IFS Group LLC Takes $614,000 Position in Iridium Communications Inc $IRDM

IFS Group LLC acquired a new position in shares of Iridium Communications Inc (NASDAQ:IRDM) during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 22,128 shares of the technology company’s stock, valued at approximately $614,000.

Other large investors also recently made changes to their positions in the company. Root Financial Partners LLC increased its position 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 in the last quarter. Quadrant Capital Group LLC boosted its holdings in Iridium Communications by 107.5% in the fourth quarter. Quadrant Capital Group LLC now owns 1,430 shares of the technology company’s stock worth $25,000 after acquiring an additional 741 shares in the last quarter. Larson Financial Group LLC grew its stake in 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 acquiring an additional 1,202 shares during the period. Kestra Advisory Services LLC acquired a new stake in Iridium Communications in the fourth quarter valued at approximately $27,000. Finally, CIBC Private Wealth Group LLC bought a new stake in shares of Iridium Communications during the third quarter valued at approximately $32,000. 84.36% of the stock is currently owned by institutional investors and hedge funds.

Iridium Communications Stock Down 2.4%

Shares of NASDAQ:IRDM opened at $44.36 on Thursday. The stock has a market cap of $4.70 billion, a price-to-earnings ratio of 50.41, a PEG ratio of 3.59 and a beta of 0.87. The company has a quick ratio of 2.31, a current ratio of 2.78 and a debt-to-equity ratio of 3.70. Iridium Communications Inc has a 12-month low of $15.65 and a 12-month high of $57.18. The business’s 50 day moving average is $48.08 and its 200 day moving average is $35.56.

Iridium Communications (NASDAQ:IRDM) last released its quarterly earnings results on Wednesday, July 22nd. The technology company reported $0.09 EPS for the quarter, missing analysts’ consensus estimates of $0.28 by ($0.19). Iridium Communications had a net margin of 10.55% and a return on equity of 22.57%. The company had revenue of $225.24 million during the quarter, compared to analysts’ expectations of $220.32 million. During the same period in the previous year, the company posted $0.20 earnings per share. The company’s quarterly revenue was up 3.8% compared to the same quarter last year. On average, sell-side analysts forecast that Iridium Communications Inc will post 0.97 earnings per share for the current fiscal year.

Iridium Communications Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, June 30th. Stockholders of record on Monday, June 15th were issued a $0.15 dividend. The ex-dividend date was Monday, June 15th. This represents a $0.60 annualized dividend and a dividend yield of 1.4%. Iridium Communications’s dividend payout ratio is currently 68.18%.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on IRDM. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Iridium Communications in a research report on Friday, July 10th. Barclays boosted their price target on shares of Iridium Communications from $25.00 to $36.00 and gave the company an “overweight” rating in a research note on Thursday, April 9th. New Street Research upgraded shares of Iridium Communications from a “neutral” rating to a “buy” rating in a report on Wednesday, July 22nd. Oppenheimer raised their price objective on shares of Iridium Communications from $48.00 to $60.00 and gave the company an “outperform” rating in a research note on Wednesday, June 3rd. Finally, BWS Financial reiterated a “sell” rating and set a $16.00 price objective on shares of Iridium Communications in a report on Monday, April 27th. Three research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $38.67.

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.