Blair William & Co. IL Acquires 28,120 Shares of Iridium Communications Inc $IRDM

Blair William & Co. IL grew its position in Iridium Communications Inc (NASDAQ:IRDM) by 14.1% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 227,731 shares of the technology company’s stock after purchasing an additional 28,120 shares during the quarter. Blair William & Co. IL owned about 0.22% of Iridium Communications worth $3,976,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently modified their holdings of the company. ARK Investment Management LLC grew its position in shares of Iridium Communications by 21.7% during the 3rd quarter. ARK Investment Management LLC now owns 6,490,108 shares of the technology company’s stock worth $113,317,000 after purchasing an additional 1,156,580 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. grew its position in Iridium Communications by 0.6% during the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 4,343,670 shares of the technology company’s stock worth $75,840,000 after acquiring an additional 27,907 shares during the last quarter. Nikko Asset Management Americas Inc. raised its holdings in Iridium Communications by 10.8% in the 2nd quarter. Nikko Asset Management Americas Inc. now owns 4,310,324 shares of the technology company’s stock valued at $130,042,000 after buying an additional 421,279 shares during the last quarter. Silver Heights Capital Management Inc increased its holdings in Iridium Communications by 13.5% in the second quarter. Silver Heights Capital Management Inc now owns 4,228,263 shares of the technology company’s stock valued at $127,567,000 after purchasing an additional 501,400 shares during the period. Finally, American Century Companies Inc. raised its position in shares of Iridium Communications by 9.0% during the third quarter. American Century Companies Inc. now owns 2,878,902 shares of the technology company’s stock worth $50,266,000 after acquiring an additional 238,244 shares during the last quarter. Institutional investors and hedge funds own 84.36% of the company’s stock.

Iridium Communications Stock Down 0.1%

IRDM stock opened at $24.80 on Thursday. The stock has a market cap of $2.60 billion, a P/E ratio of 23.40, a P/E/G ratio of 1.72 and a beta of 0.60. The company has a current ratio of 2.48, a quick ratio of 1.82 and a debt-to-equity ratio of 3.80. The stock’s fifty day simple moving average is $21.22 and its two-hundred day simple moving average is $19.47. Iridium Communications Inc has a 1-year low of $15.65 and a 1-year high of $33.34.

Iridium Communications (NASDAQ:IRDM) last released its 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. The company had revenue of $212.94 million for the quarter, compared to analysts’ expectations of $219.14 million. Iridium Communications had a return on equity of 24.01% and a net margin of 13.12%.The business’s revenue for the quarter was up .0% compared to the same quarter last year. During the same period in the previous year, the business posted $0.32 EPS. Analysts expect that Iridium Communications Inc will post 0.89 EPS for the current year.

Iridium Communications Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 31st. Shareholders of record on Monday, March 16th will be issued a dividend of $0.15 per share. The ex-dividend date of this dividend is Monday, March 16th. This represents a $0.60 annualized dividend and a yield of 2.4%. Iridium Communications’s dividend payout ratio is 56.60%.

Analyst Upgrades and Downgrades

IRDM has been the topic of a number of research analyst reports. BWS Financial reaffirmed a “sell” rating and set a $16.00 price objective on shares of Iridium Communications in a research report on Tuesday, February 17th. Weiss Ratings raised shares of Iridium Communications from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Tuesday. Finally, Morgan Stanley raised their target price on Iridium Communications from $24.00 to $26.00 and gave the company an “equal weight” rating in a report on Wednesday, February 18th. Four equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, Iridium Communications has a consensus rating of “Hold” and an average target price of $25.40.

About Iridium Communications

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.