Campbell & CO Investment Adviser LLC Invests $554,000 in Iridium Communications Inc $IRDM

Campbell & CO Investment Adviser LLC purchased a new stake in Iridium Communications Inc (NASDAQ:IRDM) in the 3rd quarter, Holdings Channel reports. The fund purchased 31,703 shares of the technology company’s stock, valued at approximately $554,000.

A number of other institutional investors have also recently modified their holdings of the business. Synergy Asset Management LLC lifted its holdings in Iridium Communications by 100.0% in the third quarter. Synergy Asset Management LLC now owns 1,324,366 shares of the technology company’s stock valued at $23,123,000 after acquiring an additional 662,183 shares during the period. Brookwood Investment Group LLC acquired a new position in shares of Iridium Communications during the 2nd quarter worth $1,165,000. VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new position in shares of Iridium Communications in the 2nd quarter valued at about $1,693,000. Oak Thistle LLC acquired a new stake in shares of Iridium Communications in the third quarter valued at about $1,074,000. Finally, Graphene Investments SAS acquired a new stake in shares of Iridium Communications in the second quarter valued at about $3,479,000. 84.36% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Iridium Communications

In other news, CEO Matthew J. Desch bought 20,000 shares of Iridium Communications stock in a transaction on Thursday, October 30th. The shares were bought at an average cost of $17.33 per share, for a total transaction of $346,600.00. Following the acquisition, the chief executive officer owned 1,127,019 shares in the company, valued at approximately $19,531,239.27. This trade represents a 1.81% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Robert H. Niehaus purchased 30,000 shares of the stock in a transaction dated Tuesday, October 28th. The shares were purchased at an average price of $17.49 per share, with a total value of $524,700.00. Following the completion of the acquisition, the director owned 297,363 shares of the company’s stock, valued at approximately $5,200,878.87. This represents a 11.22% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. In the last quarter, insiders sold 30,967 shares of company stock valued at $557,406. 2.40% of the stock is owned by insiders.

Iridium Communications Price Performance

IRDM stock opened at $19.62 on Thursday. The stock’s 50 day moving average price is $17.61 and its 200 day moving average price is $20.70. The firm has a market cap of $2.06 billion, a P/E ratio of 17.36, a PEG ratio of 1.16 and a beta of 0.55. The company has a debt-to-equity ratio of 4.02, a quick ratio of 1.93 and a current ratio of 2.67. Iridium Communications Inc has a 1 year low of $15.65 and a 1 year high of $34.45.

Iridium Communications (NASDAQ:IRDM) last released its quarterly earnings results on Thursday, October 23rd. The technology company reported $0.35 earnings per share for the quarter, topping analysts’ consensus estimates of $0.26 by $0.09. Iridium Communications had a return on equity of 24.93% and a net margin of 14.44%.The company had revenue of $226.94 million during the quarter, compared to analysts’ expectations of $222.13 million. During the same period in the previous year, the firm posted $0.21 earnings per share. The business’s revenue for the quarter was up 6.6% compared to the same quarter last year. On average, sell-side analysts expect that Iridium Communications Inc will post 0.89 earnings per share for the current fiscal year.

Iridium Communications Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, December 31st. Investors of record on Monday, December 15th were paid a $0.15 dividend. The ex-dividend date of this dividend was Monday, December 15th. This represents a $0.60 annualized dividend and a yield of 3.1%. Iridium Communications’s payout ratio is presently 53.10%.

Wall Street Analysts Forecast Growth

IRDM has been the topic of several recent analyst reports. Morgan Stanley restated an “equal weight” rating and set a $24.00 target price (down from $37.00) on shares of Iridium Communications in a research report on Friday, January 16th. Weiss Ratings cut Iridium Communications from a “hold (c-)” rating to a “sell (d+)” rating in a report on Saturday, October 25th. BWS Financial reaffirmed a “sell” rating and set a $16.00 price objective on shares of Iridium Communications in a report on Friday, October 24th. Finally, Barclays decreased their target price on Iridium Communications from $31.00 to $25.00 and set an “overweight” rating on the stock in a research report on Wednesday, October 1st. Five investment analysts have rated the stock with a Buy rating, one has given a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, Iridium Communications presently has an average rating of “Hold” and an average price target of $27.50.

Iridium Communications Profile

Iridium Communications Inc operates a global satellite communications network that delivers voice and data services across land, sea and air. The company’s unique architecture relies on a constellation of 66 low-Earth orbit satellites, enabling real-time connectivity in regions beyond the reach of terrestrial wireless networks. Iridium’s core offerings include satellite voice and messaging services, broadband data terminals, push-to-talk (PTT) interoperability and machine-to-machine (M2M) solutions for the Internet of Things (IoT).

Iridium serves a diverse range of markets, including maritime shipping, aviation, government and defense, energy, and enterprise.