Bank of Montreal Can Has $656,000 Stock Position in Iridium Communications Inc. (NASDAQ:IRDM)

Bank of Montreal Can raised its stake in Iridium Communications Inc. (NASDAQ:IRDM) by 4.9% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 22,608 shares of the technology company’s stock after buying an additional 1,065 shares during the quarter. Bank of Montreal Can’s holdings in Iridium Communications were worth $656,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Norges Bank bought a new stake in shares of Iridium Communications in the 4th quarter valued at $28,240,000. American Century Companies Inc. increased its holdings in shares of Iridium Communications by 94.2% in the fourth quarter. American Century Companies Inc. now owns 1,735,842 shares of the technology company’s stock worth $50,374,000 after acquiring an additional 841,951 shares in the last quarter. Schroder Investment Management Group lifted its holdings in shares of Iridium Communications by 44.7% during the 4th quarter. Schroder Investment Management Group now owns 2,213,512 shares of the technology company’s stock valued at $64,125,000 after purchasing an additional 683,777 shares in the last quarter. Raymond James Financial Inc. bought a new stake in Iridium Communications during the 4th quarter worth approximately $17,613,000. Finally, Nikko Asset Management Americas Inc. raised its holdings in Iridium Communications by 13.2% during the 4th quarter. Nikko Asset Management Americas Inc. now owns 2,827,580 shares of the technology company’s stock worth $82,028,000 after buying an additional 329,915 shares during the period. Institutional investors own 84.36% of the company’s stock.

Wall Street Analysts Forecast Growth

IRDM has been the topic of a number of research analyst reports. Barclays dropped their price objective on shares of Iridium Communications from $45.00 to $38.00 and set an “overweight” rating on the stock in a report on Monday, March 10th. StockNews.com raised Iridium Communications from a “hold” rating to a “buy” rating in a research report on Sunday, April 6th. Finally, Cantor Fitzgerald initiated coverage on shares of Iridium Communications in a research note on Friday, January 24th. They set an “overweight” rating and a $40.00 price target for the company.

Iridium Communications Price Performance

Iridium Communications stock opened at $23.77 on Monday. The company has a market capitalization of $2.58 billion, a price-to-earnings ratio of 25.02, a PEG ratio of 1.28 and a beta of 0.66. The stock’s 50 day moving average is $28.06 and its 200-day moving average is $28.91. The company has a current ratio of 1.73, a quick ratio of 1.25 and a debt-to-equity ratio of 3.05. Iridium Communications Inc. has a 12 month low of $22.18 and a 12 month high of $35.85.

Iridium Communications (NASDAQ:IRDM) last announced its 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 firm had revenue of $212.99 million for the quarter, compared to analyst estimates of $203.78 million. Iridium Communications had a net margin of 13.58% and a return on equity of 15.66%. Equities research analysts expect that Iridium Communications Inc. will post 0.89 EPS for the current year.

Iridium Communications Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Monday, March 17th were issued a dividend of $0.14 per share. This represents a $0.56 annualized dividend and a dividend yield of 2.36%. The ex-dividend date of this dividend was Monday, March 17th. Iridium Communications’s dividend payout ratio (DPR) is currently 58.95%.

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.