680,857 Shares in Iridium Communications Inc $IRDM Acquired by M&G PLC

M&G PLC acquired a new stake in Iridium Communications Inc (NASDAQ:IRDM) during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 680,857 shares of the technology company’s stock, valued at approximately $11,575,000. M&G PLC owned 0.65% of Iridium Communications at the end of the most recent reporting period.

A number of other institutional investors have also recently bought and sold shares of IRDM. Hantz Financial Services Inc. lifted its stake in shares of 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 purchasing an additional 977 shares during the period. Johnson Financial Group Inc. bought a new stake in Iridium Communications in the second quarter valued at about $70,000. Jones Financial Companies Lllp lifted its stake in Iridium Communications by 36.2% in the third quarter. Jones Financial Companies Lllp now owns 3,053 shares of the technology company’s stock valued at $54,000 after buying an additional 812 shares during the period. SBI Securities Co. Ltd. lifted its stake in Iridium Communications by 147.0% in the third quarter. SBI Securities Co. Ltd. now owns 3,485 shares of the technology company’s stock valued at $61,000 after buying an additional 2,074 shares during the period. Finally, Connable Office Inc. bought a new position in Iridium Communications during the second quarter worth about $201,000. Institutional investors and hedge funds own 84.36% of the company’s stock.

Iridium Communications Trading Up 3.5%

NASDAQ:IRDM opened at $23.17 on Tuesday. The company has a market cap of $2.43 billion, a P/E ratio of 21.86, a price-to-earnings-growth ratio of 1.38 and a beta of 0.61. Iridium Communications Inc has a twelve month low of $15.65 and a twelve month high of $34.45. The business has a 50 day moving average price of $19.10 and a two-hundred day moving average price of $19.50. The company has a quick ratio of 1.82, a current ratio of 2.48 and a debt-to-equity ratio of 3.80.

Iridium Communications (NASDAQ:IRDM) last announced its quarterly earnings data on Thursday, February 12th. The technology company reported $0.24 EPS for the quarter, topping analysts’ consensus estimates of $0.23 by $0.01. The business had revenue of $212.94 million for the quarter, compared to analyst estimates of $219.14 million. Iridium Communications had a net margin of 13.12% and a return on equity of 24.01%. The firm’s revenue for the quarter was up .0% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.32 earnings per share. As a group, analysts expect that Iridium Communications Inc will post 0.89 EPS for the current fiscal year.

Iridium Communications Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, December 31st. Stockholders of record on Monday, December 15th were issued a $0.15 dividend. The ex-dividend date was Monday, December 15th. This represents a $0.60 annualized dividend and a dividend yield of 2.6%. Iridium Communications’s dividend payout ratio (DPR) is presently 56.60%.

Analyst Upgrades and Downgrades

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

About Iridium Communications

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.