Quantbot Technologies LP Purchases 31,651 Shares of Iridium Communications Inc. (NASDAQ:IRDM)

Quantbot Technologies LP boosted its position in Iridium Communications Inc. (NASDAQ:IRDM) by 1,755.5% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 33,454 shares of the technology company’s stock after buying an additional 31,651 shares during the quarter. Quantbot Technologies LP’s holdings in Iridium Communications were worth $971,000 at the end of the most recent reporting period.

Several other institutional investors have also recently bought and sold shares of IRDM. Pathstone Holdings LLC increased its stake in 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 acquiring an additional 7,722 shares during the period. Cerity Partners LLC acquired a new stake in shares of Iridium Communications during the 3rd quarter worth approximately $1,359,000. Penserra Capital Management LLC increased its position in shares of Iridium Communications by 9.5% during the third quarter. Penserra Capital Management LLC now owns 59,640 shares of the technology company’s stock valued at $1,816,000 after purchasing an additional 5,173 shares during the period. FMR LLC increased its position in shares of Iridium Communications by 26.7% during the third quarter. FMR LLC now owns 942,380 shares of the technology company’s stock valued at $28,695,000 after purchasing an additional 198,360 shares during the period. Finally, BNP Paribas Financial Markets raised its stake in shares of Iridium Communications by 2.6% in the third quarter. BNP Paribas Financial Markets now owns 382,390 shares of the technology company’s stock valued at $11,644,000 after purchasing an additional 9,511 shares in the last quarter. Institutional investors own 84.36% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on the stock. Cantor Fitzgerald started coverage on shares of Iridium Communications in a research report on Friday, January 24th. They set 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 Friday, March 21st. Finally, Barclays reduced their price objective on shares of Iridium Communications from $45.00 to $38.00 and set an “overweight” rating on the stock in a research note on Monday, March 10th.

Iridium Communications Trading Up 2.9 %

NASDAQ IRDM opened at $29.00 on Wednesday. Iridium Communications Inc. has a 52 week low of $24.14 and a 52 week high of $35.85. 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 stock’s 50 day moving average price is $29.45 and its two-hundred day moving average price is $29.42. The stock has a market capitalization of $3.16 billion, a price-to-earnings ratio of 30.53, a PEG ratio of 1.28 and a beta of 0.70.

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

Iridium Communications Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Monday, March 17th will be issued a dividend of $0.14 per share. This represents a $0.56 dividend on an annualized basis and a dividend yield of 1.93%. The ex-dividend date of this dividend is Monday, March 17th. Iridium Communications’s payout ratio is presently 58.95%.

Insider Buying and Selling at Iridium Communications

In other Iridium Communications news, Director Thomas Fitzpatrick sold 12,500 shares of Iridium Communications 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 sale, the director now owns 241,030 shares in the company, valued at $6,876,585.90. The trade was a 4.93 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Corporate 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.