Iridium Communications Inc. (NASDAQ:IRDM) Shares Bought by Quarry LP

Quarry LP grew its holdings in shares of Iridium Communications Inc. (NASDAQ:IRDM) by 12.4% during the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 7,533 shares of the technology company’s stock after purchasing an additional 832 shares during the period. Quarry LP’s holdings in Iridium Communications were worth $201,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of IRDM. Vanguard Group Inc. increased its stake in shares of Iridium Communications by 2.9% during the first quarter. Vanguard Group Inc. now owns 12,090,326 shares of the technology company’s stock valued at $316,283,000 after acquiring an additional 336,989 shares during the period. Van Berkom & Associates Inc. increased its position in shares of Iridium Communications by 4.6% during the 2nd quarter. Van Berkom & Associates Inc. now owns 3,480,051 shares of the technology company’s stock valued at $92,639,000 after purchasing an additional 152,232 shares during the period. Silver Heights Capital Management Inc raised its stake in shares of Iridium Communications by 8.8% in the 4th quarter. Silver Heights Capital Management Inc now owns 2,656,227 shares of the technology company’s stock worth $109,330,000 after buying an additional 214,508 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. lifted its holdings in shares of Iridium Communications by 18.5% in the second quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 2,475,472 shares of the technology company’s stock valued at $65,897,000 after buying an additional 385,872 shares during the period. Finally, Nikko Asset Management Americas Inc. boosted its stake 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 valued at $54,664,000 after buying an additional 346,118 shares in the last quarter. 84.36% of the stock is currently owned by institutional investors.

Iridium Communications Stock Performance

Shares of NASDAQ IRDM opened at $30.45 on Tuesday. Iridium Communications Inc. has a one year low of $24.14 and a one year high of $45.75. The business’s 50-day moving average price is $27.53 and its two-hundred day moving average price is $27.56. 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 company has a market capitalization of $3.70 billion, a P/E ratio of 145.00 and a beta of 0.64.

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

Iridium Communications declared that its board has authorized a stock buyback plan on Thursday, September 19th that allows the company to buyback $500.00 million in outstanding shares. This buyback authorization allows the technology company to reacquire up to 14.2% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s board of directors believes its stock is undervalued.

Iridium Communications Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Friday, September 13th were paid a $0.14 dividend. This represents a $0.56 annualized dividend and a yield of 1.84%. The ex-dividend date was Friday, September 13th. Iridium Communications’s payout ratio is presently 266.67%.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on IRDM shares. Barclays boosted their price target on shares of Iridium Communications from $44.00 to $45.00 and gave the stock an “overweight” rating in a research 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 report on Wednesday, July 24th. Three investment analysts have rated the stock with a hold rating, one has given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus 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.