Carolina Wealth Advisors LLC Invests $76,000 in Iridium Communications Inc $IRDM

Carolina Wealth Advisors LLC purchased a new position in Iridium Communications Inc (NASDAQ:IRDM) during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 2,515 shares of the technology company’s stock, valued at approximately $76,000.

Other large investors also recently bought and sold shares of the company. Cambridge Investment Research Advisors Inc. acquired a new position in shares of Iridium Communications during the 1st quarter worth approximately $247,000. Millennium Management LLC boosted its stake in Iridium Communications by 82.2% during the first quarter. Millennium Management LLC now owns 1,447,889 shares of the technology company’s stock worth $39,556,000 after buying an additional 653,201 shares during the last quarter. LBP AM SA grew its holdings in Iridium Communications by 22.0% in the 2nd quarter. LBP AM SA now owns 182,071 shares of the technology company’s stock valued at $5,493,000 after buying an additional 32,777 shares in the last quarter. Gotham Asset Management LLC increased its stake in shares of Iridium Communications by 25.0% in the 1st quarter. Gotham Asset Management LLC now owns 879,385 shares of the technology company’s stock worth $24,025,000 after acquiring an additional 175,992 shares during the last quarter. Finally, GAMMA Investing LLC increased its stake in shares of Iridium Communications by 14.1% in the 1st quarter. GAMMA Investing LLC now owns 3,961 shares of the technology company’s stock worth $108,000 after acquiring an additional 488 shares during the last quarter. Hedge funds and other institutional investors own 84.36% of the company’s stock.

Iridium Communications Price Performance

Shares of IRDM opened at $18.76 on Friday. The company has a debt-to-equity ratio of 3.82, a current ratio of 2.51 and a quick ratio of 1.75. Iridium Communications Inc has a 1-year low of $17.08 and a 1-year high of $35.85. The stock has a market cap of $1.99 billion, a PE ratio of 18.95, a price-to-earnings-growth ratio of 0.69 and a beta of 0.70. The firm has a fifty day moving average price of $22.06 and a 200 day moving average price of $25.39.

Iridium Communications (NASDAQ:IRDM) last issued its quarterly earnings data on Thursday, July 24th. The technology company reported $0.20 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.23 by ($0.03). The firm had revenue of $216.91 million for the quarter, compared to analysts’ expectations of $214.73 million. Iridium Communications had a return on equity of 20.28% and a net margin of 13.20%.The business’s revenue for the quarter was up 7.9% compared to the same quarter last year. During the same period in the previous year, the business posted $0.27 EPS. As a group, sell-side analysts anticipate that Iridium Communications Inc will post 0.89 EPS for the current year.

Iridium Communications Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 30th. Stockholders of record on Monday, September 15th were issued a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 3.2%. The ex-dividend date of this dividend was Monday, September 15th. This is a positive change from Iridium Communications’s previous quarterly dividend of $0.14. Iridium Communications’s dividend payout ratio is presently 60.61%.

Analyst Ratings Changes

Several equities analysts have weighed in on IRDM shares. BWS Financial lowered shares of Iridium Communications from a “neutral” rating to a “sell” rating and decreased their target price for the company from $25.00 to $16.00 in a report on Tuesday, September 9th. Morgan Stanley dropped their price objective on Iridium Communications from $40.00 to $37.00 and set an “overweight” rating for the company in a research note on Friday, August 1st. Weiss Ratings reissued a “hold (c-)” rating on shares of Iridium Communications in a research note on Saturday, September 27th. Barclays dropped their target price on Iridium Communications from $31.00 to $25.00 and set an “overweight” rating for the company in a research report on Wednesday. Finally, Raymond James Financial cut shares of Iridium Communications from a “strong-buy” rating to an “outperform” rating and reduced their price target for the stock from $39.00 to $26.00 in a research report on Thursday, September 11th. Six analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $29.67.

Iridium Communications 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.