Vident Advisory LLC Has $284,000 Stake in Iridium Communications Inc $IRDM

Vident Advisory LLC lifted its position in Iridium Communications Inc (NASDAQ:IRDM) by 5.8% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 10,391 shares of the technology company’s stock after purchasing an additional 566 shares during the quarter. Vident Advisory LLC’s holdings in Iridium Communications were worth $284,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of the stock. Stifel Financial Corp boosted its position in Iridium Communications by 9.8% in the fourth quarter. Stifel Financial Corp now owns 16,785 shares of the technology company’s stock valued at $487,000 after buying an additional 1,495 shares in the last quarter. Lazard Asset Management LLC boosted its position in Iridium Communications by 196.3% in the fourth quarter. Lazard Asset Management LLC now owns 56,164 shares of the technology company’s stock valued at $1,629,000 after buying an additional 37,206 shares in the last quarter. Nuveen Asset Management LLC increased its stake in shares of Iridium Communications by 1.8% in the fourth quarter. Nuveen Asset Management LLC now owns 590,023 shares of the technology company’s stock valued at $17,122,000 after buying an additional 10,226 shares in the last quarter. Nomura Holdings Inc. acquired a new stake in shares of Iridium Communications in the fourth quarter valued at $438,000. Finally, Quantinno Capital Management LP increased its stake in shares of Iridium Communications by 24.3% in the fourth quarter. Quantinno Capital Management LP now owns 11,867 shares of the technology company’s stock valued at $344,000 after buying an additional 2,319 shares in the last quarter. 84.36% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on the company. Barclays lowered their target price on Iridium Communications from $38.00 to $31.00 and set an “overweight” rating for the company in a research note on Monday, July 28th. Morgan Stanley lowered their target price on Iridium Communications from $40.00 to $37.00 and set an “overweight” rating for the company in a research note on Friday, August 1st. Raymond James Financial restated a “strong-buy” rating and issued a $39.00 target price (down from $47.00) on shares of Iridium Communications in a research note on Friday, July 25th. Finally, BWS Financial lowered Iridium Communications from a “neutral” rating to a “sell” rating and lowered their target price for the company from $25.00 to $16.00 in a research note on Tuesday. One investment analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $32.83.

Iridium Communications Trading Down 10.3%

IRDM opened at $19.19 on Wednesday. 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 company has a market cap of $2.04 billion, a price-to-earnings ratio of 19.38, a price-to-earnings-growth ratio of 0.78 and a beta of 0.78. The firm has a 50 day simple moving average of $26.77 and a 200 day simple moving average of $26.86. Iridium Communications Inc has a fifty-two week low of $18.85 and a fifty-two week high of $35.85.

Iridium Communications (NASDAQ:IRDM) last posted its 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). The company had revenue of $216.91 million for the quarter, compared to analyst estimates of $214.73 million. Iridium Communications had a return on equity of 20.28% and a net margin of 13.20%.Iridium Communications’s quarterly revenue was up 7.9% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.27 earnings per share. On average, sell-side analysts anticipate that Iridium Communications Inc will post 0.89 earnings per share 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 annualized dividend and a dividend yield of 3.1%. The ex-dividend date is Monday, September 15th. This is an increase from Iridium Communications’s previous quarterly dividend of $0.14. Iridium Communications’s dividend payout ratio is presently 56.57%.

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.