Hsbc Holdings PLC Buys 17,267 Shares of Iridium Communications Inc $IRDM

Hsbc Holdings PLC boosted its stake in Iridium Communications Inc (NASDAQ:IRDM) by 63.7% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 44,358 shares of the technology company’s stock after purchasing an additional 17,267 shares during the quarter. Hsbc Holdings PLC’s holdings in Iridium Communications were worth $772,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also bought and sold shares of the company. Millennium Management LLC grew its stake in Iridium Communications by 265.8% in the 3rd quarter. Millennium Management LLC now owns 3,039,731 shares of the technology company’s stock worth $53,074,000 after buying an additional 2,208,857 shares in the last quarter. Gotham Asset Management LLC raised its position in shares of Iridium Communications by 651.1% during the 4th quarter. Gotham Asset Management LLC now owns 2,309,750 shares of the technology company’s stock valued at $40,143,000 after buying an additional 2,002,232 shares in the last quarter. Man Group plc lifted its holdings in shares of Iridium Communications by 226.3% during the 3rd quarter. Man Group plc now owns 2,012,077 shares of the technology company’s stock worth $35,131,000 after acquiring an additional 1,395,485 shares during the last quarter. Bank of America Corp DE lifted its holdings in shares of Iridium Communications by 124.8% during the 3rd quarter. Bank of America Corp DE now owns 1,581,142 shares of the technology company’s stock worth $27,607,000 after acquiring an additional 877,760 shares during the last quarter. Finally, State Street Corp grew its position in Iridium Communications by 18.0% in the fourth quarter. State Street Corp now owns 4,761,749 shares of the technology company’s stock worth $82,759,000 after acquiring an additional 725,856 shares in the last quarter. 84.36% of the stock is currently owned by institutional investors.

Iridium Communications Trading Up 0.6%

NASDAQ IRDM opened at $48.86 on Wednesday. The firm has a market capitalization of $5.17 billion, a PE ratio of 49.35, a P/E/G ratio of 2.89 and a beta of 0.87. The stock’s 50 day moving average is $47.19 and its 200 day moving average is $33.33. Iridium Communications Inc has a twelve month low of $15.65 and a twelve month high of $57.18. 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 posted its quarterly earnings data 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 firm had revenue of $219.06 million during the quarter, compared to the consensus estimate of $218.39 million. Iridium Communications had a return on equity of 22.76% and a net margin of 12.05%.Iridium Communications’s revenue for the quarter was up 2.0% compared to the same quarter last year. During the same quarter last year, the company posted $0.27 EPS. Research analysts forecast that Iridium Communications Inc will post 1.05 earnings per share for the current fiscal year.

Iridium Communications Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, June 30th. Investors of record on Monday, June 15th were paid a $0.15 dividend. This represents a $0.60 annualized dividend and a dividend yield of 1.2%. The ex-dividend date was Monday, June 15th. Iridium Communications’s dividend payout ratio (DPR) is presently 60.61%.

Analyst Upgrades and Downgrades

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

Iridium Communications Company 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.