8,714 Shares in Iridium Communications Inc $IRDM Acquired by Cetera Investment Advisers

Cetera Investment Advisers acquired a new position in shares of Iridium Communications Inc (NASDAQ:IRDM) during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm acquired 8,714 shares of the technology company’s stock, valued at approximately $238,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. UMB Bank n.a. boosted its position 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 worth $38,000 after buying an additional 779 shares during the period. SBI Securities Co. Ltd. increased its holdings in 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 last quarter. Cooksen Wealth LLC acquired a new stake in shares of Iridium Communications in the 1st quarter valued at about $47,000. GAMMA Investing LLC boosted its position in shares of Iridium Communications by 14.1% in the 1st quarter. GAMMA Investing LLC now owns 3,961 shares of the technology company’s stock valued at $108,000 after purchasing an additional 488 shares during the period. Finally, Salomon & Ludwin LLC purchased a new stake in shares of Iridium Communications in the first quarter valued at about $109,000. Institutional investors and hedge funds own 84.36% of the company’s stock.

Iridium Communications Price Performance

Shares of NASDAQ IRDM opened at $24.14 on Friday. Iridium Communications Inc has a 1-year low of $19.91 and a 1-year high of $35.85. The company has a debt-to-equity ratio of 3.82, a current ratio of 2.51 and a quick ratio of 1.75. The business’s fifty day moving average price is $28.09 and its two-hundred day moving average price is $27.42. The firm has a market capitalization of $2.56 billion, a PE ratio of 24.38, a P/E/G ratio of 0.88 and a beta of 0.76.

Iridium Communications (NASDAQ:IRDM) last released its quarterly earnings results on Thursday, July 24th. The technology company reported $0.20 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.23 by ($0.03). Iridium Communications had a return on equity of 20.28% and a net margin of 13.20%.The business had revenue of $216.91 million during the quarter, compared to the consensus estimate of $214.73 million. During the same period in the previous 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. On average, research analysts expect that Iridium Communications Inc will post 0.89 EPS for the current year.

Iridium Communications Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Monday, September 15th will be given a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 2.5%. This is a boost from Iridium Communications’s previous quarterly dividend of $0.14. The ex-dividend date of this dividend is Monday, September 15th. Iridium Communications’s payout ratio is presently 60.61%.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on the stock. Barclays reduced their target price 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. Wall Street Zen cut shares of Iridium Communications from a “buy” rating to a “hold” rating in a research report on Thursday, May 1st. Raymond James Financial reiterated a “strong-buy” rating and set a $39.00 price target (down from $47.00) on shares of Iridium Communications in a report on Friday, July 25th. Oppenheimer initiated coverage on shares of Iridium Communications in a research report on Monday, May 5th. They issued an “outperform” rating and a $34.00 target price on the stock. Finally, Morgan Stanley dropped 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 report on Friday, August 1st. One research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and one has assigned a Hold rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Buy” and an average target price 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.