Iridium Communications Inc. (NASDAQ:IRDM) Shares Bought by Zurcher Kantonalbank Zurich Cantonalbank

Zurcher Kantonalbank Zurich Cantonalbank raised its stake in Iridium Communications Inc. (NASDAQ:IRDM) by 13.1% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 25,075 shares of the technology company’s stock after acquiring an additional 2,898 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Iridium Communications were worth $1,032,000 as of its most recent SEC filing.

Other hedge funds also recently made changes to their positions in the company. Cullen Investment Group LTD. bought a new stake in shares of Iridium Communications during the fourth quarter valued at approximately $1,548,000. Hsbc Holdings PLC raised its holdings in shares of Iridium Communications by 11.9% during the third quarter. Hsbc Holdings PLC now owns 54,578 shares of the technology company’s stock valued at $2,498,000 after buying an additional 5,823 shares during the last quarter. Teachers Retirement System of The State of Kentucky raised its holdings in shares of Iridium Communications by 92.7% during the third quarter. Teachers Retirement System of The State of Kentucky now owns 43,137 shares of the technology company’s stock valued at $1,962,000 after buying an additional 20,752 shares during the last quarter. Pacer Advisors Inc. raised its holdings in shares of Iridium Communications by 2,918.9% during the fourth quarter. Pacer Advisors Inc. now owns 603,900 shares of the technology company’s stock valued at $24,857,000 after buying an additional 583,896 shares during the last quarter. Finally, GSA Capital Partners LLP raised its holdings in shares of Iridium Communications by 1,167.9% during the third quarter. GSA Capital Partners LLP now owns 51,310 shares of the technology company’s stock valued at $2,334,000 after buying an additional 47,263 shares during the last quarter. Institutional investors own 84.36% of the company’s stock.

Iridium Communications Trading Up 5.7 %

Iridium Communications stock opened at $31.37 on Friday. The company has a debt-to-equity ratio of 1.86, a quick ratio of 2.52 and a current ratio of 3.33. The firm has a market cap of $3.81 billion, a price-to-earnings ratio of 149.38 and a beta of 0.85. Iridium Communications Inc. has a 1 year low of $24.14 and a 1 year high of $65.69. The firm’s 50 day moving average price is $27.30 and its two-hundred day moving average price is $34.41.

Iridium Communications (NASDAQ:IRDM) last posted its quarterly 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 firm had revenue of $203.80 million for the quarter, compared to analyst estimates of $193.84 million. Iridium Communications had a net margin of 3.20% and a return on equity of 2.76%. The firm’s quarterly revenue was down .7% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.08 earnings per share. On average, research analysts predict that Iridium Communications Inc. will post 0.73 EPS for the current fiscal year.

Iridium Communications Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 29th. Shareholders of record on Friday, March 15th were given a $0.13 dividend. The ex-dividend date of this dividend was Thursday, March 14th. This represents a $0.52 annualized dividend and a yield of 1.66%. Iridium Communications’s dividend payout ratio (DPR) is 247.62%.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on IRDM shares. William Blair cut Iridium Communications from an “outperform” rating to a “market perform” rating in a report on Thursday, February 15th. Raymond James cut their price target on Iridium Communications from $53.00 to $48.00 and set a “strong-buy” rating on the stock in a report on Friday, February 16th. BWS Financial reissued a “neutral” rating and set a $30.00 target price on shares of Iridium Communications in a report on Monday, April 22nd. Barclays boosted their target price on Iridium Communications from $42.00 to $44.00 and gave the stock an “overweight” rating in a report on Friday. Finally, TheStreet raised Iridium Communications from a “d+” rating to a “c-” rating in a report on Thursday, February 15th. Three analysts have rated the stock with a hold rating, two have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Iridium Communications currently has an average rating of “Moderate Buy” and an average target price of $44.75.

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.