Dynamic Technology Lab Private Ltd Invests $1.17 Million in Iridium Communications Inc. (NASDAQ:IRDM)

Dynamic Technology Lab Private Ltd acquired a new stake in Iridium Communications Inc. (NASDAQ:IRDM) during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 40,371 shares of the technology company’s stock, valued at approximately $1,171,000.

Other institutional investors and hedge funds have also bought and sold shares of the company. Fifth Third Bancorp lifted its position in shares of Iridium Communications by 19.8% during the 4th quarter. Fifth Third Bancorp now owns 2,162 shares of the technology company’s stock valued at $63,000 after buying an additional 357 shares during the last quarter. EntryPoint Capital LLC boosted its position in Iridium Communications by 4.1% during the fourth quarter. EntryPoint Capital LLC now owns 15,330 shares of the technology company’s stock worth $445,000 after purchasing an additional 600 shares during the period. Commonwealth Equity Services LLC raised its position in shares of Iridium Communications by 4.0% in the fourth quarter. Commonwealth Equity Services LLC now owns 19,060 shares of the technology company’s stock valued at $553,000 after purchasing an additional 729 shares during the period. Ballentine Partners LLC boosted its holdings in Iridium Communications by 6.8% in the 4th quarter. Ballentine Partners LLC now owns 11,731 shares of the technology company’s stock worth $340,000 after buying an additional 750 shares during the period. Finally, State of New Jersey Common Pension Fund D raised its holdings in Iridium Communications by 1.1% during the 4th quarter. State of New Jersey Common Pension Fund D now owns 76,836 shares of the technology company’s stock valued at $2,230,000 after acquiring an additional 866 shares during the period. 84.36% of the stock is owned by institutional investors.

Insider Transactions at Iridium Communications

In other news, Director Thomas Fitzpatrick sold 12,500 shares of the stock in a transaction dated Friday, January 10th. The stock was sold at an average price of $28.53, for a total transaction of $356,625.00. Following the transaction, the director now directly owns 241,030 shares in the company, valued at approximately $6,876,585.90. This represents a 4.93 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 2.00% of the company’s stock.

Iridium Communications Price Performance

NASDAQ:IRDM opened at $24.59 on Friday. Iridium Communications Inc. has a 52-week low of $24.12 and a 52-week high of $35.85. The stock has a fifty day moving average of $29.22 and a 200 day moving average of $29.42. The company has a debt-to-equity ratio of 3.05, a quick ratio of 1.25 and a current ratio of 1.73. The firm has a market capitalization of $2.67 billion, a price-to-earnings ratio of 25.88, a P/E/G ratio of 1.28 and a beta of 0.66.

Iridium Communications (NASDAQ:IRDM) last issued its quarterly earnings results on Thursday, February 13th. The technology company reported $0.31 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.15 by $0.16. Iridium Communications had a return on equity of 15.66% and a net margin of 13.58%. The firm had revenue of $212.99 million during the quarter, compared to the consensus estimate of $203.78 million. On average, research analysts expect that Iridium Communications Inc. will post 0.89 EPS for the current fiscal year.

Iridium Communications Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Monday, March 17th were paid a $0.14 dividend. The ex-dividend date was Monday, March 17th. This represents a $0.56 dividend on an annualized basis and a yield of 2.28%. Iridium Communications’s dividend payout ratio is presently 58.95%.

Analysts Set New Price Targets

A number of research firms have recently commented on IRDM. Barclays cut their price target on Iridium Communications from $45.00 to $38.00 and set an “overweight” rating for the company in a report on Monday, March 10th. Cantor Fitzgerald started coverage on Iridium Communications in a report on Friday, January 24th. They set an “overweight” rating and a $40.00 target price for the company. Finally, StockNews.com upgraded Iridium Communications from a “hold” rating to a “buy” rating in a research report on Sunday.

About Iridium Communications

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.