Iridium Communications Inc. (NASDAQ:IRDM) Shares Bought by Riverwater Partners LLC

Riverwater Partners LLC increased its position in shares of Iridium Communications Inc. (NASDAQ:IRDM) by 19.2% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 101,496 shares of the technology company’s stock after buying an additional 16,350 shares during the quarter. Iridium Communications accounts for about 1.4% of Riverwater Partners LLC’s portfolio, making the stock its 10th biggest holding. Riverwater Partners LLC owned about 0.09% of Iridium Communications worth $2,945,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of IRDM. Norges Bank bought a new position in shares of Iridium Communications during the 4th quarter worth approximately $28,240,000. American Century Companies Inc. increased its stake in Iridium Communications by 94.2% in the 4th quarter. American Century Companies Inc. now owns 1,735,842 shares of the technology company’s stock valued at $50,374,000 after buying an additional 841,951 shares during the last quarter. Schroder Investment Management Group lifted its position in Iridium Communications by 44.7% during the 4th quarter. Schroder Investment Management Group now owns 2,213,512 shares of the technology company’s stock worth $64,125,000 after buying an additional 683,777 shares in the last quarter. Raymond James Financial Inc. acquired a new position in shares of Iridium Communications during the 4th quarter worth about $17,613,000. Finally, Nikko Asset Management Americas Inc. grew its holdings in shares of Iridium Communications by 13.2% in the 4th quarter. Nikko Asset Management Americas Inc. now owns 2,827,580 shares of the technology company’s stock valued at $82,028,000 after acquiring an additional 329,915 shares in the last quarter. Institutional investors and hedge funds own 84.36% of the company’s stock.

Iridium Communications Stock Performance

IRDM opened at $24.59 on Friday. The company has a quick ratio of 1.25, a current ratio of 1.73 and a debt-to-equity ratio of 3.05. Iridium Communications Inc. has a 12-month low of $24.12 and a 12-month high of $35.85. The business has a 50 day moving average of $29.22 and a 200-day moving average of $29.41. The stock has a market cap of $2.67 billion, a price-to-earnings ratio of 25.88, a PEG ratio of 1.28 and a beta of 0.66.

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

Iridium Communications Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Monday, March 17th were paid 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 2.28%. Iridium Communications’s dividend payout ratio (DPR) is currently 58.95%.

Insider Buying and Selling at Iridium Communications

In other news, Director Thomas Fitzpatrick sold 12,500 shares of the company’s stock in a transaction that occurred on Friday, January 10th. The stock was sold at an average price of $28.53, for a total value of $356,625.00. Following the transaction, the director now owns 241,030 shares of the company’s stock, valued at approximately $6,876,585.90. This represents a 4.93 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 2.00% of the company’s stock.

Analysts Set New Price Targets

Several brokerages recently commented on IRDM. Barclays reduced their price target on Iridium Communications from $45.00 to $38.00 and set an “overweight” rating for the company in a research report on Monday, March 10th. Cantor Fitzgerald started coverage on shares of Iridium Communications in a research note on Friday, January 24th. They issued an “overweight” rating and a $40.00 target price for the company. Finally, StockNews.com lowered shares of Iridium Communications from a “buy” rating to a “hold” rating in a research report on Saturday, March 29th.

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.