Pinebridge Investments L.P. Has $1.88 Million Holdings in Iridium Communications Inc. (NASDAQ:IRDM)

Pinebridge Investments L.P. boosted 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 & Exchange Commission. The fund owned 64,935 shares of the technology company's stock after purchasing an additional 19,426 shares during the quarter. Pinebridge Investments L.P. owned approximately 0.06% of Iridium Communications worth $1,884,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. JPMorgan Chase & Co. raised its stake in Iridium Communications by 1.6% during the fourth quarter. JPMorgan Chase & Co. now owns 631,852 shares of the technology company's stock valued at $18,336,000 after buying an additional 10,195 shares in the last quarter. Nordea Investment Management AB increased its holdings in shares of Iridium Communications by 30.2% in the 4th 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 last quarter. Teacher Retirement System of Texas raised its position in shares of Iridium Communications by 369.5% during the 4th quarter. Teacher Retirement System of Texas now owns 69,562 shares of the technology company's stock valued at $2,019,000 after acquiring an additional 54,747 shares in the last quarter. Steward Partners Investment Advisory LLC lifted its stake in 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 worth $141,000 after purchasing an additional 3,838 shares during the last quarter. Finally, Raymond James Financial Inc. acquired a new position in Iridium Communications in the fourth quarter worth $17,613,000. 84.36% of the stock is currently owned by hedge funds and other institutional investors.

Iridium Communications Price Performance

Shares of IRDM stock traded down $0.06 during midday trading on Thursday, reaching $24.07. 1,087,163 shares of the company were exchanged, compared to its average volume of 1,129,387. The company's 50 day moving average price is $26.73 and its two-hundred day moving average price is $28.57. The company has a debt-to-equity ratio of 3.05, a quick ratio of 1.25 and a current ratio of 1.73. The company has a market cap of $2.60 billion, a P/E ratio of 25.34, a PEG ratio of 1.28 and a beta of 0.66. Iridium Communications Inc. has a 12 month low of $19.91 and a 12 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 (EPS) for the quarter, beating analysts' consensus estimates of $0.22 by $0.05. Iridium Communications had a return on equity of 15.66% and a net margin of 13.58%. The firm had revenue of $214.88 million during the quarter, compared to analyst estimates of $211.78 million. During the same period last year, the company posted $0.17 EPS. On average, sell-side analysts expect that Iridium Communications Inc. will post 0.89 earnings per share for the current year.

Iridium Communications Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Monday, March 17th were issued a $0.14 dividend. The ex-dividend date of this dividend was Monday, March 17th. This represents a $0.56 dividend on an annualized basis and a dividend yield of 2.33%. Iridium Communications's payout ratio is currently 52.83%.

Analysts Set New Price Targets

A number of analysts have weighed in on IRDM shares. BWS Financial dropped their target price on shares of Iridium Communications from $30.00 to $25.00 and set a "neutral" rating on the stock in a report on Wednesday, April 23rd. StockNews.com lowered shares of Iridium Communications from a "buy" rating to a "hold" rating in a research note on Thursday. Barclays lowered their target price on Iridium Communications from $45.00 to $38.00 and set an "overweight" rating for the company in a report on Monday, March 10th. Cantor Fitzgerald started coverage on Iridium Communications in a report on Friday, January 24th. They issued an "overweight" rating and a $40.00 price target on the stock. Finally, William Blair raised shares of Iridium Communications from a "market perform" rating to an "outperform" rating in a report on Tuesday, April 22nd. Two equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat, Iridium Communications has an average rating of "Moderate Buy" and an average price target of $34.33.

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.