nVerses Capital LLC Has $298,000 Stock Position in Iridium Communications Inc. (NASDAQ:IRDM)

nVerses Capital LLC boosted its holdings in Iridium Communications Inc. (NASDAQ:IRDM) by 308.3% during the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 9,800 shares of the technology company’s stock after buying an additional 7,400 shares during the quarter. nVerses Capital LLC’s holdings in Iridium Communications were worth $298,000 at the end of the most recent reporting period.

Several other large investors have also bought and sold shares of IRDM. Counterpoint Mutual Funds LLC bought a new stake in shares of Iridium Communications during the first quarter worth $280,000. Oak Thistle LLC acquired a new position in Iridium Communications in the 1st quarter worth about $546,000. State of Michigan Retirement System raised its position in Iridium Communications by 2.4% in the first quarter. State of Michigan Retirement System now owns 30,459 shares of the technology company’s stock valued at $797,000 after purchasing an additional 700 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. boosted its stake in shares of Iridium Communications by 19.9% during 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 purchasing an additional 346,118 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. grew its holdings in shares of Iridium Communications by 427.6% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 72,626 shares of the technology company’s stock worth $1,900,000 after purchasing an additional 58,860 shares during the last quarter. 84.36% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities research analysts recently commented on IRDM shares. BWS Financial reiterated a “neutral” rating and set a $30.00 target price on shares of Iridium Communications in a research report on Wednesday, July 24th. Barclays boosted their price objective 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. Two investment analysts have rated the stock with a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $41.00.

Iridium Communications Stock Performance

Shares of IRDM stock opened at $31.60 on Friday. The stock has a market capitalization of $3.84 billion, a PE ratio of 150.48 and a beta of 0.65. The business’s 50 day simple moving average is $28.30 and its 200 day simple moving average is $27.96. The company has a debt-to-equity ratio of 2.08, a current ratio of 2.25 and a quick ratio of 1.52. Iridium Communications Inc. has a one year low of $24.14 and a one year high of $42.38.

Iridium Communications (NASDAQ:IRDM) last posted its quarterly earnings data 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 company had revenue of $201.07 million for the quarter, compared to analyst estimates of $204.01 million. During the same period in the prior year, the firm posted ($0.24) EPS. The company’s quarterly revenue was up 4.1% on a year-over-year basis. As a group, research analysts forecast 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 stock repurchase 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 an indication that the company’s board of directors believes its shares are undervalued.

Iridium Communications Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Friday, September 13th were issued 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 yield of 1.77%. Iridium Communications’s payout ratio is currently 266.67%.

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.