Millstone Evans Group LLC Purchases New Position in Iridium Communications Inc. (NASDAQ:IRDM)

Millstone Evans Group LLC purchased a new stake in Iridium Communications Inc. (NASDAQ:IRDM) during the fourth quarter, Holdings Channel reports. The institutional investor purchased 4,515 shares of the technology company’s stock, valued at approximately $131,000.

Other hedge funds have also modified their holdings of the company. Plato Investment Management Ltd acquired a new stake in shares of Iridium Communications in the 4th quarter valued at approximately $32,000. SBI Securities Co. Ltd. acquired a new stake in shares of Iridium Communications in the 4th quarter valued at approximately $37,000. Fifth Third Bancorp raised its position in shares of Iridium Communications by 19.8% in the 4th quarter. Fifth Third Bancorp now owns 2,162 shares of the technology company’s stock valued at $63,000 after acquiring an additional 357 shares during the period. GAMMA Investing LLC raised its position in shares of Iridium Communications by 44.8% in the 4th quarter. GAMMA Investing LLC now owns 3,473 shares of the technology company’s stock valued at $101,000 after acquiring an additional 1,074 shares during the period. Finally, Steward Partners Investment Advisory LLC raised its position in shares of Iridium Communications by 376.3% in the 4th quarter. Steward Partners Investment Advisory LLC now owns 4,858 shares of the technology company’s stock valued at $141,000 after acquiring an additional 3,838 shares during the period. 84.36% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several brokerages have commented on IRDM. Cantor Fitzgerald began coverage on shares of Iridium Communications in a report on Friday, January 24th. They set an “overweight” rating and a $40.00 target price on the stock. StockNews.com upgraded shares of Iridium Communications from a “hold” rating to a “buy” rating in a report on Friday. 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 Transactions at Iridium Communications

In other news, Director Thomas Fitzpatrick sold 12,500 shares of the firm’s stock in a transaction that occurred on Friday, January 10th. The shares were sold at an average price of $28.53, for a total transaction of $356,625.00. Following the completion of the transaction, the director now directly owns 241,030 shares of the company’s stock, valued at $6,876,585.90. This trade represents a 4.93 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 2.00% of the company’s stock.

Iridium Communications Stock Performance

Shares of IRDM stock opened at $27.65 on Friday. The company has a debt-to-equity ratio of 3.05, a quick ratio of 1.25 and a current ratio of 1.73. The company has a market capitalization of $3.01 billion, a P/E ratio of 29.11, a price-to-earnings-growth ratio of 1.28 and a beta of 0.70. The company’s 50 day moving average price is $29.40 and its two-hundred day moving average price is $29.39. Iridium Communications Inc. has a 52 week low of $24.14 and a 52 week high of $35.85.

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

Iridium Communications Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Monday, March 17th will be paid a dividend of $0.14 per share. The ex-dividend date of this dividend is Monday, March 17th. This represents a $0.56 annualized dividend and a dividend yield of 2.03%. Iridium Communications’s dividend payout ratio is currently 58.95%.

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.