Iridium Communications Inc (NASDAQ:IRDM) Shares Purchased by GAMMA Investing LLC

GAMMA Investing LLC boosted its position in shares of Iridium Communications Inc (NASDAQ:IRDM) by 14.1% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 3,961 shares of the technology company’s stock after purchasing an additional 488 shares during the period. GAMMA Investing LLC’s holdings in Iridium Communications were worth $108,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. JPMorgan Chase & Co. raised its stake in Iridium Communications by 1.6% during the fourth quarter. JPMorgan Chase & Co. now owns 631,852 shares of the technology company’s stock worth $18,336,000 after purchasing an additional 10,195 shares during the period. Teacher Retirement System of Texas raised its stake in shares of Iridium Communications by 369.5% in the 4th quarter. Teacher Retirement System of Texas now owns 69,562 shares of the technology company’s stock valued at $2,019,000 after acquiring an additional 54,747 shares during the period. Steward Partners Investment Advisory LLC raised its stake in shares of Iridium Communications by 376.3% in the 4th quarter. Steward Partners Investment Advisory LLC now owns 4,858 shares of the technology company’s stock valued at $141,000 after acquiring an additional 3,838 shares during the period. Raymond James Financial Inc. purchased a new stake in shares of Iridium Communications in the 4th quarter valued at approximately $17,613,000. Finally, SBI Securities Co. Ltd. purchased a new stake in shares of Iridium Communications in the 4th quarter valued at approximately $37,000. 84.36% of the stock is owned by hedge funds and other institutional investors.

Iridium Communications Price Performance

Shares of IRDM opened at $31.76 on Monday. Iridium Communications Inc has a fifty-two week low of $19.91 and a fifty-two week high of $35.85. The firm’s 50 day moving average price is $27.19 and its 200 day moving average price is $27.77. The company has a market cap of $3.44 billion, a P/E ratio of 29.96, a PEG ratio of 1.08 and a beta of 0.79. The company has a quick ratio of 1.36, a current ratio of 1.99 and a debt-to-equity ratio of 3.43.

Iridium Communications (NASDAQ:IRDM) last announced its 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. Iridium Communications had a net margin of 14.68% and a return on equity of 19.41%. The firm had revenue of $214.88 million for the quarter, compared to the consensus estimate of $211.78 million. During the same period in the prior year, the firm earned $0.17 EPS. On average, research analysts forecast that Iridium Communications Inc will post 0.89 earnings per share for the current fiscal year.

Iridium Communications Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Friday, June 13th were issued a dividend of $0.14 per share. This represents a $0.56 annualized dividend and a yield of 1.76%. The ex-dividend date of this dividend was Friday, June 13th. Iridium Communications’s dividend payout ratio (DPR) is presently 52.83%.

Wall Street Analysts Forecast Growth

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