Iridium Communications Inc $IRDM Shares Bought by Jupiter Asset Management Ltd.

Jupiter Asset Management Ltd. lifted its stake in shares of Iridium Communications Inc (NASDAQ:IRDM) by 139.4% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 850,036 shares of the technology company’s stock after acquiring an additional 495,034 shares during the period. Jupiter Asset Management Ltd. owned 0.81% of Iridium Communications worth $14,842,000 as of its most recent SEC filing.

Other institutional investors have also recently bought and sold shares of the company. Synergy Asset Management LLC lifted its stake in shares of Iridium Communications by 100.0% in the 3rd quarter. Synergy Asset Management LLC now owns 1,324,366 shares of the technology company’s stock valued at $23,123,000 after purchasing an additional 662,183 shares in the last quarter. Y Intercept Hong Kong Ltd raised its holdings in Iridium Communications by 2,459.5% in the third quarter. Y Intercept Hong Kong Ltd now owns 345,226 shares of the technology company’s stock valued at $6,028,000 after buying an additional 331,738 shares during the period. Brookwood Investment Group LLC acquired a new position in Iridium Communications during the second quarter valued at approximately $1,165,000. Oak Thistle LLC purchased a new stake in Iridium Communications during the third quarter worth approximately $1,074,000. Finally, Graphene Investments SAS acquired a new stake in shares of Iridium Communications in the second quarter worth $3,479,000. 84.36% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of brokerages have recently commented on IRDM. Morgan Stanley raised their target price on shares of Iridium Communications from $24.00 to $26.00 and gave the company an “equal weight” rating in a research note on Wednesday. BWS Financial reiterated a “sell” rating and issued a $16.00 price target on shares of Iridium Communications in a report on Tuesday. Finally, Weiss Ratings restated a “sell (d+)” rating on shares of Iridium Communications in a research note on Thursday, January 22nd. Four investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, Iridium Communications currently has an average rating of “Hold” and an average price target of $25.40.

Iridium Communications Price Performance

Shares of IRDM stock opened at $22.92 on Friday. The firm has a fifty day simple moving average of $19.47 and a 200-day simple moving average of $19.54. The company has a market capitalization of $2.41 billion, a PE ratio of 21.62, a price-to-earnings-growth ratio of 1.58 and a beta of 0.61. Iridium Communications Inc has a twelve month low of $15.65 and a twelve month high of $33.34. The company has a current ratio of 2.48, a quick ratio of 1.82 and a debt-to-equity ratio of 3.80.

Iridium Communications (NASDAQ:IRDM) last released its quarterly earnings results on Thursday, February 12th. The technology company reported $0.24 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.23 by $0.01. The firm had revenue of $212.94 million for the quarter, compared to the consensus estimate of $219.14 million. Iridium Communications had a net margin of 13.12% and a return on equity of 24.01%. The firm’s quarterly revenue was up .0% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.32 EPS. Equities research analysts anticipate that Iridium Communications Inc will post 0.89 earnings per share for the current fiscal year.

Iridium Communications Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, December 31st. Investors of record on Monday, December 15th were paid a $0.15 dividend. The ex-dividend date was Monday, December 15th. This represents a $0.60 annualized dividend and a dividend yield of 2.6%. Iridium Communications’s payout ratio is 56.60%.

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.