3,861 Shares in Iridium Communications Inc. (NASDAQ:IRDM) Bought by ORG Partners LLC

ORG Partners LLC bought a new position in Iridium Communications Inc. (NASDAQ:IRDM) in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor bought 3,861 shares of the technology company’s stock, valued at approximately $103,000.

Several other hedge funds also recently bought and sold shares of IRDM. Northwest Financial Advisors bought a new position in shares of Iridium Communications during the 4th quarter valued at about $26,000. Acadian Asset Management LLC bought a new position in shares of Iridium Communications during the 1st quarter valued at about $29,000. Mather Group LLC. bought a new position in shares of Iridium Communications during the 2nd quarter valued at about $32,000. Allspring Global Investments Holdings LLC bought a new position in shares of Iridium Communications during the 4th quarter valued at about $41,000. Finally, Covestor Ltd boosted its holdings in shares of Iridium Communications by 1,033.5% during the 1st quarter. Covestor Ltd now owns 1,791 shares of the technology company’s stock valued at $47,000 after purchasing an additional 1,633 shares during the last quarter. Institutional investors own 84.36% of the company’s stock.

Wall Street Analyst Weigh In

IRDM has been the subject of several research reports. Barclays increased their price objective 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 reaffirmed a “neutral” rating and issued a $30.00 price target on shares of Iridium Communications in a report on Wednesday, July 24th. Three investment analysts have rated the stock with a hold rating, two have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, Iridium Communications currently has a consensus rating of “Moderate Buy” and a consensus price target of $45.00.

Iridium Communications Trading Up 3.2 %

Iridium Communications stock traded up $0.84 during midday trading on Thursday, reaching $27.41. The stock had a trading volume of 133,830 shares, compared to its average volume of 1,070,073. 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 $51.62. The firm has a market cap of $3.33 billion, a price-to-earnings ratio of 126.52 and a beta of 0.65. The company has a fifty day moving average of $26.81 and a 200 day moving average of $28.47.

Iridium Communications (NASDAQ:IRDM) last posted its quarterly earnings data on Tuesday, July 23rd. The technology company reported $0.27 earnings per share for the quarter, topping analysts’ consensus estimates of $0.17 by $0.10. The company had revenue of $201.07 million for 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 firm’s revenue for the quarter was up 4.1% on a year-over-year basis. During the same period in the prior year, the company posted ($0.24) EPS. On average, analysts anticipate that Iridium Communications Inc. will post 0.77 earnings per share for the current fiscal year.

Iridium Communications Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, June 28th. Investors of record on Friday, June 14th were issued a dividend of $0.14 per share. This represents a $0.56 annualized dividend and a yield of 2.04%. This is a positive change from Iridium Communications’s previous quarterly dividend of $0.13. The ex-dividend date of this dividend was Friday, June 14th. Iridium Communications’s dividend payout ratio (DPR) is presently 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.