approximately $41,000. Covestor Ltd increased its position in Iridium Communications by 83.2% during the 3rd quarter. Covestor Ltd now owns 1,006 shares of the technology company's stock worth $46,000 after purchasing an additional 457 shares during the period. Headlands Technologies LLC acquired a new position in Iridium Communications during the 4th quarter worth approximately $60,000. ORG Partners LLC increased its position in Iridium Communications by 20.6% during the 4th quarter. ORG Partners LLC now owns 3,216 shares of the technology company's stock worth $132,000 after purchasing an additional 550 shares during the period. Finally, Malaga Cove Capital LLC acquired a new stake in shares of Iridium Communications in the 3rd quarter worth approximately $234,000. 84.36% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages have commented on IRDM. William Blair cut Iridium Communications from an "outperform" rating to a "market perform" rating in a report on Thursday, February 15th. TheStreet raised Iridium Communications from a "d+" rating to a "c-" rating in a research note on Thursday, February 15th. Barclays increased their target price on Iridium Communications from $42.00 to $44.00 and gave the stock an "overweight" rating in a research report on Friday. Raymond James cut their price objective on Iridium Communications from $53.00 to $48.00 and set a "strong-buy" rating on the stock in a research report on Friday, February 16th. Finally, BWS Financial reissued a "neutral" rating and issued a $30.00 price objective on shares of Iridium Communications in a research report on Monday, April 22nd. Three analysts have rated the stock with a hold rating, two have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $44.75.

Iridium Communications Price Performance

NASDAQ:IRDM traded up $1.68 during midday trading on Friday, hitting $31.37. 2,367,458 shares of the stock were exchanged, compared to its average volume of 1,286,132. Iridium Communications Inc. has a one year low of $24.14 and a one year high of $65.69. The company has a market capitalization of $3.81 billion, a price-to-earnings ratio of 149.38 and a beta of 0.85. The business has a 50-day moving average price of $27.30 and a two-hundred day moving average price of $34.28. The company has a current ratio of 3.33, a quick ratio of 2.52 and a debt-to-equity ratio of 1.86.

Iridium Communications (NASDAQ:IRDM - Get Free Report) last posted its quarterly earnings results on Thursday, April 18th. The technology company reported $0.16 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.15 by $0.01. Iridium Communications had a return on equity of 2.76% and a net margin of 3.20%. The company had revenue of $203.80 million for the quarter, compared to analysts' expectations of $193.84 million. During the same quarter in the prior year, the company earned $0.08 earnings per share. The firm's revenue was down .7% on a year-over-year basis. Sell-side analysts predict that Iridium Communications Inc. will post 0.73 EPS for the current year.

Iridium Communications Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Friday, March 15th were paid a $0.13 dividend. This represents a $0.52 dividend on an annualized basis and a dividend yield of 1.66%. The ex-dividend date of this dividend was Thursday, March 14th. Iridium Communications's dividend payout ratio (DPR) is presently 247.62%.

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.