Penserra Capital Management LLC Raises Stock Position in Iridium Communications Inc $IRDM

Penserra Capital Management LLC lifted its position in Iridium Communications Inc (NASDAQ:IRDM) by 86.4% during the 3rd quarter, HoldingsChannel reports. The firm owned 776,576 shares of the technology company’s stock after buying an additional 360,015 shares during the period. Penserra Capital Management LLC’s holdings in Iridium Communications were worth $13,558,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in IRDM. Jones Financial Companies Lllp raised its holdings in shares of Iridium Communications by 36.2% in the 3rd quarter. Jones Financial Companies Lllp now owns 3,053 shares of the technology company’s stock valued at $54,000 after acquiring an additional 812 shares in the last quarter. Johnson Financial Group Inc. bought a new position in Iridium Communications in the second quarter valued at $70,000. Vest Financial LLC purchased a new stake in Iridium Communications during the third quarter valued at about $198,000. Whalen Wealth Management Inc. bought a new stake in Iridium Communications during the second quarter worth about $201,000. Finally, Connable Office Inc. purchased a new position in shares of Iridium Communications in the 2nd quarter worth about $201,000. 84.36% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on the company. Weiss Ratings reissued a “sell (d+)” rating on shares of Iridium Communications in a report on Thursday, January 22nd. Morgan Stanley reiterated an “equal weight” rating and set a $24.00 price target (down from $37.00) on shares of Iridium Communications in a research report on Friday, January 16th. Finally, BWS Financial restated a “sell” rating and issued a $16.00 price objective on shares of Iridium Communications in a report on Friday, October 24th. Four research analysts have rated the stock with a Buy rating, one has given a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $25.00.

Iridium Communications Price Performance

Shares of Iridium Communications stock opened at $19.51 on Thursday. The company has a debt-to-equity ratio of 4.02, a current ratio of 2.67 and a quick ratio of 1.93. The business’s 50 day simple moving average is $18.48 and its two-hundred day simple moving average is $19.92. The stock has a market capitalization of $2.04 billion, a P/E ratio of 17.27, a price-to-earnings-growth ratio of 1.19 and a beta of 0.61. Iridium Communications Inc has a one year low of $15.65 and a one year high of $34.45.

Iridium Communications Announces Dividend

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 $0.15 dividend. This represents a $0.60 annualized dividend and a dividend yield of 3.1%. The ex-dividend date of this dividend was Monday, December 15th. Iridium Communications’s payout ratio is presently 53.10%.

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.