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

Hsbc Holdings PLC grew its position in shares of Iridium Communications Inc (NASDAQ:IRDM) by 63.7% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 44,358 shares of the technology company’s stock after buying an additional 17,267 shares during the period. Hsbc Holdings PLC’s holdings in Iridium Communications were worth $772,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Vanguard Group Inc. raised its stake in Iridium Communications by 7.1% in the 4th quarter. Vanguard Group Inc. now owns 10,157,227 shares of the technology company’s stock valued at $176,533,000 after acquiring an additional 677,258 shares during the period. Silver Heights Capital Management Inc raised its position in shares of Iridium Communications by 1.2% in the fourth quarter. Silver Heights Capital Management Inc now owns 5,251,133 shares of the technology company’s stock valued at $91,265,000 after purchasing an additional 61,430 shares during the period. State Street Corp lifted its stake in shares of Iridium Communications by 18.0% during the 4th quarter. State Street Corp now owns 4,761,749 shares of the technology company’s stock valued at $82,759,000 after buying an additional 725,856 shares in the last quarter. Millennium Management LLC lifted its stake in shares of Iridium Communications by 265.8% during the 3rd quarter. Millennium Management LLC now owns 3,039,731 shares of the technology company’s stock valued at $53,074,000 after buying an additional 2,208,857 shares in the last quarter. Finally, Goldman Sachs Group Inc. boosted its holdings in Iridium Communications by 21.4% in the 4th quarter. Goldman Sachs Group Inc. now owns 2,323,170 shares of the technology company’s stock worth $40,377,000 after buying an additional 408,903 shares during the period. Institutional investors own 84.36% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on the stock. Raymond James Financial reiterated a “market perform” rating on shares of Iridium Communications in a research note on Friday, April 24th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Iridium Communications in a report on Friday. Oppenheimer lifted their price target on Iridium Communications from $48.00 to $60.00 and gave the company an “outperform” rating in a research report on Wednesday, June 3rd. BWS Financial reiterated a “sell” rating and set a $16.00 price objective on shares of Iridium Communications in a research note on Monday, April 27th. Finally, New Street Research began coverage on Iridium Communications in a report on Thursday, May 14th. They set a “neutral” rating and a $40.00 price objective on the stock. Two research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and an average price target of $38.67.

Iridium Communications Stock Up 0.6%

Shares of NASDAQ:IRDM opened at $48.86 on Wednesday. The firm has a fifty day moving average price of $47.19 and a two-hundred day moving average price of $33.33. The company has a debt-to-equity ratio of 3.74, a current ratio of 2.85 and a quick ratio of 2.21. Iridium Communications Inc has a one year low of $15.65 and a one year high of $57.18. The company has a market cap of $5.17 billion, a price-to-earnings ratio of 49.35, a PEG ratio of 2.89 and a beta of 0.87.

Iridium Communications (NASDAQ:IRDM) last released its quarterly earnings results on Thursday, April 23rd. The technology company reported $0.20 EPS for the quarter, missing analysts’ consensus estimates of $0.27 by ($0.07). Iridium Communications had a net margin of 12.05% and a return on equity of 22.76%. The firm had revenue of $219.06 million for the quarter, compared to analysts’ expectations of $218.39 million. During the same quarter last year, the firm earned $0.27 earnings per share. The firm’s revenue for the quarter was up 2.0% on a year-over-year basis. Analysts anticipate that Iridium Communications Inc will post 1.05 EPS for the current fiscal year.

Iridium Communications Announces Dividend

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

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.