Daiwa Securities Group Inc. Grows Position in Iridium Communications Inc. (NASDAQ:IRDM)

Daiwa Securities Group Inc. boosted its position in shares of Iridium Communications Inc. (NASDAQ:IRDM) by 4.2% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 11,389 shares of the technology company’s stock after acquiring an additional 462 shares during the period. Daiwa Securities Group Inc.’s holdings in Iridium Communications were worth $303,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of the company. Allspring Global Investments Holdings LLC lifted its stake in Iridium Communications by 7,684.6% during the second quarter. Allspring Global Investments Holdings LLC now owns 1,012 shares of the technology company’s stock worth $27,000 after purchasing an additional 999 shares during the last quarter. Acadian Asset Management LLC purchased a new stake in shares of Iridium Communications during the 1st quarter worth approximately $29,000. Mather Group LLC. acquired a new position in shares of Iridium Communications in the 2nd quarter valued at $32,000. Blue Trust Inc. grew its position in shares of Iridium Communications by 109.7% in the 2nd quarter. Blue Trust Inc. now owns 1,491 shares of the technology company’s stock valued at $39,000 after buying an additional 780 shares during the last quarter. Finally, International Assets Investment Management LLC acquired a new stake in Iridium Communications during the 2nd quarter worth $45,000. 84.36% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on IRDM shares. BWS Financial reaffirmed a “neutral” rating and set a $30.00 price objective on shares of Iridium Communications in a report on Wednesday, July 24th. Barclays raised their price target on Iridium Communications from $44.00 to $45.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 24th. Three analysts have rated the stock with a hold rating, two have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $45.00.

Iridium Communications Price Performance

Iridium Communications stock opened at $28.34 on Wednesday. The business has a 50 day simple moving average of $26.87 and a 200-day simple moving average of $27.51. Iridium Communications Inc. has a 12 month low of $24.14 and a 12 month high of $51.62. The company has a debt-to-equity ratio of 2.08, a current ratio of 2.25 and a quick ratio of 1.52. The stock has a market capitalization of $3.44 billion, a PE ratio of 136.19 and a beta of 0.64.

Iridium Communications (NASDAQ:IRDM) last announced its quarterly earnings data on Tuesday, July 23rd. The technology company reported $0.27 EPS for the quarter, topping analysts’ consensus estimates of $0.17 by $0.10. Iridium Communications had a net margin of 11.08% and a return on equity of 10.23%. The company had revenue of $201.07 million during the quarter, compared to the consensus estimate of $204.01 million. During the same quarter in the prior year, the firm earned ($0.24) EPS. Iridium Communications’s quarterly revenue was up 4.1% on a year-over-year basis. Equities analysts predict that Iridium Communications Inc. will post 0.81 earnings per share for the current year.

Iridium Communications Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Friday, September 13th will be given a dividend of $0.14 per share. This represents a $0.56 annualized dividend and a yield of 1.98%. The ex-dividend date of this dividend is Friday, September 13th. Iridium Communications’s payout ratio is 266.67%.

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.