IQ EQ FUND MANAGEMENT IRELAND Ltd Takes $1.96 Million Position in Iridium Communications Inc. (NASDAQ:IRDM)

IQ EQ FUND MANAGEMENT IRELAND Ltd purchased a new stake in shares of Iridium Communications Inc. (NASDAQ:IRDM) during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 64,461 shares of the technology company’s stock, valued at approximately $1,963,000.

A number of other large investors also recently modified their holdings of IRDM. Vanguard Group Inc. grew its holdings in Iridium Communications by 2.9% during the first quarter. Vanguard Group Inc. now owns 12,090,326 shares of the technology company’s stock worth $316,283,000 after acquiring an additional 336,989 shares during the period. Van Berkom & Associates Inc. grew its holdings in Iridium Communications by 4.6% during the second quarter. Van Berkom & Associates Inc. now owns 3,480,051 shares of the technology company’s stock worth $92,639,000 after acquiring an additional 152,232 shares during the period. Sumitomo Mitsui Trust Holdings Inc. grew its holdings in Iridium Communications by 18.5% during the second quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 2,475,472 shares of the technology company’s stock worth $65,897,000 after acquiring an additional 385,872 shares during the period. Nikko Asset Management Americas Inc. grew its holdings in Iridium Communications by 19.9% during the first quarter. Nikko Asset Management Americas Inc. now owns 2,089,600 shares of the technology company’s stock worth $54,664,000 after acquiring an additional 346,118 shares during the period. Finally, Victory Capital Management Inc. grew its holdings in Iridium Communications by 6,491.3% during the second quarter. Victory Capital Management Inc. now owns 1,598,532 shares of the technology company’s stock worth $42,553,000 after acquiring an additional 1,574,280 shares during the period. 84.36% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

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

Iridium Communications Trading Up 11.2 %

Shares of IRDM opened at $33.57 on Friday. The business’s 50-day moving average price is $28.20 and its 200 day moving average price is $27.93. The stock has a market capitalization of $4.08 billion, a P/E ratio of 159.86 and a beta of 0.65. Iridium Communications Inc. has a 1-year low of $24.14 and a 1-year high of $43.91. The company has a current ratio of 2.25, a quick ratio of 1.52 and a debt-to-equity ratio of 2.08.

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 return on equity of 10.23% and a net margin of 11.08%. The firm had revenue of $201.07 million during the quarter, compared to analyst estimates of $204.01 million. During the same period last year, the company posted ($0.24) EPS. The business’s quarterly revenue was up 4.1% compared to the same quarter last year. Analysts expect that Iridium Communications Inc. will post 0.81 earnings per share for the current year.

Iridium Communications announced that its Board of Directors has approved a share buyback program on Thursday, September 19th that allows the company to buyback $500.00 million in shares. This buyback authorization allows the technology company to purchase up to 14.2% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s management believes its stock is undervalued.

Iridium Communications Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Friday, September 13th were given a dividend of $0.14 per share. The ex-dividend date of this dividend was Friday, September 13th. This represents a $0.56 dividend on an annualized basis and a yield of 1.67%. Iridium Communications’s payout ratio is presently 266.67%.

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.