GAMMA Investing LLC Grows Position in Iridium Communications Inc. (NASDAQ:IRDM)

GAMMA Investing LLC increased its holdings in shares of Iridium Communications Inc. (NASDAQ:IRDM) by 25.2% during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 2,399 shares of the technology company’s stock after acquiring an additional 483 shares during the period. GAMMA Investing LLC’s holdings in Iridium Communications were worth $73,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. Allspring Global Investments Holdings LLC increased its position in shares of 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 in the last quarter. Acadian Asset Management LLC purchased a new position in Iridium Communications in the 1st quarter valued at approximately $29,000. Mather Group LLC. acquired a new stake in Iridium Communications in the 2nd quarter valued at about $32,000. Blue Trust Inc. lifted its stake in Iridium Communications by 109.7% in the second quarter. Blue Trust Inc. now owns 1,491 shares of the technology company’s stock worth $39,000 after acquiring an additional 780 shares during the last quarter. Finally, International Assets Investment Management LLC purchased a new stake in Iridium Communications during the 2nd quarter worth about $45,000. 84.36% of the stock is currently owned by hedge funds and other institutional investors.

Iridium Communications Price Performance

Shares of NASDAQ IRDM opened at $30.07 on Wednesday. The company has a debt-to-equity ratio of 2.08, a quick ratio of 1.52 and a current ratio of 2.25. The company’s fifty day moving average is $28.01 and its two-hundred day moving average is $27.87. Iridium Communications Inc. has a one year low of $24.14 and a one year high of $44.63. The firm has a market capitalization of $3.65 billion, a P/E ratio of 143.19 and a beta of 0.65.

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

Iridium Communications declared that its board has authorized a share buyback program on Thursday, September 19th that authorizes the company to repurchase $500.00 million in shares. This repurchase authorization authorizes the technology company to repurchase up to 14.2% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s leadership believes its stock is undervalued.

Iridium Communications Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Friday, September 13th were paid a dividend of $0.14 per share. The ex-dividend date was Friday, September 13th. This represents a $0.56 dividend on an annualized basis and a dividend yield of 1.86%. Iridium Communications’s dividend payout ratio (DPR) is 266.67%.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on IRDM shares. BWS Financial reissued a “neutral” rating and issued a $30.00 price target on shares of Iridium Communications in a research 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 report on Wednesday, July 24th. Two research analysts have rated the stock with a hold rating, one has given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $41.00.

Iridium Communications 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.