Iridium Communications Inc $IRDM Shares Acquired by Mitsubishi UFJ Asset Management Co. Ltd.

Mitsubishi UFJ Asset Management Co. Ltd. lifted its position in Iridium Communications Inc (NASDAQ:IRDM) by 13.8% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 172,320 shares of the technology company’s stock after purchasing an additional 20,901 shares during the quarter. Mitsubishi UFJ Asset Management Co. Ltd. owned approximately 0.16% of Iridium Communications worth $3,009,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. Quantinno Capital Management LP lifted its stake in Iridium Communications by 3.1% in the second quarter. Quantinno Capital Management LP now owns 15,199 shares of the technology company’s stock valued at $459,000 after buying an additional 461 shares during the last quarter. Intech Investment Management LLC increased its holdings in shares of Iridium Communications by 0.7% in the 2nd quarter. Intech Investment Management LLC now owns 66,921 shares of the technology company’s stock valued at $2,019,000 after acquiring an additional 473 shares during the period. Jones Financial Companies Lllp raised its position in Iridium Communications by 36.2% in the 3rd quarter. Jones Financial Companies Lllp now owns 3,053 shares of the technology company’s stock valued at $54,000 after purchasing an additional 812 shares during the last quarter. Hantz Financial Services Inc. raised its position in Iridium Communications by 184.7% in the 3rd quarter. Hantz Financial Services Inc. now owns 1,506 shares of the technology company’s stock valued at $26,000 after purchasing an additional 977 shares during the last quarter. Finally, Franklin Resources Inc. boosted its stake in Iridium Communications by 4.9% during the 2nd quarter. Franklin Resources Inc. now owns 23,343 shares of the technology company’s stock worth $704,000 after purchasing an additional 1,094 shares during the period. Hedge funds and other institutional investors own 84.36% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on the stock. BWS Financial reaffirmed a “sell” rating and issued a $16.00 target price on shares of Iridium Communications in a report on Tuesday, February 17th. Morgan Stanley boosted their price target on Iridium Communications from $24.00 to $26.00 and gave the company an “equal weight” rating in a research report on Wednesday, February 18th. Finally, Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Iridium Communications in a research report on Thursday, January 22nd. Four investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $25.40.

Iridium Communications Trading Down 3.1%

NASDAQ IRDM opened at $24.00 on Wednesday. The company has a quick ratio of 1.82, a current ratio of 2.48 and a debt-to-equity ratio of 3.80. The stock has a market capitalization of $2.52 billion, a P/E ratio of 22.64, a P/E/G ratio of 1.70 and a beta of 0.60. Iridium Communications Inc has a 52-week low of $15.65 and a 52-week high of $33.34. The firm has a 50-day moving average price of $20.38 and a 200 day moving average price of $19.43.

Iridium Communications (NASDAQ:IRDM) last released its earnings results on Thursday, February 12th. The technology company reported $0.24 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.23 by $0.01. Iridium Communications had a return on equity of 24.01% and a net margin of 13.12%.The company had revenue of $212.94 million for the quarter, compared to analysts’ expectations of $219.14 million. During the same quarter in the previous year, the firm posted $0.32 EPS. The firm’s quarterly revenue was up .0% on a year-over-year basis. Equities research analysts expect that Iridium Communications Inc will post 0.89 EPS for the current year.

Iridium Communications Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, December 31st. Investors of record on Monday, December 15th were given a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a yield of 2.5%. The ex-dividend date was Monday, December 15th. Iridium Communications’s dividend payout ratio (DPR) is currently 56.60%.

Iridium Communications Company Profile

Iridium Communications Inc operates a global satellite communications network that delivers voice and data services across land, sea and air. The company’s unique architecture relies on a constellation of 66 low-Earth orbit satellites, enabling real-time connectivity in regions beyond the reach of terrestrial wireless networks. Iridium’s core offerings include satellite voice and messaging services, broadband data terminals, push-to-talk (PTT) interoperability and machine-to-machine (M2M) solutions for the Internet of Things (IoT).

Iridium serves a diverse range of markets, including maritime shipping, aviation, government and defense, energy, and enterprise.