Iridium Communications Inc $IRDM Shares Purchased by NewEdge Advisors LLC

NewEdge Advisors LLC increased its holdings in Iridium Communications Inc (NASDAQ:IRDM) by 11,143.3% in the 1st quarter, according to its most recent disclosure with the SEC. The firm owned 45,198 shares of the technology company’s stock after acquiring an additional 44,796 shares during the period. NewEdge Advisors LLC’s holdings in Iridium Communications were worth $1,254,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in IRDM. Quantinno Capital Management LP raised its position in Iridium Communications by 3.1% in the second quarter. Quantinno Capital Management LP now owns 15,199 shares of the technology company’s stock valued at $459,000 after purchasing an additional 461 shares during the period. Empowered Funds LLC grew its holdings in shares of Iridium Communications by 4.4% during the 4th quarter. Empowered Funds LLC now owns 11,350 shares of the technology company’s stock worth $197,000 after purchasing an additional 478 shares during the period. Allworth Financial LP increased its position in shares of Iridium Communications by 11.2% during the 4th quarter. Allworth Financial LP now owns 5,677 shares of the technology company’s stock worth $99,000 after purchasing an additional 572 shares during the last quarter. Quadrant Capital Group LLC increased its position in shares of Iridium Communications by 107.5% during the 4th quarter. Quadrant Capital Group LLC now owns 1,430 shares of the technology company’s stock worth $25,000 after purchasing an additional 741 shares during the last quarter. Finally, Pictet Asset Management Holding SA raised its holdings in Iridium Communications by 5.3% in the 1st quarter. Pictet Asset Management Holding SA now owns 14,971 shares of the technology company’s stock valued at $415,000 after buying an additional 753 shares during the period. Institutional investors and hedge funds own 84.36% of the company’s stock.

Iridium Communications Stock Down 0.3%

Shares of NASDAQ:IRDM opened at $50.05 on Tuesday. The company has a debt-to-equity ratio of 3.70, a current ratio of 2.78 and a quick ratio of 2.31. The firm has a market capitalization of $5.30 billion, a PE ratio of 56.88, a price-to-earnings-growth ratio of 4.05 and a beta of 0.88. The firm’s 50-day moving average is $48.01 and its two-hundred day moving average is $38.22. Iridium Communications Inc has a 1 year low of $15.65 and a 1 year high of $57.18.

Iridium Communications (NASDAQ:IRDM) last posted its quarterly earnings data on Wednesday, July 22nd. The technology company reported $0.09 EPS for the quarter, missing the consensus estimate of $0.28 by ($0.19). The business had revenue of $225.24 million during the quarter, compared to analysts’ expectations of $220.32 million. Iridium Communications had a net margin of 10.55% and a return on equity of 22.57%. The company’s revenue for the quarter was up 3.8% compared to the same quarter last year. During the same period in the previous year, the business posted $0.20 EPS. Analysts predict that Iridium Communications Inc will post 0.95 EPS for the current year.

Iridium Communications Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Tuesday, September 15th will be given a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 1.2%. The ex-dividend date of this dividend is Tuesday, September 15th. Iridium Communications’s dividend payout ratio (DPR) is currently 68.18%.

Analyst Upgrades and Downgrades

IRDM has been the subject of several research analyst reports. William Blair lowered shares of Iridium Communications from an “outperform” rating to a “hold” rating in a research note on Monday, June 29th. Morgan Stanley boosted their price target on shares of Iridium Communications from $26.00 to $54.00 and gave the company an “equal weight” rating in a research note on Tuesday, June 30th. Oppenheimer upped their price objective on shares of Iridium Communications from $48.00 to $60.00 and gave the stock an “outperform” rating in a report on Wednesday, June 3rd. 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. Finally, Raymond James Financial reissued a “market perform” rating on shares of Iridium Communications in a research report on Friday, April 24th. Three research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $38.67.

Iridium Communications Company 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.