Synergy Asset Management LLC Acquires Shares of 662,183 Iridium Communications Inc $IRDM

Synergy Asset Management LLC acquired a new stake in Iridium Communications Inc (NASDAQ:IRDM) in the second quarter, Holdings Channel reports. The institutional investor acquired 662,183 shares of the technology company’s stock, valued at approximately $19,978,000. Iridium Communications makes up approximately 2.3% of Synergy Asset Management LLC’s investment portfolio, making the stock its 15th largest position.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in IRDM. ARK Investment Management LLC increased its holdings in Iridium Communications by 95.1% in the first quarter. ARK Investment Management LLC now owns 4,891,677 shares of the technology company’s stock valued at $133,641,000 after buying an additional 2,383,962 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. increased its holdings in Iridium Communications by 37.6% in the first quarter. Sumitomo Mitsui Trust Group Inc. now owns 3,893,145 shares of the technology company’s stock valued at $106,361,000 after buying an additional 1,064,093 shares in the last quarter. Nikko Asset Management Americas Inc. increased its holdings in Iridium Communications by 37.5% in the first quarter. Nikko Asset Management Americas Inc. now owns 3,889,045 shares of the technology company’s stock valued at $106,210,000 after buying an additional 1,061,465 shares in the last quarter. Millennium Management LLC increased its holdings in Iridium Communications by 82.2% in the first quarter. Millennium Management LLC now owns 1,447,889 shares of the technology company’s stock valued at $39,556,000 after buying an additional 653,201 shares in the last quarter. Finally, Nuveen LLC purchased a new position in Iridium Communications in the first quarter valued at $15,763,000. Hedge funds and other institutional investors own 84.36% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on IRDM shares. Morgan Stanley cut their price objective on shares of Iridium Communications from $40.00 to $37.00 and set an “overweight” rating for the company in a report on Friday, August 1st. BWS Financial cut shares of Iridium Communications from a “neutral” rating to a “sell” rating and cut their price objective for the company from $25.00 to $16.00 in a report on Tuesday, September 9th. Raymond James Financial cut shares of Iridium Communications from a “strong-buy” rating to an “outperform” rating and cut their target price for the stock from $39.00 to $26.00 in a research note on Thursday, September 11th. Finally, Barclays cut their target price on shares of Iridium Communications from $31.00 to $25.00 and set an “overweight” rating for the company in a research note on Wednesday. Six investment analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, Iridium Communications has a consensus rating of “Moderate Buy” and an average price target of $29.67.

Iridium Communications Stock Up 5.7%

IRDM stock opened at $18.64 on Friday. The stock has a market capitalization of $1.98 billion, a P/E ratio of 18.83, a P/E/G ratio of 0.64 and a beta of 0.70. The firm has a 50-day simple moving average of $22.19 and a 200-day simple moving average of $25.47. The company has a quick ratio of 1.75, a current ratio of 2.51 and a debt-to-equity ratio of 3.82. Iridium Communications Inc has a 52 week low of $17.08 and a 52 week high of $35.85.

Iridium Communications (NASDAQ:IRDM) last announced its quarterly earnings data on Thursday, July 24th. The technology company reported $0.20 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.23 by ($0.03). Iridium Communications had a net margin of 13.20% and a return on equity of 20.28%. The business had revenue of $216.91 million for the quarter, compared to analysts’ expectations of $214.73 million. During the same period in the prior year, the company posted $0.27 EPS. The firm’s revenue was up 7.9% on a year-over-year basis. Equities analysts forecast that Iridium Communications Inc will post 0.89 earnings per share for the current fiscal year.

Iridium Communications Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, September 30th. Investors of record on Monday, September 15th were paid a dividend of $0.15 per share. The ex-dividend date of this dividend was Monday, September 15th. This represents a $0.60 annualized dividend and a yield of 3.2%. This is a boost from Iridium Communications’s previous quarterly dividend of $0.14. Iridium Communications’s dividend payout ratio is currently 60.61%.

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.