7,233 Shares in Iridium Communications Inc. (NASDAQ:IRDM) Acquired by Quantessence Capital LLC

by · The Markets Daily

Quantessence Capital LLC bought a new stake in shares of Iridium Communications Inc. (NASDAQ:IRDM – Free Report) in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 7,233 shares of the technology company’s stock, valued at approximately $210,000.

Several other institutional investors have also added to or reduced their stakes in the business. Barclays PLC lifted its position in shares of Iridium Communications by 19.2% during the 3rd quarter. Barclays PLC now owns 856,901 shares of the technology company’s stock valued at $26,093,000 after buying an additional 137,924 shares in the last quarter. Franklin Resources Inc. lifted its holdings in Iridium Communications by 18.0% during the third quarter. Franklin Resources Inc. now owns 143,049 shares of the technology company’s stock valued at $4,296,000 after purchasing an additional 21,857 shares in the last quarter. GAMMA Investing LLC boosted its position in shares of Iridium Communications by 44.8% in the fourth quarter. GAMMA Investing LLC now owns 3,473 shares of the technology company’s stock worth $101,000 after purchasing an additional 1,074 shares during the period. Nordea Investment Management AB increased its stake in shares of Iridium Communications by 30.2% in the fourth quarter. Nordea Investment Management AB now owns 248,602 shares of the technology company’s stock worth $7,264,000 after purchasing an additional 57,690 shares in the last quarter. Finally, Ballentine Partners LLC raised its position in shares of Iridium Communications by 6.8% during the 4th quarter. Ballentine Partners LLC now owns 11,731 shares of the technology company’s stock valued at $340,000 after purchasing an additional 750 shares during the period. 84.36% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on IRDM shares. Barclays cut their price target on Iridium Communications from $45.00 to $38.00 and set an “overweight” rating for the company in a research note on Monday, March 10th. William Blair raised Iridium Communications from a “market perform” rating to an “outperform” rating in a report on Tuesday. BWS Financial reduced their price target on shares of Iridium Communications from $30.00 to $25.00 and set a “neutral” rating on the stock in a report on Wednesday. StockNews.com downgraded Iridium Communications from a “buy” rating to a “hold” rating in a research report on Tuesday. Finally, Cantor Fitzgerald assumed coverage on Iridium Communications in a report on Friday, January 24th. They set an “overweight” rating and a $40.00 price target for the company. Two research analysts have rated the stock with a hold rating and three have given a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $34.33.

Read Our Latest Stock Analysis on IRDM

Iridium Communications Stock Down 0.2 %

Shares of NASDAQ IRDM opened at $21.57 on Thursday. The stock has a market capitalization of $2.35 billion, a price-to-earnings ratio of 22.71, a P/E/G ratio of 1.28 and a beta of 0.66. Iridium Communications Inc. has a 12-month low of $19.91 and a 12-month high of $35.85. 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 firm’s 50-day moving average price is $27.56 and its 200-day moving average price is $28.77.

Iridium Communications (NASDAQ:IRDM – Get Free Report) last posted its quarterly earnings data on Tuesday, April 22nd. The technology company reported $0.27 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.22 by $0.05. The business had revenue of $214.88 million during the quarter, compared to analyst estimates of $211.78 million. Iridium Communications had a return on equity of 15.66% and a net margin of 13.58%. During the same period last year, the company earned $0.17 EPS. On average, equities research analysts anticipate that Iridium Communications Inc. will post 0.89 EPS for the current fiscal year.

Iridium Communications Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Monday, March 17th were given a dividend of $0.14 per share. This represents a $0.56 dividend on an annualized basis and a yield of 2.60%. The ex-dividend date of this dividend was Monday, March 17th. Iridium Communications’s dividend payout ratio (DPR) is 58.95%.

Iridium Communications Profile

(Free Report)

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.

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