Allen Wealth Management LLC Acquires Shares of 39,142 Iridium Communications Inc. (NASDAQ:IRDM)

Allen Wealth Management LLC bought a new stake in Iridium Communications Inc. (NASDAQ:IRDM) during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 39,142 shares of the technology company’s stock, valued at approximately $1,136,000. Iridium Communications makes up approximately 0.8% of Allen Wealth Management LLC’s investment portfolio, making the stock its 26th largest position.

Several other institutional investors and hedge funds also recently made changes to their positions in IRDM. State Street Corp lifted its position in shares of Iridium Communications by 0.9% during the third quarter. State Street Corp now owns 4,269,883 shares of the technology company’s stock worth $130,018,000 after purchasing an additional 36,851 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. lifted its holdings in Iridium Communications by 12.8% during the 4th quarter. Sumitomo Mitsui Trust Group Inc. now owns 2,829,052 shares of the technology company’s stock worth $82,099,000 after buying an additional 320,506 shares during the last quarter. Nikko Asset Management Americas Inc. grew its position 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 worth $82,028,000 after acquiring an additional 329,915 shares in the last quarter. ARK Investment Management LLC increased its holdings in shares of Iridium Communications by 5.7% in the 4th quarter. ARK Investment Management LLC now owns 2,507,715 shares of the technology company’s stock valued at $72,774,000 after acquiring an additional 134,924 shares during the last quarter. Finally, Schroder Investment Management Group raised its position in shares of 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 valued at $64,125,000 after acquiring an additional 683,777 shares in the last quarter. 84.36% of the stock is currently owned by hedge funds and other institutional investors.

Iridium Communications Stock Performance

IRDM opened at $27.03 on Thursday. The company has a current ratio of 1.73, a quick ratio of 1.25 and a debt-to-equity ratio of 3.05. The business’s 50 day moving average is $29.42 and its 200-day moving average is $29.46. The stock has a market cap of $2.94 billion, a PE ratio of 28.45, a price-to-earnings-growth ratio of 1.28 and a beta of 0.66. Iridium Communications Inc. has a twelve month low of $24.14 and a twelve month high of $35.85.

Iridium Communications (NASDAQ:IRDM) last announced its 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. Iridium Communications had a return on equity of 15.66% and a net margin of 13.58%. The firm had revenue of $212.99 million for the quarter, compared to the consensus estimate of $203.78 million. On average, analysts predict that Iridium Communications Inc. will post 0.89 earnings per share for the current year.

Iridium Communications Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Monday, March 17th were paid a dividend of $0.14 per share. The ex-dividend date of this dividend was Monday, March 17th. This represents a $0.56 annualized dividend and a yield of 2.07%. Iridium Communications’s payout ratio is 58.95%.

Wall Street Analyst Weigh In

A number of equities analysts have commented on IRDM shares. StockNews.com downgraded shares of Iridium Communications from a “buy” rating to a “hold” rating in a report on Saturday, March 29th. Barclays decreased their price target on shares of Iridium Communications from $45.00 to $38.00 and set an “overweight” rating for the company in a report on Monday, March 10th. Finally, Cantor Fitzgerald began coverage on Iridium Communications in a research note on Friday, January 24th. They issued an “overweight” rating and a $40.00 target price for the company.

Insider Buying and Selling at Iridium Communications

In other Iridium Communications news, Director Thomas Fitzpatrick sold 12,500 shares of the stock in a transaction on Friday, January 10th. The stock was sold at an average price of $28.53, for a total transaction of $356,625.00. Following the completion of the transaction, the director now directly owns 241,030 shares of the company’s stock, valued at approximately $6,876,585.90. This trade represents a 4.93 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 2.00% of the stock is owned by corporate insiders.

Iridium Communications Company Profile

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.