Leonteq Securities AG purchased a new position in shares of Iridium Communications Inc (NASDAQ:IRDM – Free Report) during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 19,197 shares of the technology company’s stock, valued at approximately $334,000.
A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Vanguard Group Inc. raised its holdings in shares of Iridium Communications by 7.1% in the 4th quarter. Vanguard Group Inc. now owns 10,157,227 shares of the technology company’s stock worth $176,533,000 after purchasing an additional 677,258 shares in the last quarter. ARK Investment Management LLC grew its position in Iridium Communications by 21.7% during the third quarter. ARK Investment Management LLC now owns 6,490,108 shares of the technology company’s stock valued at $113,317,000 after purchasing an additional 1,156,580 shares in the last quarter. Silver Heights Capital Management Inc grew its position in Iridium Communications by 22.7% during the third quarter. Silver Heights Capital Management Inc now owns 5,189,703 shares of the technology company’s stock valued at $90,612,000 after purchasing an additional 961,440 shares in the last quarter. Millennium Management LLC grew its position in Iridium Communications by 265.8% during the third quarter. Millennium Management LLC now owns 3,039,731 shares of the technology company’s stock valued at $53,074,000 after purchasing an additional 2,208,857 shares in the last quarter. Finally, American Century Companies Inc. grew its position in Iridium Communications by 9.0% during the third quarter. American Century Companies Inc. now owns 2,878,902 shares of the technology company’s stock valued at $50,266,000 after purchasing an additional 238,244 shares in the last quarter. 84.36% of the stock is currently owned by institutional investors.
Iridium Communications Price Performance
NASDAQ IRDM opened at $48.84 on Friday. The company has a quick ratio of 2.21, a current ratio of 2.85 and a debt-to-equity ratio of 3.74. The stock has a market capitalization of $5.16 billion, a PE ratio of 49.33, a price-to-earnings-growth ratio of 3.33 and a beta of 0.79. The company has a 50 day moving average price of $35.73 and a two-hundred day moving average price of $25.06. Iridium Communications Inc has a 12-month low of $15.65 and a 12-month high of $48.94.
Iridium Communications Dividend Announcement
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, June 30th. Shareholders of record on Monday, June 15th will be paid a $0.15 dividend. The ex-dividend date is Monday, June 15th. This represents a $0.60 dividend on an annualized basis and a yield of 1.2%. Iridium Communications’s payout ratio is 60.61%.
Insider Transactions at Iridium Communications
In other news, CAO Timothy Kapalka sold 2,043 shares of the business’s stock in a transaction on Monday, April 6th. The shares were 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 in the company, valued at approximately $1,508,793. The trade was a 4.28% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 2.70% of the stock is owned by company insiders.
Analyst Ratings Changes
A number of brokerages recently commented on IRDM. New Street Research began coverage on shares of Iridium Communications in a research report on Thursday, May 14th. They set a “neutral” rating and a $40.00 price objective on the stock. Weiss Ratings raised shares of Iridium Communications from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Tuesday, March 10th. BWS Financial reaffirmed a “sell” rating and set a $16.00 price objective on shares of Iridium Communications in a research report on Monday, April 27th. Raymond James Financial reaffirmed a “market perform” rating on shares of Iridium Communications in a research report on Friday, April 24th. Finally, Barclays boosted their price objective on shares of Iridium Communications from $25.00 to $36.00 and gave the company an “overweight” rating in a research report on Thursday, April 9th. One research analyst has rated the stock with a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $28.80.
Read Our Latest Stock Report on Iridium Communications
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.
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