Institute for Wealth Management LLC. Buys 3,534 Shares of Iridium Communications Inc. (NASDAQ:IRDM)

Institute for Wealth Management LLC. boosted its stake in Iridium Communications Inc. (NASDAQ:IRDM) by 23.7% in the fourth quarter, HoldingsChannel reports. The firm owned 18,455 shares of the technology company’s stock after acquiring an additional 3,534 shares during the period. Institute for Wealth Management LLC.’s holdings in Iridium Communications were worth $760,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in the stock. ICA Group Wealth Management LLC bought a new position in shares of Iridium Communications during the fourth quarter worth $36,000. Quarry LP bought a new position in shares of Iridium Communications during the 2nd quarter valued at about $39,000. Allspring Global Investments Holdings LLC acquired a new position in shares of Iridium Communications in the 4th quarter valued at approximately $41,000. Covestor Ltd grew its position in shares of Iridium Communications by 83.2% in the 3rd quarter. Covestor Ltd now owns 1,006 shares of the technology company’s stock valued at $46,000 after purchasing an additional 457 shares during the period. Finally, Belpointe Asset Management LLC increased its stake in Iridium Communications by 78.7% during the 1st quarter. Belpointe Asset Management LLC now owns 990 shares of the technology company’s stock worth $61,000 after purchasing an additional 436 shares in the last quarter. Institutional investors and hedge funds own 84.36% of the company’s stock.

Iridium Communications Trading Up 5.1 %

Shares of NASDAQ:IRDM opened at $27.40 on Friday. The stock has a market capitalization of $3.35 billion, a PE ratio of 130.48 and a beta of 0.85. The company’s 50-day moving average price is $27.66 and its two-hundred day moving average price is $34.93. The company has a debt-to-equity ratio of 1.65, a current ratio of 2.06 and a quick ratio of 1.37. Iridium Communications Inc. has a one year low of $24.14 and a one year high of $68.34.

Iridium Communications (NASDAQ:IRDM) last released its earnings results on Thursday, April 18th. The technology company reported $0.16 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.15 by $0.01. The business had revenue of $203.80 million for the quarter, compared to analyst estimates of $193.84 million. Iridium Communications had a return on equity of 2.70% and a net margin of 3.20%. Iridium Communications’s revenue was down .7% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.08 earnings per share. On average, equities analysts forecast that Iridium Communications Inc. will post 0.72 EPS for the current fiscal year.

Iridium Communications Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Friday, March 15th were issued a $0.13 dividend. This represents a $0.52 annualized dividend and a dividend yield of 1.90%. The ex-dividend date was Thursday, March 14th. Iridium Communications’s payout ratio is presently 247.62%.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on IRDM shares. TheStreet raised shares of Iridium Communications from a “d+” rating to a “c-” rating in a research note on Thursday, February 15th. William Blair lowered shares of Iridium Communications from an “outperform” rating to a “market perform” rating in a research note on Thursday, February 15th. BWS Financial lowered Iridium Communications from a “buy” rating to a “neutral” rating and set a $30.00 price target on the stock. in a report on Friday, February 16th. Barclays reduced their price objective on Iridium Communications from $45.00 to $42.00 and set an “overweight” rating for the company in a research report on Friday, February 23rd. Finally, Raymond James dropped their target price on Iridium Communications from $53.00 to $48.00 and set a “strong-buy” rating on the stock in a research report on Friday, February 16th. Three equities research analysts have rated the stock with a hold rating, three have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $49.80.

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.