68,634 Shares in Iridium Communications Inc $IRDM Bought by Range Financial Group LLC

Range Financial Group LLC bought a new position in Iridium Communications Inc (NASDAQ:IRDM) in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor bought 68,634 shares of the technology company’s stock, valued at approximately $1,904,000.

Several other large investors have also recently bought and sold shares of the company. QRG Capital Management Inc. acquired a new stake in shares of Iridium Communications during the first quarter valued at about $239,000. HB Wealth Management LLC acquired a new position in shares of Iridium Communications in the first quarter valued at approximately $249,000. Root Financial Partners LLC raised its holdings in Iridium Communications by 1,750.0% in the 1st quarter. Root Financial Partners LLC now owns 1,332 shares of the technology company’s stock valued at $37,000 after buying an additional 1,260 shares during the last quarter. IFM Investors Pty Ltd bought a new position in Iridium Communications in the 1st quarter valued at approximately $158,000. Finally, Pictet Asset Management Holding SA boosted its position in Iridium Communications by 5.3% during the 1st quarter. Pictet Asset Management Holding SA now owns 14,971 shares of the technology company’s stock worth $415,000 after buying an additional 753 shares during the period. 84.36% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on the stock. New Street Research assumed coverage on shares of Iridium Communications in a report on Thursday, May 14th. They set a “neutral” rating and a $40.00 target price on the stock. William Blair downgraded shares of Iridium Communications from an “outperform” rating to a “hold” rating in a research note on Monday, June 29th. BWS Financial reiterated a “sell” rating and set a $16.00 price target on shares of Iridium Communications in a report on Monday, April 27th. Barclays boosted their price objective on shares of Iridium Communications from $25.00 to $36.00 and gave the stock an “overweight” rating in a research note on Thursday, April 9th. Finally, Oppenheimer increased their price objective on Iridium Communications from $48.00 to $60.00 and gave the company an “outperform” rating in a report on Wednesday, June 3rd. Two analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $38.67.

Iridium Communications Trading Up 0.3%

IRDM opened at $50.61 on Friday. Iridium Communications Inc has a twelve month low of $15.65 and a twelve month high of $57.18. The company has a fifty day moving average of $46.54 and a 200-day moving average of $32.66. The stock has a market cap of $5.35 billion, a PE ratio of 51.12, a price-to-earnings-growth ratio of 3.38 and a beta of 0.87. The company has a quick ratio of 2.21, a current ratio of 2.85 and a debt-to-equity ratio of 3.74.

Iridium Communications (NASDAQ:IRDM) last released its earnings results on Thursday, April 23rd. The technology company reported $0.20 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.27 by ($0.07). The firm had revenue of $219.06 million during the quarter, compared to analyst estimates of $218.39 million. Iridium Communications had a net margin of 12.05% and a return on equity of 22.76%. Iridium Communications’s quarterly revenue was up 2.0% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.27 EPS. On average, sell-side analysts predict that Iridium Communications Inc will post 1.06 EPS for the current year.

Iridium Communications Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, June 30th. Stockholders of record on Monday, June 15th were paid a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.2%. The ex-dividend date of this dividend was Monday, June 15th. Iridium Communications’s payout ratio is currently 60.61%.

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.