AXQ Capital LP Buys New Position in Iridium Communications Inc $IRDM

AXQ Capital LP acquired a new stake in shares of Iridium Communications Inc (NASDAQ:IRDM) in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The fund acquired 29,911 shares of the technology company’s stock, valued at approximately $522,000.

A number of other hedge funds also recently made changes to their positions in the stock. Hantz Financial Services Inc. boosted its holdings in Iridium Communications by 184.7% in the 3rd quarter. Hantz Financial Services Inc. now owns 1,506 shares of the technology company’s stock worth $26,000 after buying an additional 977 shares during the period. Jones Financial Companies Lllp boosted its stake in Iridium Communications by 36.2% during the third quarter. Jones Financial Companies Lllp now owns 3,053 shares of the technology company’s stock valued at $54,000 after buying an additional 812 shares during the last quarter. SBI Securities Co. Ltd. grew its holdings in Iridium Communications by 147.0% during the 3rd quarter. SBI Securities Co. Ltd. now owns 3,485 shares of the technology company’s stock valued at $61,000 after buying an additional 2,074 shares in the last quarter. Johnson Financial Group Inc. bought a new stake in Iridium Communications in the 2nd quarter worth approximately $70,000. Finally, LSV Asset Management bought a new stake in Iridium Communications in the 3rd quarter worth approximately $171,000. 84.36% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of research analysts recently weighed in on IRDM shares. BWS Financial reissued a “sell” rating and issued a $16.00 target price on shares of Iridium Communications in a report on Tuesday, February 17th. Morgan Stanley lifted their price objective on shares of Iridium Communications from $24.00 to $26.00 and gave the stock an “equal weight” rating in a research note on Wednesday, February 18th. Finally, Weiss Ratings restated a “sell (d+)” rating on shares of Iridium Communications in a report on Thursday, January 22nd. Four equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $25.40.

Iridium Communications Trading Up 3.1%

IRDM stock opened at $23.91 on Wednesday. Iridium Communications Inc has a twelve month low of $15.65 and a twelve month high of $33.34. The stock has a market capitalization of $2.51 billion, a price-to-earnings ratio of 22.56, a price-to-earnings-growth ratio of 1.59 and a beta of 0.61. The company has a quick ratio of 1.82, a current ratio of 2.48 and a debt-to-equity ratio of 3.80. The firm’s fifty day simple moving average is $19.72 and its two-hundred day simple moving average is $19.46.

Iridium Communications (NASDAQ:IRDM) last released its quarterly earnings results on Thursday, February 12th. The technology company reported $0.24 EPS for the quarter, topping analysts’ consensus estimates of $0.23 by $0.01. Iridium Communications had a net margin of 13.12% and a return on equity of 24.01%. The firm had revenue of $212.94 million during the quarter, compared to analysts’ expectations of $219.14 million. During the same period in the previous year, the company earned $0.32 EPS. The firm’s revenue for the quarter was up .0% compared to the same quarter last year. As a group, analysts anticipate that Iridium Communications Inc will post 0.89 earnings per share for the current year.

Iridium Communications Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, December 31st. Stockholders of record on Monday, December 15th were issued a $0.15 dividend. This represents a $0.60 annualized dividend and a dividend yield of 2.5%. The ex-dividend date was Monday, December 15th. Iridium Communications’s dividend payout ratio is presently 56.60%.

Iridium Communications Company Profile

Iridium Communications Inc operates a global satellite communications network that delivers voice and data services across land, sea and air. The company’s unique architecture relies on a constellation of 66 low-Earth orbit satellites, enabling real-time connectivity in regions beyond the reach of terrestrial wireless networks. Iridium’s core offerings include satellite voice and messaging services, broadband data terminals, push-to-talk (PTT) interoperability and machine-to-machine (M2M) solutions for the Internet of Things (IoT).

Iridium serves a diverse range of markets, including maritime shipping, aviation, government and defense, energy, and enterprise.