Iridium Communications Inc $IRDM Shares Acquired by GSA Capital Partners LLP

GSA Capital Partners LLP lifted its holdings in shares of Iridium Communications Inc (NASDAQ:IRDM) by 365.2% in the third quarter, HoldingsChannel.com reports. The firm owned 87,962 shares of the technology company’s stock after acquiring an additional 69,053 shares during the quarter. GSA Capital Partners LLP’s holdings in Iridium Communications were worth $1,536,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of the stock. Pacer Advisors Inc. lifted its holdings in shares of Iridium Communications by 74.5% in the 3rd quarter. Pacer Advisors Inc. now owns 1,744,095 shares of the technology company’s stock worth $30,452,000 after acquiring an additional 744,836 shares during the last quarter. M&G PLC purchased a new stake in Iridium Communications in the third quarter valued at approximately $11,575,000. Synergy Asset Management LLC lifted its stake in Iridium Communications by 100.0% during the third quarter. Synergy Asset Management LLC now owns 1,324,366 shares of the technology company’s stock worth $23,123,000 after purchasing an additional 662,183 shares in the last quarter. Norges Bank purchased a new position in shares of Iridium Communications during the second quarter worth $16,297,000. Finally, Silver Heights Capital Management Inc grew its stake in shares of Iridium Communications by 13.5% in the second quarter. Silver Heights Capital Management Inc now owns 4,228,263 shares of the technology company’s stock valued at $127,567,000 after buying an additional 501,400 shares in the last quarter. 84.36% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research analysts have recently commented on IRDM shares. Weiss Ratings reissued a “sell (d+)” rating on shares of Iridium Communications in a research note on Thursday, January 22nd. Morgan Stanley reiterated an “equal weight” rating and issued a $24.00 price target (down previously from $37.00) on shares of Iridium Communications in a research note on Friday, January 16th. Finally, BWS Financial reissued a “sell” rating and issued a $16.00 price objective on shares of Iridium Communications in a research report on Tuesday. Four research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, the company has an average rating of “Hold” and an average price target of $25.00.

Iridium Communications Stock Up 1.6%

IRDM stock opened at $23.53 on Wednesday. The company has a debt-to-equity ratio of 3.80, a quick ratio of 1.82 and a current ratio of 2.48. The company has a fifty day moving average of $19.22 and a 200-day moving average of $19.50. Iridium Communications Inc has a one year low of $15.65 and a one year high of $34.45. The stock has a market capitalization of $2.47 billion, a PE ratio of 22.20, a price-to-earnings-growth ratio of 1.38 and a beta of 0.61.

Iridium Communications (NASDAQ:IRDM) last announced its quarterly earnings results on Thursday, February 12th. The technology company reported $0.24 EPS for the quarter, topping the consensus estimate of $0.23 by $0.01. The business had revenue of $212.94 million for the quarter, compared to analyst estimates of $219.14 million. Iridium Communications had a return on equity of 24.01% and a net margin of 13.12%.The company’s quarterly revenue was up .0% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.32 EPS. As a group, analysts expect that Iridium Communications Inc will post 0.89 EPS for the current year.

Iridium Communications Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, December 31st. Shareholders of record on Monday, December 15th were paid a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 2.5%. The ex-dividend date of this dividend was Monday, December 15th. Iridium Communications’s dividend payout ratio is currently 56.60%.

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.