Voya Investment Management LLC Increases Holdings in Iridium Communications Inc. (NASDAQ:IRDM)

Voya Investment Management LLC increased its position in shares of Iridium Communications Inc. (NASDAQ:IRDM - Free Report) by 165.5% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 430,273 shares of the technology company's stock after acquiring an additional 268,191 shares during the period. Voya Investment Management LLC owned about 0.38% of Iridium Communications worth $12,487,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also recently bought and sold shares of the company. Sumitomo Mitsui Trust Group Inc. lifted its stake in shares of 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 valued at $82,099,000 after purchasing an additional 320,506 shares during the last quarter. Nikko Asset Management Americas Inc. increased its holdings in shares of Iridium Communications by 13.2% during 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 last quarter. ARK Investment Management LLC boosted its position in Iridium Communications by 5.7% during the fourth quarter. ARK Investment Management LLC now owns 2,507,715 shares of the technology company's stock worth $72,774,000 after purchasing an additional 134,924 shares during the period. Schroder Investment Management Group raised its position in shares of Iridium Communications by 44.7% in the fourth 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 during the period. Finally, Dimensional Fund Advisors LP raised its holdings in Iridium Communications by 7.8% in the 4th quarter. Dimensional Fund Advisors LP now owns 2,062,066 shares of the technology company's stock worth $59,841,000 after acquiring an additional 149,606 shares during the period. Institutional investors and hedge funds own 84.36% of the company's stock.

Analysts Set New Price Targets

Several research firms recently weighed in on IRDM. William Blair raised Iridium Communications from a "market perform" rating to an "outperform" rating in a research report on Tuesday, April 22nd. Barclays cut their price target on shares of Iridium Communications from $45.00 to $38.00 and set an "overweight" rating for the company in a report on Monday, March 10th. StockNews.com lowered shares of Iridium Communications from a "buy" rating to a "hold" rating in a report on Thursday. Cantor Fitzgerald assumed 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, BWS Financial decreased their price objective on Iridium Communications from $30.00 to $25.00 and set a "neutral" rating for the company in a research note on Wednesday, April 23rd. Two research analysts have rated the stock with a hold rating and three have issued a buy rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $34.33.

Iridium Communications Stock Up 4.6 %

IRDM traded up $1.10 during midday trading on Friday, hitting $25.17. The company had a trading volume of 1,117,109 shares, compared to its average volume of 1,130,204. The company has a market capitalization of $2.72 billion, a price-to-earnings ratio of 26.50, a PEG ratio of 1.28 and a beta of 0.66. The stock's 50 day moving average price is $26.58 and its 200 day moving average price is $28.52. The company has a quick ratio of 1.25, a current ratio of 1.73 and a debt-to-equity ratio of 3.05. Iridium Communications Inc. has a 52 week low of $19.91 and a 52 week high of $35.85.

Iridium Communications (NASDAQ:IRDM - Get Free Report) last posted its quarterly earnings data on Tuesday, April 22nd. The technology company reported $0.27 earnings per share for the quarter, topping the consensus estimate of $0.22 by $0.05. The business had revenue of $214.88 million for the quarter, compared to analysts' expectations of $211.78 million. Iridium Communications had a return on equity of 15.66% and a net margin of 13.58%. During the same quarter in the previous year, the firm earned $0.17 earnings per share. On average, research analysts anticipate that Iridium Communications Inc. will post 0.89 earnings per share for the current fiscal year.

Iridium Communications Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Monday, March 17th were given a dividend of $0.14 per share. The ex-dividend date was Monday, March 17th. This represents a $0.56 annualized dividend and a dividend yield of 2.22%. Iridium Communications's dividend payout ratio is currently 52.83%.

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.