Quantbot Technologies LP Takes $384,000 Position in Iridium Communications Inc $IRDM

Quantbot Technologies LP bought a new position in shares of Iridium Communications Inc (NASDAQ:IRDM) during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 22,006 shares of the technology company’s stock, valued at approximately $384,000.

A number of other large investors also recently modified their holdings of the company. Synergy Asset Management LLC raised its holdings in Iridium Communications by 100.0% during the third quarter. Synergy Asset Management LLC now owns 1,324,366 shares of the technology company’s stock worth $23,123,000 after buying an additional 662,183 shares during the last quarter. Y Intercept Hong Kong Ltd lifted its stake in shares of Iridium Communications by 2,459.5% in the third quarter. Y Intercept Hong Kong Ltd now owns 345,226 shares of the technology company’s stock valued at $6,028,000 after buying an additional 331,738 shares in the last quarter. Oak Thistle LLC acquired a new position in shares of Iridium Communications during the third quarter valued at about $1,074,000. New Century Financial Group LLC acquired a new position in shares of Iridium Communications during the third quarter valued at about $989,000. Finally, Penserra Capital Management LLC increased its position in shares of Iridium Communications by 86.4% during the third quarter. Penserra Capital Management LLC now owns 776,576 shares of the technology company’s stock worth $13,558,000 after acquiring an additional 360,015 shares in the last quarter. 84.36% of the stock is currently owned by institutional investors.

Iridium Communications Stock Performance

Shares of IRDM stock opened at $24.24 on Tuesday. The company has a debt-to-equity ratio of 3.80, a current ratio of 2.48 and a quick ratio of 1.82. The firm has a 50-day moving average of $20.93 and a 200-day moving average of $19.43. Iridium Communications Inc has a one year low of $15.65 and a one year high of $33.34. The company has a market cap of $2.54 billion, a P/E ratio of 22.87, a P/E/G ratio of 1.66 and a beta of 0.60.

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

Iridium Communications Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, March 31st. Stockholders of record on Monday, March 16th will be paid a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 2.5%. The ex-dividend date is Monday, March 16th. Iridium Communications’s payout ratio is presently 56.60%.

Analyst Upgrades and Downgrades

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

Iridium Communications 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.