International Assets Investment Management LLC Purchases Shares of 90,552 Iridium Communications Inc. (NASDAQ:IRDM)

International Assets Investment Management LLC purchased a new stake in Iridium Communications Inc. (NASDAQ:IRDM) in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 90,552 shares of the technology company’s stock, valued at approximately $3,727,000. International Assets Investment Management LLC owned approximately 0.07% of Iridium Communications as of its most recent SEC filing.

Other large investors have also recently added to or reduced their stakes in the company. ICA Group Wealth Management LLC acquired a new position in shares of Iridium Communications in the 4th quarter worth approximately $36,000. Quarry LP acquired a new position in shares of Iridium Communications in the 2nd quarter worth approximately $39,000. Covestor Ltd raised its holdings in shares of Iridium Communications by 83.2% in the 3rd quarter. Covestor Ltd now owns 1,006 shares of the technology company’s stock worth $46,000 after buying an additional 457 shares in the last quarter. Belpointe Asset Management LLC raised its holdings in shares of Iridium Communications by 78.7% in the 1st quarter. Belpointe Asset Management LLC now owns 990 shares of the technology company’s stock worth $61,000 after buying an additional 436 shares in the last quarter. Finally, Point72 Middle East FZE acquired a new position in shares of Iridium Communications in the 4th quarter worth approximately $64,000. Institutional investors and hedge funds own 84.36% of the company’s stock.

Iridium Communications Stock Down 0.3 %

Shares of IRDM opened at $24.71 on Thursday. The firm has a market capitalization of $3.02 billion, a price-to-earnings ratio of 190.08 and a beta of 0.85. The company has a debt-to-equity ratio of 1.65, a quick ratio of 1.37 and a current ratio of 2.06. The business’s fifty day moving average price is $27.98 and its two-hundred day moving average price is $35.11. Iridium Communications Inc. has a 52 week low of $24.14 and a 52 week high of $68.34.

Iridium Communications (NASDAQ:IRDM) last posted its quarterly earnings results on Thursday, February 15th. The technology company reported $0.30 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.03 by $0.27. Iridium Communications had a return on equity of 1.58% and a net margin of 1.95%. The business had revenue of $194.74 million for the quarter, compared to analyst estimates of $192.13 million. During the same period last year, the company earned ($0.01) EPS. The firm’s revenue was up .5% on a year-over-year basis. On average, analysts predict that Iridium Communications Inc. will post 0.72 earnings per share for the current year.

Iridium Communications Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Friday, March 15th were given a $0.13 dividend. The ex-dividend date was Thursday, March 14th. This represents a $0.52 annualized dividend and a dividend yield of 2.10%. Iridium Communications’s dividend payout ratio is currently 400.00%.

Wall Street Analyst Weigh In

IRDM has been the subject of a number of recent analyst reports. Barclays dropped their price target on Iridium Communications from $45.00 to $42.00 and set an “overweight” rating for the company in a report on Friday, February 23rd. BWS Financial cut Iridium Communications from a “buy” rating to a “neutral” rating and set a $30.00 price target for the company. in a report on Friday, February 16th. Raymond James dropped their price target on Iridium Communications from $53.00 to $48.00 and set a “strong-buy” rating for the company in a report on Friday, February 16th. William Blair cut Iridium Communications from an “outperform” rating to a “market perform” rating in a report on Thursday, February 15th. Finally, TheStreet upgraded Iridium Communications from a “d+” rating to a “c-” rating in a research report on Thursday, February 15th. Three equities research analysts have rated the stock with a hold rating, three have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $49.80.

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.