IFS Group LLC Invests $614,000 in Iridium Communications Inc $IRDM

IFS Group LLC acquired a new stake in Iridium Communications Inc (NASDAQ:IRDM) in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 22,128 shares of the technology company’s stock, valued at approximately $614,000.

A number of other large investors have also added to or reduced their stakes in IRDM. Root Financial Partners LLC grew its holdings in Iridium Communications by 1,750.0% during the 1st quarter. Root Financial Partners LLC now owns 1,332 shares of the technology company’s stock worth $37,000 after acquiring an additional 1,260 shares during the last quarter. Quadrant Capital Group LLC increased its position in Iridium Communications by 107.5% in the 4th quarter. Quadrant Capital Group LLC now owns 1,430 shares of the technology company’s stock valued at $25,000 after acquiring an additional 741 shares during the period. Larson Financial Group LLC raised its stake in shares of Iridium Communications by 392.8% during the third quarter. Larson Financial Group LLC now owns 1,508 shares of the technology company’s stock valued at $26,000 after acquiring an additional 1,202 shares during the last quarter. Kestra Advisory Services LLC bought a new position in shares of Iridium Communications during the fourth quarter valued at $27,000. Finally, CIBC Private Wealth Group LLC acquired a new position in shares of Iridium Communications during the third quarter worth $32,000. Institutional investors own 84.36% of the company’s stock.

Iridium Communications Stock Performance

IRDM stock opened at $44.36 on Thursday. The firm has a market cap of $4.70 billion, a PE ratio of 50.41, a price-to-earnings-growth ratio of 3.59 and a beta of 0.87. The company has a current ratio of 2.78, a quick ratio of 2.31 and a debt-to-equity ratio of 3.70. The stock has a 50-day moving average price of $48.08 and a 200-day moving average price of $35.56. Iridium Communications Inc has a 1-year low of $15.65 and a 1-year high of $57.18.

Iridium Communications (NASDAQ:IRDM) last released its earnings results on Wednesday, July 22nd. The technology company reported $0.09 EPS for the quarter, missing the consensus estimate of $0.28 by ($0.19). Iridium Communications had a return on equity of 22.57% and a net margin of 10.55%.The business had revenue of $225.24 million for the quarter, compared to analyst estimates of $220.32 million. During the same period in the prior year, the business earned $0.20 EPS. The company’s revenue for the quarter was up 3.8% on a year-over-year basis. As a group, equities research analysts expect that Iridium Communications Inc will post 0.97 earnings per share for the current year.

Iridium Communications Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, June 30th. Stockholders of record on Monday, June 15th were given a dividend of $0.15 per share. The ex-dividend date of this dividend was Monday, June 15th. This represents a $0.60 annualized dividend and a dividend yield of 1.4%. Iridium Communications’s dividend payout ratio (DPR) is 68.18%.

Analysts Set New Price Targets

IRDM has been the topic of several analyst reports. William Blair cut shares of Iridium Communications from an “outperform” rating to a “hold” rating in a research note on Monday, June 29th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Iridium Communications in a report on Friday, July 10th. Oppenheimer upped 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. New Street Research raised Iridium Communications from a “neutral” rating to a “buy” rating in a research note on Wednesday, July 22nd. Finally, Morgan Stanley lifted their price objective on Iridium Communications from $26.00 to $54.00 and gave the stock an “equal weight” rating in a research note on Tuesday, June 30th. Three investment analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, Iridium Communications presently has an average rating of “Hold” and a consensus price target of $38.67.

About Iridium Communications

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.