Maxi Investments CY Ltd Takes $7.37 Million Position in Iridium Communications Inc $IRDM

Maxi Investments CY Ltd acquired a new stake in Iridium Communications Inc (NASDAQ:IRDM) during the fourth quarter, Holdings Channel.com reports. The fund acquired 424,000 shares of the technology company’s stock, valued at approximately $7,369,000. Iridium Communications makes up approximately 1.3% of Maxi Investments CY Ltd’s holdings, making the stock its 19th biggest position.

A number of other hedge funds have also recently made changes to their positions in the business. Hantz Financial Services Inc. lifted its position in Iridium Communications by 184.7% in the 3rd quarter. Hantz Financial Services Inc. now owns 1,506 shares of the technology company’s stock valued at $26,000 after acquiring an additional 977 shares in the last quarter. Larson Financial Group LLC lifted its holdings in shares of Iridium Communications by 392.8% in the third quarter. Larson Financial Group LLC now owns 1,508 shares of the technology company’s stock valued at $26,000 after purchasing an additional 1,202 shares in the last quarter. CIBC Private Wealth Group LLC purchased a new position in shares of Iridium Communications during the third quarter valued at approximately $32,000. Aster Capital Management DIFC Ltd purchased a new position in shares of Iridium Communications during the third quarter valued at approximately $46,000. Finally, Advisory Services Network LLC bought a new stake in Iridium Communications during the third quarter worth $48,000. 84.36% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several brokerages have weighed in on IRDM. Weiss Ratings upgraded Iridium Communications from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Tuesday, March 10th. Barclays raised their price target on shares of Iridium Communications from $25.00 to $36.00 and gave the company an “overweight” rating in a research report on Thursday, April 9th. Raymond James Financial reaffirmed a “market perform” rating on shares of Iridium Communications in a research report on Friday, April 24th. BWS Financial reissued a “sell” rating and set a $16.00 target price on shares of Iridium Communications in a research report on Monday, April 27th. Finally, Morgan Stanley boosted their target price 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. One analyst has rated the stock with a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $26.00.

Iridium Communications Price Performance

NASDAQ IRDM opened at $40.19 on Friday. The company has a quick ratio of 2.21, a current ratio of 2.85 and a debt-to-equity ratio of 3.74. The company has a market cap of $4.25 billion, a PE ratio of 40.60, a price-to-earnings-growth ratio of 2.73 and a beta of 0.79. Iridium Communications Inc has a 52 week low of $15.65 and a 52 week high of $44.36. The firm’s 50-day simple moving average is $31.41 and its two-hundred day simple moving average is $23.13.

Iridium Communications (NASDAQ:IRDM) last issued its quarterly earnings results on Thursday, April 23rd. The technology company reported $0.20 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.27 by ($0.07). The business had revenue of $219.06 million for the quarter, compared to the consensus estimate of $218.39 million. Iridium Communications had a net margin of 12.05% and a return on equity of 22.76%. The business’s revenue was up 2.0% compared to the same quarter last year. During the same quarter last year, the business posted $0.27 EPS. Research analysts predict that Iridium Communications Inc will post 1.06 earnings per share for the current year.

Iridium Communications Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, March 31st. Shareholders of record on Monday, March 16th were given a dividend of $0.15 per share. The ex-dividend date of this dividend was Monday, March 16th. This represents a $0.60 annualized dividend and a yield of 1.5%. Iridium Communications’s dividend payout ratio (DPR) is currently 60.61%.

Insider Buying and Selling

In other news, CAO Timothy Kapalka sold 2,043 shares of the business’s stock in a transaction that occurred on Monday, April 6th. The stock was sold at an average price of $33.00, for a total value of $67,419.00. Following the sale, the chief accounting officer directly owned 45,721 shares of the company’s stock, valued at $1,508,793. The trade was a 4.28% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 2.70% of the stock is owned by insiders.

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.