16,338 Shares in Iridium Communications Inc. (NASDAQ:IRDM) Acquired by Intech Investment Management LLC

Intech Investment Management LLC purchased a new stake in Iridium Communications Inc. (NASDAQ:IRDM) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 16,338 shares of the technology company’s stock, valued at approximately $435,000.

Other hedge funds have also recently bought and sold shares of the company. Silver Heights Capital Management Inc raised its holdings in Iridium Communications by 8.8% in the fourth quarter. Silver Heights Capital Management Inc now owns 2,656,227 shares of the technology company’s stock valued at $109,330,000 after buying an additional 214,508 shares during the period. Capstone Investment Advisors LLC purchased a new position in Iridium Communications in the first quarter valued at approximately $913,000. Mirae Asset Global Investments Co. Ltd. raised its holdings in Iridium Communications by 427.6% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 72,626 shares of the technology company’s stock valued at $1,900,000 after buying an additional 58,860 shares during the period. Russell Investments Group Ltd. raised its holdings in Iridium Communications by 10.4% in the first quarter. Russell Investments Group Ltd. now owns 231,976 shares of the technology company’s stock valued at $6,068,000 after buying an additional 21,769 shares during the period. Finally, Sumitomo Mitsui Trust Holdings Inc. raised its holdings in Iridium Communications by 19.9% in the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 2,089,600 shares of the technology company’s stock valued at $54,664,000 after buying an additional 346,118 shares during the period. Hedge funds and other institutional investors own 84.36% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms recently commented on IRDM. Barclays raised their price target on shares of Iridium Communications from $44.00 to $45.00 and gave the company an “overweight” rating in a report on Wednesday, July 24th. BWS Financial reiterated a “neutral” rating and set a $30.00 price objective on shares of Iridium Communications in a research note on Wednesday, July 24th. Three 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. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $41.00.

Iridium Communications Price Performance

IRDM stock opened at $31.03 on Friday. The company has a quick ratio of 1.52, a current ratio of 2.25 and a debt-to-equity ratio of 2.08. Iridium Communications Inc. has a 52-week low of $24.14 and a 52-week high of $46.25. The stock’s 50 day moving average is $27.44 and its two-hundred day moving average is $27.55. The company has a market capitalization of $3.77 billion, a PE ratio of 147.76 and a beta of 0.64.

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

Iridium Communications Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Friday, September 13th will be issued a $0.14 dividend. This represents a $0.56 annualized dividend and a yield of 1.80%. The ex-dividend date of this dividend is Friday, September 13th. Iridium Communications’s dividend payout ratio is currently 266.67%.

Iridium Communications declared that its board has approved a share repurchase 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 generally an indication that the company’s leadership believes its stock is undervalued.

Iridium Communications Company 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.