JPMorgan Chase & Co. raised its holdings in shares of Iridium Communications Inc (NASDAQ:IRDM – Free Report) by 8.9% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 612,610 shares of the technology company’s stock after acquiring an additional 50,239 shares during the quarter. JPMorgan Chase & Co. owned approximately 0.58% of Iridium Communications worth $10,696,000 as of its most recent SEC filing.
Other large investors have also made changes to their positions in the company. CIBC Private Wealth Group LLC purchased a new stake in shares of Iridium Communications during the third quarter worth about $32,000. Advisory Services Network LLC bought a new stake in Iridium Communications during the 3rd quarter valued at approximately $48,000. Icon Advisers Inc. Co. purchased a new position in Iridium Communications in the 3rd quarter worth approximately $900,000. CANADA LIFE ASSURANCE Co boosted its stake in Iridium Communications by 2.8% in the 3rd quarter. CANADA LIFE ASSURANCE Co now owns 82,707 shares of the technology company’s stock worth $1,428,000 after purchasing an additional 2,277 shares during the period. Finally, Caxton Associates LLP bought a new position in Iridium Communications in the 3rd quarter worth approximately $184,000. 84.36% of the stock is currently owned by hedge funds and other institutional investors.
Wall Street Analysts Forecast Growth
Several equities research analysts have recently issued reports on IRDM shares. BWS Financial reiterated a “sell” rating and set a $16.00 price objective on shares of Iridium Communications in a research report on Tuesday, February 17th. Weiss Ratings upgraded shares of Iridium Communications from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Tuesday, March 10th. Finally, Morgan Stanley raised their target price on shares of Iridium Communications from $24.00 to $26.00 and gave the company an “equal weight” rating in a research note on Wednesday, February 18th. Four investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $25.40.
Iridium Communications Stock Performance
Iridium Communications stock opened at $27.96 on Friday. The company’s 50-day moving average price is $23.07 and its 200-day moving average price is $19.67. The company has a quick ratio of 1.82, a current ratio of 2.48 and a debt-to-equity ratio of 3.80. The company has a market cap of $2.93 billion, a PE ratio of 26.38, a price-to-earnings-growth ratio of 1.89 and a beta of 0.60. Iridium Communications Inc has a twelve month low of $15.65 and a twelve month high of $33.34.
Iridium Communications (NASDAQ:IRDM – Get Free Report) last released 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. Iridium Communications had a return on equity of 24.01% and a net margin of 13.12%.The company had revenue of $212.94 million during the quarter, compared to analyst estimates of $219.14 million. During the same quarter last year, the business posted $0.32 earnings per share. The firm’s revenue was up .0% on a year-over-year basis. On average, equities research analysts forecast that Iridium Communications Inc will post 0.89 EPS for the current fiscal year.
Iridium Communications Announces Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 31st. Stockholders of record on Monday, March 16th will be paid a $0.15 dividend. This represents a $0.60 annualized dividend and a dividend yield of 2.1%. The ex-dividend date of this dividend is Monday, March 16th. Iridium Communications’s dividend payout ratio (DPR) is presently 56.60%.
About Iridium Communications
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.
Further Reading
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