Headlands Technologies LLC Buys Shares of 1,452 Iridium Communications Inc. (NASDAQ:IRDM)

Headlands Technologies LLC purchased a new position in shares of Iridium Communications Inc. (NASDAQ:IRDM) in the fourth quarter, HoldingsChannel reports. The fund purchased 1,452 shares of the technology company’s stock, valued at approximately $60,000.

A number of other institutional investors have also modified their holdings of the company. Commonwealth Equity Services LLC increased its stake in Iridium Communications by 25.3% in the third quarter. Commonwealth Equity Services LLC now owns 8,034 shares of the technology company’s stock valued at $365,000 after purchasing an additional 1,622 shares during the last quarter. Ceredex Value Advisors LLC purchased a new position in shares of Iridium Communications during the 3rd quarter worth about $8,700,000. Redmond Asset Management LLC lifted its holdings in shares of Iridium Communications by 34.6% during the 3rd quarter. Redmond Asset Management LLC now owns 63,012 shares of the technology company’s stock worth $2,866,000 after acquiring an additional 16,198 shares during the period. New York State Teachers Retirement System boosted its position in shares of Iridium Communications by 2.8% in the third quarter. New York State Teachers Retirement System now owns 118,041 shares of the technology company’s stock worth $5,370,000 after acquiring an additional 3,215 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in Iridium Communications by 18.7% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 22,177 shares of the technology company’s stock valued at $1,009,000 after purchasing an additional 3,494 shares during the period. Institutional investors and hedge funds own 84.36% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have weighed in on the stock. William Blair lowered shares of Iridium Communications from an “outperform” rating to a “market perform” rating in a report on Thursday, February 15th. BWS Financial reiterated a “neutral” rating and issued a $30.00 target price on shares of Iridium Communications in a report on Monday, April 22nd. Barclays upped their price target on Iridium Communications from $42.00 to $44.00 and gave the stock an “overweight” rating in a research note on Friday, April 26th. TheStreet raised Iridium Communications from a “d+” rating to a “c-” rating in a research note on Thursday, February 15th. Finally, Raymond James decreased their target price 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. Three equities research analysts have rated the stock with a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $44.75.

Iridium Communications Price Performance

IRDM stock opened at $31.32 on Thursday. The firm has a market cap of $3.80 billion, a P/E ratio of 146.62 and a beta of 0.85. The company has a debt-to-equity ratio of 1.86, a quick ratio of 2.52 and a current ratio of 3.33. Iridium Communications Inc. has a 1 year low of $24.14 and a 1 year high of $65.69. The stock has a 50-day simple moving average of $27.37 and a 200-day simple moving average of $34.13.

Iridium Communications (NASDAQ:IRDM) last released its quarterly earnings results on Thursday, April 18th. The technology company reported $0.16 earnings per share for the quarter, topping analysts’ consensus estimates of $0.15 by $0.01. The firm had revenue of $203.80 million during the quarter, compared to analysts’ expectations of $193.84 million. Iridium Communications had a return on equity of 2.76% and a net margin of 3.20%. Iridium Communications’s quarterly revenue was down .7% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.08 EPS. On average, equities analysts predict that Iridium Communications Inc. will post 0.73 earnings per share for the current fiscal year.

Iridium Communications Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, March 29th. Investors of record on Friday, March 15th were issued a dividend of $0.13 per share. This represents a $0.52 dividend on an annualized basis and a yield of 1.66%. The ex-dividend date of this dividend was Thursday, March 14th. Iridium Communications’s payout ratio is 247.62%.

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.