Bayforest Capital Ltd Purchases 5,214 Shares of Iridium Communications Inc (NASDAQ:IRDM)

Bayforest Capital Ltd lifted its holdings in Iridium Communications Inc (NASDAQ:IRDM) by 527.7% during the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 6,202 shares of the technology company’s stock after buying an additional 5,214 shares during the period. Bayforest Capital Ltd’s holdings in Iridium Communications were worth $169,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of the business. UMB Bank n.a. increased its stake in shares of Iridium Communications by 129.8% during the 1st quarter. UMB Bank n.a. now owns 1,379 shares of the technology company’s stock worth $38,000 after purchasing an additional 779 shares during the last quarter. Pinnacle Holdings LLC grew its holdings in 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 during the period. Cooksen Wealth LLC purchased a new stake in Iridium Communications in the first quarter worth $47,000. SBI Securities Co. Ltd. raised its stake in shares of Iridium Communications by 37.2% in the first quarter. SBI Securities Co. Ltd. now owns 1,757 shares of the technology company’s stock valued at $48,000 after buying an additional 476 shares during the period. Finally, Covestor Ltd lifted its position in shares of Iridium Communications by 529.6% during the 4th quarter. Covestor Ltd now owns 2,512 shares of the technology company’s stock valued at $73,000 after buying an additional 2,113 shares during the last quarter. 84.36% of the stock is owned by institutional investors.

Iridium Communications Trading Down 1.1%

Shares of IRDM opened at $24.18 on Friday. Iridium Communications Inc has a twelve month low of $19.91 and a twelve month high of $35.85. The stock has a market cap of $2.57 billion, a PE ratio of 24.42, a P/E/G ratio of 0.90 and a beta of 0.76. The company has a quick ratio of 1.75, a current ratio of 2.51 and a debt-to-equity ratio of 3.82. The business’s 50-day moving average price is $28.78 and its 200-day moving average price is $27.85.

Iridium Communications (NASDAQ:IRDM) last issued its quarterly earnings data on Thursday, July 24th. The technology company reported $0.20 EPS for the quarter, missing the consensus estimate of $0.23 by ($0.03). Iridium Communications had a net margin of 13.20% and a return on equity of 20.28%. The firm had revenue of $216.91 million for the quarter, compared to analysts’ expectations of $214.73 million. During the same period in the prior year, the firm posted $0.27 EPS. Iridium Communications’s revenue was up 7.9% on a year-over-year basis. On average, equities analysts forecast that Iridium Communications Inc will post 0.89 EPS for the current fiscal year.

Iridium Communications Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Monday, September 15th will be issued a $0.15 dividend. The ex-dividend date of this dividend is Monday, September 15th. This is an increase from Iridium Communications’s previous quarterly dividend of $0.14. This represents a $0.60 annualized dividend and a dividend yield of 2.5%. Iridium Communications’s payout ratio is currently 56.57%.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on IRDM shares. William Blair upgraded Iridium Communications from a “market perform” rating to an “outperform” rating in a research note on Tuesday, April 22nd. Raymond James Financial reiterated a “strong-buy” rating and set a $39.00 target price (down previously from $47.00) on shares of Iridium Communications in a research report on Friday, July 25th. Morgan Stanley reduced their target price on shares of Iridium Communications from $40.00 to $37.00 and set an “overweight” rating for the company in a research note on Friday. Oppenheimer began coverage on shares of Iridium Communications in a research note on Monday, May 5th. They set an “outperform” rating and a $34.00 price target on the stock. Finally, Barclays cut their price objective on shares of Iridium Communications from $38.00 to $31.00 and set an “overweight” rating for the company in a report on Monday, July 28th. Two research analysts have rated the stock with a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $34.33.

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.