Iridium Communications Inc $IRDM Shares Bought by Citigroup Inc.

Citigroup Inc. boosted its holdings in shares of Iridium Communications Inc (NASDAQ:IRDM) by 323.8% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 310,797 shares of the technology company’s stock after acquiring an additional 237,456 shares during the quarter. Citigroup Inc. owned about 0.30% of Iridium Communications worth $5,427,000 at the end of the most recent quarter.

Several other large investors have also modified their holdings of IRDM. Hantz Financial Services Inc. increased its position in shares of Iridium Communications by 184.7% during the 3rd quarter. Hantz Financial Services Inc. now owns 1,506 shares of the technology company’s stock worth $26,000 after purchasing an additional 977 shares during the last quarter. 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 worth $54,000 after buying an additional 812 shares during the period. SBI Securities Co. Ltd. increased its position in shares of Iridium Communications by 147.0% during the third quarter. SBI Securities Co. Ltd. now owns 3,485 shares of the technology company’s stock valued at $61,000 after acquiring an additional 2,074 shares during the last quarter. Johnson Financial Group Inc. acquired a new stake in shares of Iridium Communications during the second quarter valued at about $70,000. Finally, LSV Asset Management purchased a new stake in shares of Iridium Communications in the 3rd quarter valued at approximately $171,000. Institutional investors and hedge funds own 84.36% of the company’s stock.

Iridium Communications Stock Performance

NASDAQ:IRDM opened at $24.00 on Wednesday. The company has a market cap of $2.52 billion, a price-to-earnings ratio of 22.64, a price-to-earnings-growth ratio of 1.70 and a beta of 0.60. The company has a quick ratio of 1.82, a current ratio of 2.48 and a debt-to-equity ratio of 3.80. Iridium Communications Inc has a 52 week low of $15.65 and a 52 week high of $33.34. The company has a fifty day simple moving average of $20.38 and a two-hundred day simple moving average of $19.43.

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

Iridium Communications Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, December 31st. Investors of record on Monday, December 15th were paid a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis 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%.

Wall Street Analyst Weigh In

IRDM has been the subject of several research reports. Weiss Ratings reiterated a “sell (d+)” rating on shares of Iridium Communications in a report on Thursday, January 22nd. BWS Financial reaffirmed a “sell” rating and issued a $16.00 price objective on shares of Iridium Communications in a research note on Tuesday, February 17th. Finally, Morgan Stanley boosted their price objective 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, one has assigned a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat.com, Iridium Communications has an average rating of “Hold” and an average price target of $25.40.

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.