Intech Investment Management LLC Acquires 17,432 Shares of Iridium Communications Inc $IRDM

Intech Investment Management LLC lifted its holdings in shares of Iridium Communications Inc (NASDAQ:IRDM) by 23.1% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 92,900 shares of the technology company’s stock after purchasing an additional 17,432 shares during the period. Intech Investment Management LLC’s holdings in Iridium Communications were worth $1,615,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Hantz Financial Services Inc. boosted its position in shares of Iridium Communications by 184.7% during 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 in the last quarter. Larson Financial Group LLC boosted its position in shares of Iridium Communications by 392.8% during the 3rd quarter. Larson Financial Group LLC now owns 1,508 shares of the technology company’s stock valued at $26,000 after purchasing an additional 1,202 shares in the last quarter. CIBC Private Wealth Group LLC bought a new stake in shares of Iridium Communications during the 3rd quarter valued at about $32,000. Aster Capital Management DIFC Ltd bought a new stake in shares of Iridium Communications during the 3rd quarter valued at about $46,000. Finally, Advisory Services Network LLC bought a new stake in shares of Iridium Communications during the 3rd quarter valued at about $48,000. Institutional investors own 84.36% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages recently commented on IRDM. BWS Financial restated a “sell” rating and set a $16.00 target price on shares of Iridium Communications in a research report on Monday, April 27th. Oppenheimer upped their target price on Iridium Communications from $48.00 to $60.00 and gave the company an “outperform” rating in a research report on Wednesday. New Street Research initiated coverage on Iridium Communications in a report on Thursday, May 14th. They issued a “neutral” rating and a $40.00 price target on the stock. Raymond James Financial reiterated a “market perform” rating on shares of Iridium Communications in a report on Friday, April 24th. Finally, Weiss Ratings upgraded Iridium Communications from a “sell (d+)” rating to a “hold (c-)” rating in a report on Tuesday, March 10th. Two analysts have rated the stock with a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, Iridium Communications has a consensus rating of “Hold” and a consensus target price of $34.00.

Insider Activity at Iridium Communications

In other news, CAO Timothy Kapalka sold 2,043 shares of the stock in a transaction that occurred on Monday, April 6th. The stock was sold at an average price of $33.00, for a total value of $67,419.00. Following the completion of the sale, the chief accounting officer directly owned 45,721 shares of the company’s stock, valued at $1,508,793. This represents a 4.28% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 2.70% of the stock is currently owned by company insiders.

Iridium Communications Stock Up 6.3%

Shares of NASDAQ:IRDM opened at $52.07 on Friday. The business’s 50 day simple moving average is $40.15 and its two-hundred day simple moving average is $27.21. The firm has a market cap of $5.51 billion, a P/E ratio of 52.60, a PEG ratio of 3.34 and a beta of 0.89. The company has a debt-to-equity ratio of 3.74, a quick ratio of 2.21 and a current ratio of 2.85. Iridium Communications Inc has a 52-week low of $15.65 and a 52-week high of $53.83.

Iridium Communications (NASDAQ:IRDM) last announced its quarterly earnings results on Thursday, April 23rd. The technology company reported $0.20 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.27 by ($0.07). The firm had revenue of $219.06 million during the quarter, compared to the consensus estimate of $218.39 million. Iridium Communications had a return on equity of 22.76% and a net margin of 12.05%.The firm’s revenue was up 2.0% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.27 EPS. As a group, research analysts forecast that Iridium Communications Inc will post 1.04 EPS for the current fiscal year.

Iridium Communications Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, June 30th. Shareholders of record on Monday, June 15th will be issued a $0.15 dividend. The ex-dividend date is Monday, June 15th. This represents a $0.60 annualized dividend and a yield of 1.2%. Iridium Communications’s dividend payout ratio is presently 60.61%.

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.