Pinnacle Associates Ltd. Buys 24,622 Shares of Iridium Communications Inc $IRDM

Pinnacle Associates Ltd. grew its stake in shares of Iridium Communications Inc (NASDAQ:IRDM) by 4.2% during the third quarter, according to the company in its most recent disclosure with the SEC. The fund owned 607,485 shares of the technology company’s stock after buying an additional 24,622 shares during the quarter. Pinnacle Associates Ltd. owned approximately 0.58% of Iridium Communications worth $10,607,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of IRDM. Hantz Financial Services Inc. lifted its stake in shares of 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 acquiring an additional 977 shares during the last quarter. Aster Capital Management DIFC Ltd bought a new stake in Iridium Communications during the 3rd quarter worth $46,000. Jones Financial Companies Lllp increased its holdings 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 worth $54,000 after purchasing an additional 812 shares in the last quarter. SBI Securities Co. Ltd. increased its holdings in Iridium Communications by 147.0% in the 3rd quarter. SBI Securities Co. Ltd. now owns 3,485 shares of the technology company’s stock worth $61,000 after purchasing an additional 2,074 shares in the last quarter. Finally, Johnson Financial Group Inc. bought a new position in Iridium Communications in the second quarter valued at about $70,000. 84.36% of the stock is currently owned by institutional investors and hedge funds.

Iridium Communications Trading Up 1.0%

NASDAQ IRDM opened at $24.24 on Tuesday. The business’s 50-day moving average price is $20.93 and its two-hundred day moving average price is $19.43. Iridium Communications Inc has a 12 month low of $15.65 and a 12 month high of $33.34. The firm has a market capitalization of $2.54 billion, a PE ratio of 22.87, a price-to-earnings-growth ratio of 1.66 and a beta of 0.60. The company has a current ratio of 2.48, a quick ratio of 1.82 and a debt-to-equity ratio of 3.80.

Iridium Communications (NASDAQ:IRDM) last issued its quarterly earnings results on Thursday, February 12th. The technology company reported $0.24 earnings per share for the quarter, beating 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 during the quarter, compared to analysts’ expectations of $219.14 million. During the same quarter in the prior year, the firm posted $0.32 earnings per share. The business’s quarterly revenue was up .0% on a year-over-year basis. On average, analysts expect that Iridium Communications Inc will post 0.89 EPS for the current year.

Iridium Communications Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, March 31st. Shareholders of record on Monday, March 16th will be 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 of this dividend is Monday, March 16th. Iridium Communications’s dividend payout ratio is currently 56.60%.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on IRDM. BWS Financial restated a “sell” rating and set a $16.00 price target on shares of Iridium Communications in a report on Tuesday, February 17th. Morgan Stanley raised their price objective on shares of Iridium Communications from $24.00 to $26.00 and gave the company an “equal weight” rating in a report on Wednesday, February 18th. Finally, Weiss Ratings reiterated a “sell (d+)” rating on shares of Iridium Communications in a research report on Thursday, January 22nd. Four analysts have rated the stock with a Buy rating, one has assigned a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat, Iridium Communications has an average rating of “Hold” and a consensus target price of $25.40.

Iridium Communications 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.