ARK Investment Management LLC Purchases 249,185 Shares of Iridium Communications Inc. (NASDAQ:IRDM)

ARK Investment Management LLC raised its position in Iridium Communications Inc. (NASDAQ:IRDM) by 12.9% during the 4th quarter, HoldingsChannel reports. The fund owned 2,173,964 shares of the technology company’s stock after buying an additional 249,185 shares during the quarter. ARK Investment Management LLC’s holdings in Iridium Communications were worth $89,480,000 as of its most recent SEC filing.

Several other institutional investors have also recently bought and sold shares of the company. Advisor Partners II LLC lifted its stake in Iridium Communications by 1.9% in the 1st quarter. Advisor Partners II LLC now owns 8,589 shares of the technology company’s stock valued at $532,000 after acquiring an additional 163 shares in the last quarter. O Shaughnessy Asset Management LLC lifted its stake in Iridium Communications by 2.1% in the 1st quarter. O Shaughnessy Asset Management LLC now owns 9,371 shares of the technology company’s stock valued at $580,000 after acquiring an additional 192 shares in the last quarter. Captrust Financial Advisors lifted its stake in Iridium Communications by 0.8% in the 2nd quarter. Captrust Financial Advisors now owns 24,362 shares of the technology company’s stock valued at $1,513,000 after acquiring an additional 202 shares in the last quarter. Envestnet Asset Management Inc. lifted its stake in Iridium Communications by 1.7% in the 3rd quarter. Envestnet Asset Management Inc. now owns 13,582 shares of the technology company’s stock valued at $603,000 after acquiring an additional 223 shares in the last quarter. Finally, Arizona State Retirement System boosted its holdings in shares of Iridium Communications by 0.9% in the 3rd quarter. Arizona State Retirement System now owns 32,269 shares of the technology company’s stock valued at $1,468,000 after buying an additional 272 shares during the last quarter. Institutional investors own 84.36% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have recently commented on IRDM. Barclays cut their price objective 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 downgraded 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 cut 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 downgraded Iridium Communications from an “outperform” rating to a “market perform” rating in a report on Thursday, February 15th. Finally, TheStreet raised Iridium Communications from a “d+” rating to a “c-” rating in a report on Thursday, February 15th. Three 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 company’s stock. According to MarketBeat, Iridium Communications presently has a consensus rating of “Moderate Buy” and a consensus price target of $49.80.

Iridium Communications Stock Up 2.8 %

Shares of NASDAQ IRDM opened at $26.30 on Thursday. The company has a debt-to-equity ratio of 1.65, a quick ratio of 1.37 and a current ratio of 2.06. Iridium Communications Inc. has a 52 week low of $25.27 and a 52 week high of $68.34. The stock has a market capitalization of $3.22 billion, a P/E ratio of 202.31 and a beta of 0.87. The stock’s fifty day moving average is $31.21 and its 200 day moving average is $37.45.

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

Iridium Communications Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, March 29th. Stockholders of record on Friday, March 15th will be paid a dividend of $0.13 per share. This represents a $0.52 dividend on an annualized basis and a dividend yield of 1.98%. The ex-dividend date is Thursday, March 14th. Iridium Communications’s payout ratio is 400.00%.

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.