Price T Rowe Associates Inc. MD Purchases 291,196 Shares of Iridium Communications Inc. (NASDAQ:IRDM)

Price T Rowe Associates Inc. MD lifted its position in shares of Iridium Communications Inc. (NASDAQ:IRDM - Free Report) by 20.5% in the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 1,711,039 shares of the technology company's stock after acquiring an additional 291,196 shares during the period. Price T Rowe Associates Inc. MD owned 1.50% of Iridium Communications worth $49,656,000 as of its most recent filing with the SEC.

A number of other large investors have also modified their holdings of the company. Sumitomo Mitsui Trust Group Inc. grew its position in Iridium Communications by 12.8% in the 4th quarter. Sumitomo Mitsui Trust Group Inc. now owns 2,829,052 shares of the technology company's stock worth $82,099,000 after purchasing an additional 320,506 shares during the last quarter. Nikko Asset Management Americas Inc. increased its position in Iridium Communications by 13.2% in the 4th quarter. Nikko Asset Management Americas Inc. now owns 2,827,580 shares of the technology company's stock valued at $82,028,000 after acquiring an additional 329,915 shares during the period. ARK Investment Management LLC raised its stake in Iridium Communications by 5.7% during the 4th quarter. ARK Investment Management LLC now owns 2,507,715 shares of the technology company's stock valued at $72,774,000 after acquiring an additional 134,924 shares in the last quarter. Schroder Investment Management Group boosted its position in Iridium Communications by 44.7% during the 4th quarter. Schroder Investment Management Group now owns 2,213,512 shares of the technology company's stock worth $64,125,000 after acquiring an additional 683,777 shares during the period. Finally, Dimensional Fund Advisors LP grew its stake in shares of Iridium Communications by 7.8% in the fourth quarter. Dimensional Fund Advisors LP now owns 2,062,066 shares of the technology company's stock worth $59,841,000 after purchasing an additional 149,606 shares in the last quarter. Institutional investors and hedge funds own 84.36% of the company's stock.

Analysts Set New Price Targets

IRDM has been the topic of a number of research reports. William Blair raised Iridium Communications from a "market perform" rating to an "outperform" rating in a research note on Tuesday, April 22nd. StockNews.com cut shares of Iridium Communications from a "buy" rating to a "hold" rating in a research report on Thursday. Barclays reduced their price objective 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. 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 note on Wednesday, April 23rd. Finally, Cantor Fitzgerald initiated coverage on shares of Iridium Communications in a research report on Friday, January 24th. They issued an "overweight" rating and a $40.00 price target on the stock. Two analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $34.33.

Iridium Communications Trading Up 4.6 %

NASDAQ IRDM traded up $1.10 on Friday, hitting $25.17. 1,117,109 shares of the company were exchanged, compared to its average volume of 1,131,952. The company has a debt-to-equity ratio of 3.05, a current ratio of 1.73 and a quick ratio of 1.25. Iridium Communications Inc. has a twelve month low of $19.91 and a twelve month high of $35.85. The firm has a market capitalization of $2.72 billion, a P/E ratio of 26.50, a price-to-earnings-growth ratio of 1.28 and a beta of 0.74. The company's 50 day moving average price is $26.46 and its 200-day moving average price is $28.49.

Iridium Communications (NASDAQ:IRDM - Get Free Report) last released 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. The business had revenue of $214.88 million for the quarter, compared to analyst estimates of $211.78 million. Iridium Communications had a net margin of 13.58% and a return on equity of 15.66%. During the same quarter in the previous year, the business earned $0.17 earnings per share. Analysts predict that Iridium Communications Inc. will post 0.89 earnings per share for the current fiscal year.

Iridium Communications Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Monday, March 17th were issued a dividend of $0.14 per share. The ex-dividend date of this dividend was Monday, March 17th. This represents a $0.56 annualized dividend and a yield of 2.22%. 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.