Iridium Communications Inc. (NASDAQ:IRDM) Shares Acquired by Lecap Asset Management Ltd.

Lecap Asset Management Ltd. grew its holdings in Iridium Communications Inc. (NASDAQ:IRDM) by 6.8% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 26,587 shares of the technology company’s stock after purchasing an additional 1,691 shares during the quarter. Lecap Asset Management Ltd.’s holdings in Iridium Communications were worth $810,000 at the end of the most recent quarter.

A number of other hedge funds have also recently bought and sold shares of IRDM. Allspring Global Investments Holdings LLC boosted its position 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 acquiring an additional 999 shares during the last quarter. Acadian Asset Management LLC acquired a new stake in Iridium Communications during the first quarter worth approximately $29,000. Mather Group LLC. acquired a new stake in Iridium Communications during the second quarter worth approximately $32,000. Blue Trust Inc. boosted its position in Iridium Communications by 109.7% during 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 acquired a new stake in Iridium Communications during the second quarter worth approximately $45,000. Institutional investors and hedge funds own 84.36% of the company’s stock.

Insider Activity

In other news, Director Robert H. Niehaus sold 38,355 shares of the firm’s stock in a transaction on Wednesday, October 23rd. The shares were sold at an average price of $29.39, for a total value of $1,127,253.45. Following the transaction, the director now owns 254,824 shares of the company’s stock, valued at approximately $7,489,277.36. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 2.00% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on the stock. Barclays increased their price target on shares of Iridium Communications from $44.00 to $45.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 24th. BWS Financial reaffirmed a “neutral” rating and set a $30.00 price target on shares of Iridium Communications in a research note on Monday. 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 stock. According to data from MarketBeat.com, Iridium Communications has an average rating of “Moderate Buy” and a consensus price target of $41.00.

Iridium Communications Stock Performance

Shares of IRDM stock opened at $28.94 on Friday. The company’s fifty day simple moving average is $28.48 and its 200-day simple moving average is $28.08. Iridium Communications Inc. has a 52 week low of $24.14 and a 52 week high of $41.66. The company has a current ratio of 2.25, a quick ratio of 1.52 and a debt-to-equity ratio of 2.08. The company has a market cap of $3.51 billion, a PE ratio of 137.81 and a beta of 0.65.

Iridium Communications (NASDAQ:IRDM) last issued its earnings results on Tuesday, July 23rd. The technology company reported $0.27 EPS for the quarter, beating 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 business had revenue of $201.07 million for the quarter, compared to the consensus estimate of $204.01 million. During the same quarter last year, the firm posted ($0.24) EPS. The business’s revenue for the quarter was up 4.1% compared to the same quarter last year. As a group, equities research analysts anticipate that Iridium Communications Inc. will post 0.81 EPS for the current year.

Iridium Communications announced that its board has initiated a stock buyback program on Thursday, September 19th that permits the company to buyback $500.00 million in outstanding shares. This buyback authorization permits the technology company to buy up to 14.2% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board of directors believes its stock is undervalued.

Iridium Communications Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Friday, September 13th were paid a $0.14 dividend. This represents a $0.56 dividend on an annualized basis and a dividend yield of 1.94%. The ex-dividend date of this dividend was Friday, September 13th. Iridium Communications’s dividend 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.