Voya Investment Management LLC Buys 268,191 Shares of Iridium Communications Inc. (NASDAQ:IRDM)

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

Other hedge funds also recently modified their holdings of the company. Fifth Third Bancorp increased its stake in Iridium Communications by 19.8% during the 4th quarter. Fifth Third Bancorp now owns 2,162 shares of the technology company's stock worth $63,000 after purchasing an additional 357 shares in the last quarter. Pinnacle Holdings LLC increased its position in shares of Iridium Communications by 45.4% during the fourth quarter. Pinnacle Holdings LLC now owns 1,528 shares of the technology company's stock worth $44,000 after acquiring an additional 477 shares in the last quarter. EntryPoint Capital LLC raised its holdings in shares of Iridium Communications by 4.1% during the fourth quarter. EntryPoint Capital LLC now owns 15,330 shares of the technology company's stock worth $445,000 after acquiring an additional 600 shares during the period. Commonwealth Equity Services LLC lifted its position in Iridium Communications by 4.0% in the 4th quarter. Commonwealth Equity Services LLC now owns 19,060 shares of the technology company's stock valued at $553,000 after acquiring an additional 729 shares in the last quarter. Finally, Ballentine Partners LLC boosted its stake in Iridium Communications by 6.8% in the 4th quarter. Ballentine Partners LLC now owns 11,731 shares of the technology company's stock worth $340,000 after purchasing an additional 750 shares during the period. Institutional investors and hedge funds own 84.36% of the company's stock.

Analysts Set New Price Targets

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

Iridium Communications Stock Up 4.6 %

IRDM stock traded up $1.10 during mid-day 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. Iridium Communications Inc. has a 52 week low of $19.91 and a 52 week high of $35.85. 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 0.74. The company has a debt-to-equity ratio of 3.05, a current ratio of 1.73 and a quick ratio of 1.25. The stock has a 50 day simple moving average of $26.46 and a two-hundred day simple moving average of $28.44.

Iridium Communications (NASDAQ:IRDM - Get Free Report) last issued its earnings results on Tuesday, April 22nd. The technology company reported $0.27 earnings per share for the quarter, topping analysts' consensus estimates of $0.22 by $0.05. The business had revenue of $214.88 million for the quarter, compared to the consensus estimate of $211.78 million. Iridium Communications had a net margin of 13.58% and a return on equity of 15.66%. During the same period in the previous year, the company earned $0.17 earnings per share. As a group, equities analysts predict that Iridium Communications Inc. will post 0.89 earnings per share for the current fiscal 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 paid a $0.14 dividend. The ex-dividend date 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 currently 52.83%.

About Iridium Communications

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.