68,634 Shares in Iridium Communications Inc $IRDM Purchased by Range Financial Group LLC

Range Financial Group LLC acquired a new position in Iridium Communications Inc (NASDAQ:IRDM) in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund acquired 68,634 shares of the technology company’s stock, valued at approximately $1,904,000. Range Financial Group LLC owned approximately 0.06% of Iridium Communications as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of IRDM. Quadrant Capital Group LLC grew its position in shares of Iridium Communications by 107.5% during the 4th quarter. Quadrant Capital Group LLC now owns 1,430 shares of the technology company’s stock worth $25,000 after purchasing an additional 741 shares in the last quarter. Larson Financial Group LLC boosted its stake in shares of Iridium Communications by 392.8% in the third quarter. Larson Financial Group LLC now owns 1,508 shares of the technology company’s stock valued at $26,000 after buying an additional 1,202 shares during the period. Kestra Advisory Services LLC bought a new stake in shares of Iridium Communications in the fourth quarter valued at approximately $27,000. CIBC Private Wealth Group LLC acquired a new stake in Iridium Communications during the third quarter worth approximately $32,000. Finally, Caitong International Asset Management Co. Ltd grew its position in Iridium Communications by 10,363.2% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 1,988 shares of the technology company’s stock worth $35,000 after buying an additional 1,969 shares in the last quarter. Institutional investors own 84.36% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have weighed in on IRDM. William Blair cut Iridium Communications from an “outperform” rating to a “hold” rating in a report on Monday, June 29th. New Street Research began coverage on Iridium Communications in a report on Thursday, May 14th. They set a “neutral” rating and a $40.00 target price on the stock. Oppenheimer raised their price target on Iridium Communications from $48.00 to $60.00 and gave the stock an “outperform” rating in a research report on Wednesday, June 3rd. BWS Financial reaffirmed a “sell” rating and issued a $16.00 price target on shares of Iridium Communications in a research note on Monday, April 27th. Finally, Morgan Stanley upped their price objective on shares of Iridium Communications from $26.00 to $54.00 and gave the stock an “equal weight” rating in a research report on Tuesday, June 30th. Two research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $38.67.

Iridium Communications Stock Performance

Iridium Communications stock opened at $50.61 on Friday. The company has a quick ratio of 2.21, a current ratio of 2.85 and a debt-to-equity ratio of 3.74. The stock has a market cap of $5.35 billion, a PE ratio of 51.12, a P/E/G ratio of 3.38 and a beta of 0.87. Iridium Communications Inc has a 12-month low of $15.65 and a 12-month high of $57.18. The business’s 50-day moving average price is $46.54 and its two-hundred day moving average price is $32.66.

Iridium Communications (NASDAQ:IRDM) last posted its 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 return on equity of 22.76% and a net margin of 12.05%.The company had revenue of $219.06 million during the quarter, compared to the consensus estimate of $218.39 million. During the same period last year, the company posted $0.27 EPS. The firm’s revenue was up 2.0% compared to the same quarter last year. As a group, analysts expect that Iridium Communications Inc will post 1.06 earnings per share for the current fiscal year.

Iridium Communications Announces Dividend

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

Iridium Communications 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.