25,072 Shares in Iridium Communications Inc. (NASDAQ:IRDM) Purchased by Gilliland Jeter Wealth Management LLC

Gilliland Jeter Wealth Management LLC bought a new stake in shares of Iridium Communications Inc. (NASDAQ:IRDM) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 25,072 shares of the technology company’s stock, valued at approximately $1,032,000.

Other hedge funds have also made changes to their positions in the company. Allspring Global Investments Holdings LLC acquired a new position in shares of Iridium Communications during the fourth quarter valued at approximately $41,000. Covestor Ltd raised its holdings in shares of Iridium Communications by 83.2% during the third quarter. Covestor Ltd now owns 1,006 shares of the technology company’s stock valued at $46,000 after acquiring an additional 457 shares during the last quarter. Headlands Technologies LLC acquired a new position in shares of Iridium Communications during the fourth quarter valued at approximately $60,000. ORG Partners LLC grew its position in shares of Iridium Communications by 20.6% in the fourth quarter. ORG Partners LLC now owns 3,216 shares of the technology company’s stock valued at $132,000 after purchasing an additional 550 shares in the last quarter. Finally, Malaga Cove Capital LLC purchased a new stake in shares of Iridium Communications in the third quarter valued at approximately $234,000. Institutional investors and hedge funds own 84.36% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on the company. BWS Financial restated a “neutral” rating and issued a $30.00 price target on shares of Iridium Communications in a research report on Monday, April 22nd. William Blair lowered Iridium Communications from an “outperform” rating to a “market perform” rating in a research report on Thursday, February 15th. Raymond James dropped their price target on Iridium Communications from $53.00 to $48.00 and set a “strong-buy” rating for the company in a research report on Friday, February 16th. TheStreet upgraded Iridium Communications from a “d+” rating to a “c-” rating in a research report on Thursday, February 15th. Finally, Barclays upped their price target on Iridium Communications from $42.00 to $44.00 and gave the company an “overweight” rating in a research report on Friday. Three analysts have rated the stock with a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $44.75.

Iridium Communications Trading Up 5.7 %

Iridium Communications stock traded up $1.68 during mid-day trading on Friday, hitting $31.37. The company’s stock had a trading volume of 2,367,458 shares, compared to its average volume of 1,286,132. The firm has a market capitalization of $3.81 billion, a PE ratio of 149.38 and a beta of 0.85. Iridium Communications Inc. has a 1 year low of $24.14 and a 1 year high of $65.69. The company has a current ratio of 3.33, a quick ratio of 2.52 and a debt-to-equity ratio of 1.86. The stock’s fifty day moving average is $27.30 and its two-hundred day moving average is $34.41.

Iridium Communications (NASDAQ:IRDM) last released its quarterly earnings results on Thursday, April 18th. The technology company reported $0.16 EPS for the quarter, topping the consensus estimate of $0.15 by $0.01. Iridium Communications had a return on equity of 2.76% and a net margin of 3.20%. The business had revenue of $203.80 million during the quarter, compared to analyst estimates of $193.84 million. During the same period last year, the business posted $0.08 earnings per share. The company’s quarterly revenue was down .7% on a year-over-year basis. On average, analysts anticipate that Iridium Communications Inc. will post 0.73 EPS for the current year.

Iridium Communications Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Friday, March 15th were given a dividend of $0.13 per share. The ex-dividend date was Thursday, March 14th. This represents a $0.52 annualized dividend and a dividend yield of 1.66%. Iridium Communications’s dividend payout ratio is currently 247.62%.

About Iridium Communications

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.