Mitsubishi UFJ Asset Management Co. Ltd. Grows Holdings in Iridium Communications Inc. (NASDAQ:IRDM)

Mitsubishi UFJ Asset Management Co. Ltd. lifted its position in shares of Iridium Communications Inc. (NASDAQ:IRDM) by 32.2% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 93,010 shares of the technology company’s stock after acquiring an additional 22,654 shares during the quarter. Mitsubishi UFJ Asset Management Co. Ltd. owned 0.08% of Iridium Communications worth $2,799,000 as of its most recent SEC filing.

A number of other institutional investors have also recently modified their holdings of IRDM. Cerity Partners LLC acquired a new stake in Iridium Communications in the third quarter valued at approximately $1,359,000. FMR LLC increased its holdings in Iridium Communications by 26.7% in the 3rd quarter. FMR LLC now owns 942,380 shares of the technology company’s stock worth $28,695,000 after acquiring an additional 198,360 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its position in Iridium Communications by 5.7% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 27,714 shares of the technology company’s stock worth $844,000 after acquiring an additional 1,488 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in Iridium Communications by 11.5% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 495,088 shares of the technology company’s stock valued at $15,075,000 after purchasing an additional 51,121 shares in the last quarter. Finally, Captrust Financial Advisors purchased a new stake in shares of Iridium Communications during the third quarter worth about $226,000. 84.36% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research firms recently issued reports on IRDM. Barclays lowered their price objective on Iridium Communications from $45.00 to $38.00 and set an “overweight” rating on the stock in a report on Monday, March 10th. StockNews.com lowered shares of Iridium Communications from a “buy” rating to a “hold” rating in a research report on Saturday. Finally, Cantor Fitzgerald initiated coverage on shares of Iridium Communications in a report on Friday, January 24th. They issued an “overweight” rating and a $40.00 price objective for the company.

Insider Activity

In related news, Director Thomas Fitzpatrick sold 12,500 shares of the business’s stock in a transaction dated Friday, January 10th. The shares were sold at an average price of $28.53, for a total value of $356,625.00. Following the sale, the director now directly owns 241,030 shares in the company, valued at approximately $6,876,585.90. The trade was a 4.93 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 2.00% of the company’s stock.

Iridium Communications Stock Performance

Shares of IRDM stock opened at $27.32 on Wednesday. The company has a current ratio of 1.73, a quick ratio of 1.25 and a debt-to-equity ratio of 3.05. Iridium Communications Inc. has a twelve month low of $24.14 and a twelve month high of $35.85. The company’s 50-day moving average price is $29.46 and its 200-day moving average price is $29.48. The stock has a market cap of $2.97 billion, a price-to-earnings ratio of 28.76, a PEG ratio of 1.28 and a beta of 0.70.

Iridium Communications (NASDAQ:IRDM) last posted its quarterly earnings results on Thursday, February 13th. The technology company reported $0.31 earnings per share for the quarter, beating the consensus estimate of $0.15 by $0.16. The business had revenue of $212.99 million during the quarter, compared to analysts’ expectations of $203.78 million. Iridium Communications had a net margin of 13.58% and a return on equity of 15.66%. As a group, equities analysts predict that Iridium Communications Inc. will post 0.89 earnings per share for the current year.

Iridium Communications Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Monday, March 17th were given a $0.14 dividend. The ex-dividend date was Monday, March 17th. This represents a $0.56 dividend on an annualized basis and a yield of 2.05%. Iridium Communications’s dividend payout ratio is currently 58.95%.

About Iridium Communications

Iridium Communications Inc provides mobile voice and data communications services and products to businesses, the United States and international governments, non-governmental organizations, and consumers worldwide. The company offers postpaid mobile voice and data satellite communications; prepaid mobile voice satellite communications; push-to-talk; broadband data; and Internet of Things (IoT) services.