Covestor Ltd Increases Stake in Iridium Communications Inc. (NASDAQ:IRDM)

Covestor Ltd boosted its holdings in shares of Iridium Communications Inc. (NASDAQ:IRDM) by 529.6% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 2,512 shares of the technology company’s stock after buying an additional 2,113 shares during the quarter. Covestor Ltd’s holdings in Iridium Communications were worth $73,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Paralel Advisors LLC boosted its holdings in Iridium Communications by 10.0% in the fourth quarter. Paralel Advisors LLC now owns 95,977 shares of the technology company’s stock valued at $2,785,000 after purchasing an additional 8,720 shares during the period. Pinnacle Holdings LLC raised its position in Iridium Communications by 45.4% in the 4th 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. Raymond James Financial Inc. purchased a new position in shares of Iridium Communications in the 4th quarter valued at about $17,613,000. Bank of Nova Scotia acquired a new position in shares of Iridium Communications during the fourth quarter worth about $356,000. Finally, Invesco Ltd. increased its stake in shares of Iridium Communications by 5.3% during the fourth quarter. Invesco Ltd. now owns 659,145 shares of the technology company’s stock worth $19,128,000 after buying an additional 33,393 shares during the period. Hedge funds and other institutional investors own 84.36% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have commented on IRDM shares. StockNews.com upgraded shares of Iridium Communications from a “hold” rating to a “buy” rating in a report on Sunday, April 6th. Cantor Fitzgerald assumed coverage on Iridium Communications in a report on Friday, January 24th. They issued an “overweight” rating and a $40.00 target price on the stock. Finally, Barclays cut their price target on Iridium Communications from $45.00 to $38.00 and set an “overweight” rating on the stock in a research note on Monday, March 10th.

Iridium Communications Stock Up 0.5 %

Shares of NASDAQ:IRDM opened at $24.27 on Monday. The company has a current ratio of 1.73, a quick ratio of 1.25 and a debt-to-equity ratio of 3.05. The firm has a 50 day simple moving average of $28.49 and a 200-day simple moving average of $29.16. The company has a market capitalization of $2.64 billion, a PE ratio of 25.55, a P/E/G ratio of 1.28 and a beta of 0.66. Iridium Communications Inc. has a twelve month low of $22.18 and a twelve month high of $35.85.

Iridium Communications (NASDAQ:IRDM) last released its quarterly earnings data on Thursday, February 13th. The technology company reported $0.31 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.15 by $0.16. Iridium Communications had a net margin of 13.58% and a return on equity of 15.66%. The company had revenue of $212.99 million during the quarter, compared to the consensus estimate of $203.78 million. On average, equities analysts predict that Iridium Communications Inc. will post 0.89 EPS for the current fiscal year.

Iridium Communications Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Monday, March 17th were given a dividend of $0.14 per share. This represents a $0.56 annualized dividend and a yield of 2.31%. The ex-dividend date was Monday, March 17th. Iridium Communications’s dividend payout ratio (DPR) is 58.95%.

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.