PharVision Advisers LLC Buys New Position in Iridium Communications Inc. (NASDAQ:IRDM)

PharVision Advisers LLC purchased a new position in shares of Iridium Communications Inc. (NASDAQ:IRDM) in the 4th quarter, Holdings Channel.com reports. The institutional investor purchased 30,068 shares of the technology company’s stock, valued at approximately $873,000. Iridium Communications makes up approximately 0.7% of PharVision Advisers LLC’s portfolio, making the stock its 5th biggest position.

Other institutional investors and hedge funds have also bought and sold shares of the company. Fifth Third Bancorp boosted its holdings 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 acquiring an additional 357 shares during the last quarter. Pinnacle Holdings LLC lifted 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 valued at $44,000 after purchasing an additional 477 shares in the last quarter. Two Sigma Advisers LP boosted its holdings in Iridium Communications by 6.6% during the fourth quarter. Two Sigma Advisers LP now owns 8,100 shares of the technology company’s stock worth $235,000 after purchasing an additional 500 shares during the last quarter. EntryPoint Capital LLC grew its position in Iridium Communications by 4.1% in the 4th quarter. EntryPoint Capital LLC now owns 15,330 shares of the technology company’s stock worth $445,000 after purchasing an additional 600 shares in the last quarter. Finally, Commonwealth Equity Services LLC grew 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 worth $553,000 after purchasing an additional 729 shares in the last quarter. 84.36% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities analysts have commented on the stock. StockNews.com cut shares of Iridium Communications from a “buy” rating to a “hold” rating in a research report on Thursday, May 1st. William Blair upgraded Iridium Communications from a “market perform” rating to an “outperform” rating in a report on Tuesday, April 22nd. Barclays cut their price objective on Iridium Communications from $45.00 to $38.00 and set an “overweight” rating on the stock in a research report on Monday, March 10th. Cantor Fitzgerald initiated coverage on Iridium Communications in a research note on Friday, January 24th. They issued an “overweight” rating and a $40.00 price objective for the company. Finally, Oppenheimer began coverage on Iridium Communications in a research note on Monday, May 5th. They set an “outperform” rating and a $34.00 target price on the stock. Two equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $34.25.

Iridium Communications Trading Up 2.3%

Shares of IRDM stock opened at $25.82 on Wednesday. The company has a quick ratio of 1.25, a current ratio of 1.73 and a debt-to-equity ratio of 3.05. The firm has a market cap of $2.79 billion, a P/E ratio of 27.18, a PEG ratio of 1.28 and a beta of 0.74. The company has a 50 day moving average of $25.45 and a 200-day moving average of $28.14. Iridium Communications Inc. has a 12-month low of $19.91 and a 12-month high of $35.85.

Iridium Communications (NASDAQ:IRDM) last announced its quarterly earnings data on Tuesday, April 22nd. The technology company reported $0.27 earnings per share for the quarter, beating the consensus estimate of $0.22 by $0.05. Iridium Communications had a return on equity of 15.66% and a net margin of 13.58%. The business had revenue of $214.88 million during the quarter, compared to analyst estimates of $211.78 million. During the same period in the prior year, the company earned $0.17 earnings per share. Sell-side analysts anticipate that Iridium Communications Inc. will post 0.89 earnings per share for the current year.

Iridium Communications Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Friday, June 13th will be paid a dividend of $0.14 per share. The ex-dividend date is Friday, June 13th. This represents a $0.56 annualized dividend and a dividend yield of 2.17%. Iridium Communications’s payout ratio is 52.83%.

Iridium Communications Company 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.