Chesapeake Capital Corp IL Makes New $204,000 Investment in Iridium Communications Inc. (NASDAQ:IRDM)

Chesapeake Capital Corp IL acquired a new position in shares of Iridium Communications Inc. (NASDAQ:IRDM) in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund acquired 7,037 shares of the technology company’s stock, valued at approximately $204,000.

Several other institutional investors and hedge funds also recently bought and sold shares of the company. KBC Group NV boosted its stake in shares of Iridium Communications by 25.9% during the third quarter. KBC Group NV now owns 3,796 shares of the technology company’s stock valued at $116,000 after purchasing an additional 781 shares during the period. Thrivent Financial for Lutherans boosted its stake in shares of Iridium Communications by 19.8% during the third quarter. Thrivent Financial for Lutherans now owns 130,370 shares of the technology company’s stock valued at $3,970,000 after purchasing an additional 21,522 shares during the period. Quest Partners LLC boosted its stake in shares of Iridium Communications by 182.2% during the third quarter. Quest Partners LLC now owns 13,877 shares of the technology company’s stock valued at $423,000 after purchasing an additional 8,959 shares during the period. Pathstone Holdings LLC boosted its stake in shares of Iridium Communications by 14.3% during the third quarter. Pathstone Holdings LLC now owns 61,825 shares of the technology company’s stock valued at $1,883,000 after purchasing an additional 7,722 shares during the period. Finally, Meeder Asset Management Inc. purchased a new stake in shares of Iridium Communications during the third quarter valued at $407,000. 84.36% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Iridium Communications news, Director Thomas Fitzpatrick sold 12,500 shares of the business’s stock in a transaction dated Friday, January 10th. The shares were sold at an average price of $28.53, for a total value of $356,625.00. Following the completion of the transaction, the director now directly owns 241,030 shares in the company, valued at approximately $6,876,585.90. The trade was a 4.93 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 2.00% of the stock is currently owned by corporate insiders.

Iridium Communications Stock Down 1.0 %

NASDAQ:IRDM opened at $27.36 on Wednesday. Iridium Communications Inc. has a 1-year low of $24.14 and a 1-year high of $35.85. The company has a 50-day moving average of $29.48 and a 200 day moving average of $29.39. The firm has a market cap of $2.98 billion, a PE ratio of 28.80, a price-to-earnings-growth ratio of 1.28 and a beta of 0.70. The company has a debt-to-equity ratio of 3.05, a current ratio of 1.73 and a quick ratio of 1.25.

Iridium Communications (NASDAQ:IRDM) last announced its earnings results on Thursday, February 13th. The technology company reported $0.31 EPS for the quarter, topping analysts’ consensus estimates of $0.15 by $0.16. The business had revenue of $212.99 million during the quarter, compared to the consensus estimate of $203.78 million. Iridium Communications had a net margin of 13.58% and a return on equity of 15.66%. As a group, 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 announced a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Monday, March 17th will be issued a $0.14 dividend. The ex-dividend date of this dividend is Monday, March 17th. This represents a $0.56 dividend on an annualized basis and a yield of 2.05%. Iridium Communications’s dividend payout ratio is presently 58.95%.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on IRDM shares. StockNews.com lowered shares of Iridium Communications from a “buy” rating to a “hold” rating in a research note on Thursday, March 13th. Barclays lowered their price objective on shares of Iridium Communications from $45.00 to $38.00 and set an “overweight” rating for the company in a research note on Monday, March 10th. Finally, Cantor Fitzgerald started coverage on shares of Iridium Communications in a research note on Friday, January 24th. They issued an “overweight” rating and a $40.00 price objective for the company.

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.