JPMorgan Chase & Co. Purchases 10,195 Shares of Iridium Communications Inc. (NASDAQ:IRDM)

JPMorgan Chase & Co. lifted its position in shares of Iridium Communications Inc. (NASDAQ:IRDM) by 1.6% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 631,852 shares of the technology company’s stock after purchasing an additional 10,195 shares during the period. JPMorgan Chase & Co. owned 0.55% of Iridium Communications worth $18,336,000 at the end of the most recent quarter.

Other hedge funds have also bought and sold shares of the company. Plato Investment Management Ltd acquired a new position in shares of Iridium Communications in the fourth quarter valued at $32,000. SBI Securities Co. Ltd. acquired a new stake in shares of Iridium Communications during the 4th quarter worth about $37,000. Fifth Third Bancorp boosted its holdings in shares of Iridium Communications by 19.8% during the 4th quarter. Fifth Third Bancorp now owns 2,162 shares of the technology company’s stock worth $63,000 after buying an additional 357 shares during the period. GAMMA Investing LLC boosted its holdings in shares of Iridium Communications by 44.8% during the 4th quarter. GAMMA Investing LLC now owns 3,473 shares of the technology company’s stock worth $101,000 after buying an additional 1,074 shares during the period. Finally, Millstone Evans Group LLC acquired a new position in Iridium Communications in the 4th quarter valued at about $131,000. 84.36% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on the company. StockNews.com upgraded Iridium Communications from a “hold” rating to a “buy” rating in a report on Sunday, April 6th. Barclays reduced their price target on Iridium Communications from $45.00 to $38.00 and set an “overweight” rating for the company in a research note on Monday, March 10th. Finally, Cantor Fitzgerald began coverage on Iridium Communications in a research report on Friday, January 24th. They set an “overweight” rating and a $40.00 price objective on the stock.

Iridium Communications Stock Performance

Shares of NASDAQ:IRDM opened at $24.27 on Friday. Iridium Communications Inc. has a 12-month low of $22.18 and a 12-month high of $35.85. The company’s 50 day moving average price is $28.49 and its two-hundred day moving average price is $29.17. The firm has a market cap of $2.64 billion, a PE ratio of 25.55, a PEG ratio of 1.28 and a beta of 0.66. The company has a quick ratio of 1.25, a current ratio of 1.73 and a debt-to-equity ratio of 3.05.

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

Iridium Communications Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Monday, March 17th were paid a $0.14 dividend. This represents a $0.56 dividend on an annualized basis and a yield of 2.31%. The ex-dividend date was Monday, March 17th. Iridium Communications’s dividend payout ratio (DPR) is presently 58.95%.

About Iridium Communications

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.