Pinebridge Investments L.P. Grows Stock Position in Iridium Communications Inc. (NASDAQ:IRDM)

Pinebridge Investments L.P. grew its holdings in shares of Iridium Communications Inc. (NASDAQ:IRDM - Free Report) by 42.7% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 64,935 shares of the technology company's stock after purchasing an additional 19,426 shares during the period. Pinebridge Investments L.P. owned approximately 0.06% of Iridium Communications worth $1,884,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Norges Bank acquired a new position in Iridium Communications during the fourth quarter worth $28,240,000. American Century Companies Inc. grew its stake in shares of Iridium Communications by 94.2% during the 4th quarter. American Century Companies Inc. now owns 1,735,842 shares of the technology company's stock worth $50,374,000 after purchasing an additional 841,951 shares during the period. Schroder Investment Management Group increased its holdings in shares of Iridium Communications by 44.7% in the 4th quarter. Schroder Investment Management Group now owns 2,213,512 shares of the technology company's stock valued at $64,125,000 after purchasing an additional 683,777 shares in the last quarter. Raymond James Financial Inc. acquired a new stake in shares of Iridium Communications in the fourth quarter valued at about $17,613,000. Finally, Nikko Asset Management Americas Inc. boosted its holdings in Iridium Communications by 13.2% during the fourth quarter. Nikko Asset Management Americas Inc. now owns 2,827,580 shares of the technology company's stock worth $82,028,000 after buying an additional 329,915 shares in the last quarter. 84.36% of the stock is owned by hedge funds and other institutional investors.

Iridium Communications Price Performance

Shares of NASDAQ IRDM traded up $1.10 during trading on Friday, reaching $25.17. The company had a trading volume of 1,117,109 shares, compared to its average volume of 1,133,423. The company has a current ratio of 1.73, a quick ratio of 1.25 and a debt-to-equity ratio of 3.05. Iridium Communications Inc. has a twelve month low of $19.91 and a twelve month high of $35.85. The stock has a 50-day moving average price of $26.46 and a two-hundred day moving average price of $28.48. The stock has a market capitalization of $2.72 billion, a PE ratio of 26.50, a price-to-earnings-growth ratio of 1.28 and a beta of 0.74.

Iridium Communications (NASDAQ:IRDM - Get Free Report) last announced its earnings results on Tuesday, April 22nd. The technology company reported $0.27 earnings per share for the quarter, beating the consensus estimate of $0.22 by $0.05. Iridium Communications had a net margin of 13.58% and a return on equity of 15.66%. The firm had revenue of $214.88 million during the quarter, compared to the consensus estimate of $211.78 million. During the same quarter in the previous year, the company posted $0.17 EPS. As a group, sell-side analysts predict that Iridium Communications Inc. will post 0.89 earnings per share for the current year.

Iridium Communications Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Monday, March 17th were given 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 2.22%. Iridium Communications's dividend payout ratio (DPR) is currently 52.83%.

Analysts Set New Price Targets

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