Jupiter Asset Management Ltd. Makes New $7.04 Million Investment in Iridium Communications Inc (NASDAQ:IRDM)

Jupiter Asset Management Ltd. purchased a new stake in shares of Iridium Communications Inc (NASDAQ:IRDM) during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 257,689 shares of the technology company’s stock, valued at approximately $7,040,000. Jupiter Asset Management Ltd. owned 0.24% of Iridium Communications as of its most recent SEC filing.

Several other large investors have also made changes to their positions in IRDM. UMB Bank n.a. lifted its stake in shares of Iridium Communications by 129.8% during the first quarter. UMB Bank n.a. now owns 1,379 shares of the technology company’s stock valued at $38,000 after acquiring an additional 779 shares during the period. Pinnacle Holdings LLC lifted its stake 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 acquiring an additional 477 shares during the period. Cooksen Wealth LLC acquired a new position in shares of Iridium Communications during the first quarter valued at $47,000. SBI Securities Co. Ltd. lifted its stake in shares of Iridium Communications by 37.2% during the first quarter. SBI Securities Co. Ltd. now owns 1,757 shares of the technology company’s stock valued at $48,000 after acquiring an additional 476 shares during the period. Finally, Covestor Ltd lifted its stake 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 acquiring an additional 2,113 shares during the period. Institutional investors and hedge funds own 84.36% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on IRDM shares. William Blair raised Iridium Communications from a “market perform” rating to an “outperform” rating in a research note on Tuesday, April 22nd. Morgan Stanley cut their price target on Iridium Communications from $40.00 to $37.00 and set an “overweight” rating on the stock in a research note on Friday. Oppenheimer started coverage on Iridium Communications in a research note on Monday, May 5th. They set an “outperform” rating and a $34.00 price target on the stock. Barclays dropped their price objective on Iridium Communications from $38.00 to $31.00 and set an “overweight” rating for the company in a report on Monday, July 28th. Finally, BWS Financial dropped their price objective on Iridium Communications from $30.00 to $25.00 and set a “neutral” rating for the company in a report on Wednesday, April 23rd. Two equities research analysts have rated the stock with a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $34.33.

Iridium Communications Trading Down 1.1%

NASDAQ IRDM opened at $24.18 on Monday. The stock has a 50-day simple moving average of $28.78 and a 200 day simple moving average of $27.85. The company has a market capitalization of $2.57 billion, a PE ratio of 24.42, a P/E/G ratio of 0.89 and a beta of 0.76. The company has a current ratio of 2.51, a quick ratio of 1.75 and a debt-to-equity ratio of 3.82. Iridium Communications Inc has a 12 month low of $19.91 and a 12 month high of $35.85.

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

Iridium Communications Increases Dividend

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

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.