UMB Bank n.a. Purchases 779 Shares of Iridium Communications Inc. (NASDAQ:IRDM)

UMB Bank n.a. grew its position in shares of Iridium Communications Inc. (NASDAQ:IRDM) by 129.8% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,379 shares of the technology company’s stock after purchasing an additional 779 shares during the period. UMB Bank n.a.’s holdings in Iridium Communications were worth $38,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in IRDM. Norges Bank bought a new stake in shares of Iridium Communications in the 4th quarter valued at about $28,240,000. American Century Companies Inc. lifted its stake in shares of Iridium Communications by 94.2% in the 4th quarter. American Century Companies Inc. now owns 1,735,842 shares of the technology company’s stock valued at $50,374,000 after acquiring an additional 841,951 shares during the last quarter. Schroder Investment Management Group lifted its stake in shares of Iridium Communications by 44.7% in 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 acquiring an additional 683,777 shares during the last quarter. Raymond James Financial Inc. bought a new stake in shares of Iridium Communications in the 4th quarter valued at about $17,613,000. Finally, ArrowMark Colorado Holdings LLC lifted its stake in shares of Iridium Communications by 37.3% in the 4th quarter. ArrowMark Colorado Holdings LLC now owns 2,088,053 shares of the technology company’s stock valued at $60,595,000 after acquiring an additional 567,164 shares during the last quarter. Institutional investors own 84.36% of the company’s stock.

Iridium Communications Stock Down 2.0%

IRDM stock opened at $28.64 on Monday. Iridium Communications Inc. has a fifty-two week low of $19.91 and a fifty-two week high of $35.85. The business’s 50 day moving average price is $25.33 and its two-hundred day moving average price is $27.82. The company has a debt-to-equity ratio of 3.05, a quick ratio of 1.25 and a current ratio of 1.73. The company has a market capitalization of $3.10 billion, a price-to-earnings ratio of 30.15, a price-to-earnings-growth ratio of 1.28 and a beta of 0.75.

Iridium Communications (NASDAQ:IRDM) last posted its quarterly earnings results on Tuesday, April 22nd. The technology company reported $0.27 earnings per share for the quarter, topping the consensus estimate of $0.22 by $0.05. The company 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 quarter in the prior year, the business posted $0.17 EPS. As a group, analysts forecast that Iridium Communications Inc. will post 0.89 earnings per share for the current fiscal year.

Iridium Communications Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Investors of record on Friday, June 13th will be paid a $0.14 dividend. The ex-dividend date of this dividend is Friday, June 13th. This represents a $0.56 annualized dividend and a dividend yield of 1.96%. Iridium Communications’s payout ratio is currently 52.83%.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on IRDM. Oppenheimer started coverage on Iridium Communications in a research note on Monday, May 5th. They issued an “outperform” rating and a $34.00 target price for the company. Barclays reduced their price target on Iridium Communications from $45.00 to $38.00 and set an “overweight” rating on the stock in a report on Monday, March 10th. Wall Street Zen downgraded Iridium Communications from a “buy” rating to a “hold” rating in a report on Thursday, May 1st. BWS Financial reduced their price target on Iridium Communications from $30.00 to $25.00 and set a “neutral” rating on the stock in a report on Wednesday, April 23rd. Finally, William Blair upgraded Iridium Communications from a “market perform” rating to an “outperform” rating in a report on Tuesday, April 22nd. Two research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $34.25.

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.