Iridium Communications Inc. (NASDAQ:IRDM) Shares Bought by Private Advisor Group LLC

Private Advisor Group LLC boosted its stake in Iridium Communications Inc. (NASDAQ:IRDM) by 91.0% during the 4th quarter, HoldingsChannel reports. The fund owned 96,702 shares of the technology company’s stock after buying an additional 46,069 shares during the period. Private Advisor Group LLC’s holdings in Iridium Communications were worth $2,806,000 as of its most recent SEC filing.

Other large investors have also recently added to or reduced their stakes in the company. Capital Performance Advisors LLP bought a new stake in shares of Iridium Communications in the 3rd quarter worth about $57,000. Fifth Third Bancorp raised its stake in Iridium Communications by 19.8% during the fourth quarter. Fifth Third Bancorp now owns 2,162 shares of the technology company’s stock valued at $63,000 after buying an additional 357 shares in the last quarter. GAMMA Investing LLC lifted its holdings in Iridium Communications by 44.8% during the 4th quarter. GAMMA Investing LLC now owns 3,473 shares of the technology company’s stock worth $101,000 after buying an additional 1,074 shares during the last quarter. KBC Group NV grew its position in shares of Iridium Communications by 25.9% in the 3rd quarter. KBC Group NV now owns 3,796 shares of the technology company’s stock worth $116,000 after acquiring an additional 781 shares in the last quarter. Finally, Allworth Financial LP increased its holdings in shares of Iridium Communications by 491.9% in the 4th quarter. Allworth Financial LP now owns 5,747 shares of the technology company’s stock valued at $167,000 after acquiring an additional 4,776 shares during the last quarter. 84.36% of the stock is currently owned by institutional investors.

Iridium Communications Price Performance

IRDM opened at $31.43 on Tuesday. The company has a quick ratio of 1.25, a current ratio of 1.73 and a debt-to-equity ratio of 3.05. The company’s 50-day moving average price is $29.34 and its 200 day moving average price is $29.04. Iridium Communications Inc. has a fifty-two week low of $24.14 and a fifty-two week high of $35.85. The firm has a market cap of $3.42 billion, a price-to-earnings ratio of 33.08, a price-to-earnings-growth ratio of 1.28 and a beta of 0.65.

Iridium Communications (NASDAQ:IRDM) last announced its quarterly earnings results on Thursday, February 13th. The technology company reported $0.31 earnings per share for the quarter, topping analysts’ consensus estimates of $0.15 by $0.16. The business had revenue of $212.99 million for the quarter, compared to analysts’ expectations of $203.78 million. Iridium Communications had a return on equity of 15.66% and a net margin of 13.58%. As a group, sell-side analysts expect that Iridium Communications Inc. will post 0.89 earnings per share for the current year.

Iridium Communications Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, December 31st. Stockholders of record on Monday, December 16th were issued a dividend of $0.14 per share. This represents a $0.56 annualized dividend and a dividend yield of 1.78%. The ex-dividend date was Monday, December 16th. Iridium Communications’s dividend payout ratio (DPR) is 58.95%.

Analyst Upgrades and Downgrades

Separately, Cantor Fitzgerald initiated coverage on Iridium Communications in a research note on Friday, January 24th. They set an “overweight” rating and a $40.00 price objective on the stock.

Insider Transactions at Iridium Communications

In other news, Director Thomas Fitzpatrick sold 12,500 shares of Iridium Communications stock in a transaction that occurred on Friday, January 10th. The stock was sold at an average price of $28.53, for a total transaction of $356,625.00. Following the sale, the director now owns 241,030 shares of the company’s stock, valued at approximately $6,876,585.90. The trade was a 4.93 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 2.00% of the company’s stock.

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.