Sherbrooke Park Advisers LLC Makes New $671,000 Investment in Iridium Communications Inc. (NASDAQ:IRDM)

Sherbrooke Park Advisers LLC purchased a new position in shares of Iridium Communications Inc. (NASDAQ:IRDM - Free Report) in the 4th quarter, according to its most recent Form 13F filing with the SEC. The firm purchased 23,139 shares of the technology company's stock, valued at approximately $671,000.

Other hedge funds have also added to or reduced their stakes in the company. JPMorgan Chase & Co. lifted its holdings in Iridium Communications by 1.6% during the 4th quarter. JPMorgan Chase & Co. now owns 631,852 shares of the technology company's stock worth $18,336,000 after purchasing an additional 10,195 shares during the last quarter. Teacher Retirement System of Texas lifted its holdings in 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 worth $2,019,000 after purchasing an additional 54,747 shares during the last quarter. Steward Partners Investment Advisory LLC lifted its holdings in Iridium Communications by 376.3% during the 4th 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. Raymond James Financial Inc. acquired a new stake in Iridium Communications during the 4th quarter worth approximately $17,613,000. Finally, SBI Securities Co. Ltd. acquired a new stake in Iridium Communications during the 4th quarter worth approximately $37,000. 84.36% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on IRDM. Oppenheimer began coverage on shares of Iridium Communications in a report on Monday, May 5th. They set an "outperform" rating and a $34.00 target price on the stock. BWS Financial lowered 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. Cantor Fitzgerald began coverage on shares of Iridium Communications in a report on Friday, January 24th. They set an "overweight" rating and a $40.00 target price on the stock. Wall Street Zen cut shares of Iridium Communications from a "buy" rating to a "hold" rating in a report on Thursday, May 1st. Finally, William Blair upgraded shares of Iridium Communications from a "market perform" rating to an "outperform" rating in a research note on Tuesday, April 22nd. Two analysts have rated the stock with a hold rating and four have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $34.25.

Iridium Communications Price Performance

Iridium Communications stock traded up $0.09 during trading hours on Thursday, reaching $25.40. 241,596 shares of the stock were exchanged, compared to its average volume of 1,310,077. The company has a market cap of $2.75 billion, a P/E ratio of 26.74, a price-to-earnings-growth ratio of 1.28 and a beta of 0.74. 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 of $25.40 and a two-hundred day moving average of $28.13.

Iridium Communications (NASDAQ:IRDM - Get Free Report) last announced its quarterly earnings results on Tuesday, April 22nd. The technology company reported $0.27 earnings per share (EPS) for the quarter, topping 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 company had revenue of $214.88 million during the quarter, compared to the consensus estimate of $211.78 million. During the same period in the prior year, the business earned $0.17 earnings per share. Equities analysts expect that Iridium Communications Inc. will post 0.89 EPS for the current fiscal year.

Iridium Communications Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Friday, June 13th will be paid a dividend of $0.14 per share. The ex-dividend date of this dividend is Friday, June 13th. This represents a $0.56 dividend on an annualized basis and a yield of 2.20%. 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.