Dynamic Technology Lab Private Ltd Purchases New Position in Iridium Communications Inc. (NASDAQ:IRDM)

Dynamic Technology Lab Private Ltd acquired a new position in Iridium Communications Inc. (NASDAQ:IRDM) in the 4th quarter, HoldingsChannel reports. The firm acquired 40,371 shares of the technology company’s stock, valued at approximately $1,171,000.

A number of other large investors have also recently made changes to their positions in the business. Resona Asset Management Co. Ltd. bought a new stake in Iridium Communications in the fourth quarter valued at $358,000. Riverwater Partners LLC boosted its stake in shares of Iridium Communications by 19.2% during the 4th quarter. Riverwater Partners LLC now owns 101,496 shares of the technology company’s stock valued at $2,945,000 after purchasing an additional 16,350 shares in the last quarter. Allen Wealth Management LLC purchased a new position in shares of Iridium Communications during the fourth quarter valued at about $1,136,000. Trexquant Investment LP raised its stake in Iridium Communications by 142.0% in the fourth quarter. Trexquant Investment LP now owns 441,183 shares of the technology company’s stock worth $12,803,000 after buying an additional 258,892 shares in the last quarter. Finally, Schroder Investment Management Group lifted its holdings in Iridium Communications by 44.7% in the fourth quarter. Schroder Investment Management Group now owns 2,213,512 shares of the technology company’s stock worth $64,125,000 after buying an additional 683,777 shares during the period. 84.36% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

IRDM has been the subject of several research reports. Cantor Fitzgerald began coverage on Iridium Communications in a research report on Friday, January 24th. They issued an “overweight” rating and a $40.00 target price for the company. StockNews.com upgraded Iridium Communications from a “hold” rating to a “buy” rating in a report on Sunday. Finally, Barclays dropped their target price on shares of Iridium Communications from $45.00 to $38.00 and set an “overweight” rating on the stock in a report on Monday, March 10th.

Insider Activity

In other Iridium Communications news, Director Thomas Fitzpatrick sold 12,500 shares of the company’s stock in a transaction dated Friday, January 10th. The shares were sold at an average price of $28.53, for a total transaction of $356,625.00. Following the transaction, the director now owns 241,030 shares in the company, valued at approximately $6,876,585.90. This represents a 4.93 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 2.00% of the company’s stock.

Iridium Communications Price Performance

Shares of NASDAQ:IRDM opened at $24.59 on Friday. The company has a market capitalization of $2.67 billion, a PE ratio of 25.88, a PEG ratio of 1.28 and a beta of 0.66. The business has a fifty day moving average price of $29.22 and a 200-day moving average price of $29.42. Iridium Communications Inc. has a 1-year low of $24.12 and a 1-year high of $35.85. 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 posted its quarterly earnings results on Thursday, February 13th. The technology company reported $0.31 EPS for the quarter, beating analysts’ consensus estimates of $0.15 by $0.16. Iridium Communications had a net margin of 13.58% and a return on equity of 15.66%. The firm had revenue of $212.99 million for the quarter, compared to analysts’ expectations of $203.78 million. As a group, equities analysts expect that Iridium Communications Inc. will post 0.89 EPS for the current fiscal year.

Iridium Communications Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Monday, March 17th were paid a $0.14 dividend. This represents a $0.56 annualized dividend and a dividend yield of 2.28%. The ex-dividend date was Monday, March 17th. Iridium Communications’s dividend payout ratio is currently 58.95%.

About Iridium Communications

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.