Iridium Communications Inc. (NASDAQ:IRDM) Shares Bought by IQ EQ FUND MANAGEMENT IRELAND Ltd

IQ EQ FUND MANAGEMENT IRELAND Ltd increased its holdings in Iridium Communications Inc. (NASDAQ:IRDM) by 28.5% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 82,849 shares of the technology company’s stock after acquiring an additional 18,388 shares during the quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd owned approximately 0.07% of Iridium Communications worth $2,404,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also recently bought and sold shares of IRDM. Plato Investment Management Ltd acquired a new stake in shares of Iridium Communications during the fourth quarter worth approximately $32,000. SBI Securities Co. Ltd. bought a new stake in shares of Iridium Communications in the 4th quarter worth about $37,000. Fifth Third Bancorp raised its stake in shares of Iridium Communications by 19.8% in the 4th quarter. Fifth Third Bancorp now owns 2,162 shares of the technology company’s stock valued at $63,000 after purchasing an additional 357 shares in the last quarter. GAMMA Investing LLC lifted its position in shares of Iridium Communications by 44.8% during the fourth quarter. GAMMA Investing LLC now owns 3,473 shares of the technology company’s stock worth $101,000 after purchasing an additional 1,074 shares during the last quarter. Finally, Millstone Evans Group LLC bought a new position in shares of Iridium Communications during the fourth quarter worth about $131,000. Hedge funds and other institutional investors own 84.36% of the company’s stock.

Wall Street Analysts Forecast Growth

IRDM has been the topic of a number of research analyst reports. StockNews.com raised Iridium Communications from a “hold” rating to a “buy” rating in a report on Friday, March 21st. Barclays reduced their price objective 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. Finally, Cantor Fitzgerald initiated coverage on shares of Iridium Communications in a research note on Friday, January 24th. They set an “overweight” rating and a $40.00 target price for the company.

Iridium Communications Stock Up 1.9 %

Shares of Iridium Communications stock opened at $29.54 on Thursday. Iridium Communications Inc. has a twelve month low of $24.14 and a twelve month high of $35.85. The stock has a market capitalization of $3.22 billion, a price-to-earnings ratio of 31.10, a PEG ratio of 1.28 and a beta of 0.70. 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 business’s 50 day simple moving average is $29.49 and its 200-day simple moving average is $29.42.

Iridium Communications (NASDAQ:IRDM) last posted its earnings results on Thursday, February 13th. The technology company reported $0.31 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.15 by $0.16. The company had revenue of $212.99 million for the quarter, compared to analysts’ expectations of $203.78 million. Iridium Communications had a return on equity of 15.66% and a net margin of 13.58%. Equities research analysts forecast that Iridium Communications Inc. will post 0.89 earnings per share for the current year.

Iridium Communications Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Monday, March 17th will be given a $0.14 dividend. This represents a $0.56 annualized dividend and a yield of 1.90%. The ex-dividend date is Monday, March 17th. Iridium Communications’s dividend payout ratio (DPR) is 58.95%.

Insider Buying and Selling at Iridium Communications

In other news, Director Thomas Fitzpatrick sold 12,500 shares of the firm’s stock in a transaction on Friday, January 10th. The stock was sold at an average price of $28.53, for a total transaction of $356,625.00. Following the transaction, the director now directly owns 241,030 shares of the company’s stock, valued at approximately $6,876,585.90. This trade represents a 4.93 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 2.00% of the stock is owned by company insiders.

Iridium Communications 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.