GAMMA Investing LLC Purchases 104,742 Shares of Iridium Communications Inc. (NASDAQ:IRDM)

GAMMA Investing LLC lifted its position in shares of Iridium Communications Inc. (NASDAQ:IRDM) by 3,015.9% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 108,215 shares of the technology company’s stock after purchasing an additional 104,742 shares during the quarter. GAMMA Investing LLC owned about 0.10% of Iridium Communications worth $2,956,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently made changes to their positions in the company. Plato Investment Management Ltd bought a new stake in shares of Iridium Communications during the fourth quarter valued at approximately $32,000. SBI Securities Co. Ltd. bought a new stake in shares of Iridium Communications during the fourth quarter valued at approximately $37,000. Pinnacle Holdings LLC boosted its position in shares of Iridium Communications by 45.4% during the fourth quarter. Pinnacle Holdings LLC now owns 1,528 shares of the technology company’s stock valued at $44,000 after purchasing an additional 477 shares in the last quarter. Covestor Ltd boosted its position in shares of Iridium Communications by 529.6% during the fourth quarter. Covestor Ltd now owns 2,512 shares of the technology company’s stock valued at $73,000 after purchasing an additional 2,113 shares in the last quarter. Finally, Millstone Evans Group LLC bought a new stake in Iridium Communications in the fourth quarter worth $131,000. 84.36% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

IRDM has been the topic of several analyst reports. Barclays dropped their target price on Iridium Communications from $45.00 to $38.00 and set an “overweight” rating on the stock in a report on Monday, March 10th. William Blair raised Iridium Communications from a “market perform” rating to an “outperform” rating in a report on Tuesday, April 22nd. BWS Financial dropped their target price on Iridium Communications from $30.00 to $25.00 and set a “neutral” rating on the stock in a report on Wednesday, April 23rd. Wall Street Zen downgraded Iridium Communications from a “buy” rating to a “hold” rating in a report on Thursday, May 1st. Finally, Oppenheimer initiated coverage on Iridium Communications in a report on Monday, May 5th. They issued an “outperform” rating and a $34.00 target price on the stock. Two equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $34.25.

Iridium Communications Trading Up 1.6%

Shares of NASDAQ:IRDM opened at $29.23 on Friday. The company has a market cap of $3.16 billion, a P/E ratio of 30.77, a PEG ratio of 1.28 and a beta of 0.75. The company has a debt-to-equity ratio of 3.05, a current ratio of 1.73 and a quick ratio of 1.25. Iridium Communications Inc. has a 1 year low of $19.91 and a 1 year high of $35.85. The stock’s fifty day moving average price is $25.21 and its 200-day moving average price is $27.85.

Iridium Communications (NASDAQ:IRDM) last announced its quarterly earnings results on Tuesday, April 22nd. The technology company reported $0.27 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.22 by $0.05. The firm had revenue of $214.88 million for the quarter, compared to the consensus estimate of $211.78 million. Iridium Communications had a return on equity of 15.66% and a net margin of 13.58%. During the same period in the prior year, the company posted $0.17 earnings per share. Sell-side analysts expect that Iridium Communications Inc. will post 0.89 earnings per share for the current year.

Iridium Communications Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Friday, June 13th will be issued a dividend of $0.14 per share. This represents a $0.56 dividend on an annualized basis and a dividend yield of 1.92%. The ex-dividend date is Friday, June 13th. Iridium Communications’s payout ratio is currently 52.83%.

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.