Daiwa Securities Group Inc. Boosts Position in Iridium Communications Inc $IRDM

Daiwa Securities Group Inc. boosted its position in shares of Iridium Communications Inc (NASDAQ:IRDM) by 67.5% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 112,700 shares of the technology company’s stock after purchasing an additional 45,400 shares during the quarter. Daiwa Securities Group Inc. owned approximately 0.11% of Iridium Communications worth $1,959,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Hantz Financial Services Inc. boosted its position in Iridium Communications by 184.7% during the third quarter. Hantz Financial Services Inc. now owns 1,506 shares of the technology company’s stock worth $26,000 after purchasing an additional 977 shares in the last quarter. Larson Financial Group LLC boosted its position in Iridium Communications by 392.8% during the third quarter. Larson Financial Group LLC now owns 1,508 shares of the technology company’s stock worth $26,000 after purchasing an additional 1,202 shares in the last quarter. CIBC Private Wealth Group LLC purchased a new stake in Iridium Communications during the third quarter worth $32,000. Aster Capital Management DIFC Ltd purchased a new stake in shares of Iridium Communications in the third quarter valued at $46,000. Finally, Advisory Services Network LLC purchased a new stake in shares of Iridium Communications in the third quarter valued at $48,000. 84.36% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on the company. Raymond James Financial restated a “market perform” rating on shares of Iridium Communications in a research report on Friday, April 24th. Barclays upped their price objective on Iridium Communications from $25.00 to $36.00 and gave the company an “overweight” rating in a research report on Thursday, April 9th. BWS Financial restated a “sell” rating and issued a $16.00 price objective on shares of Iridium Communications in a research report on Monday, April 27th. Weiss Ratings upgraded Iridium Communications from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Tuesday, March 10th. Finally, Morgan Stanley upped their price objective on Iridium Communications from $24.00 to $26.00 and gave the company an “equal weight” rating in a research report on Wednesday, February 18th. Two equities research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $34.00.

Iridium Communications Stock Performance

Iridium Communications stock opened at $45.10 on Wednesday. The firm has a market capitalization of $4.77 billion, a P/E ratio of 45.56, a PEG ratio of 3.20 and a beta of 0.89. The stock has a fifty day moving average price of $41.23 and a 200 day moving average price of $27.86. Iridium Communications Inc has a 52 week low of $15.65 and a 52 week high of $53.83. The company has a current ratio of 2.85, a quick ratio of 2.21 and a debt-to-equity ratio of 3.74.

Iridium Communications (NASDAQ:IRDM) last released its earnings results on Thursday, April 23rd. The technology company reported $0.20 EPS for the quarter, missing the consensus estimate of $0.27 by ($0.07). The business had revenue of $219.06 million during the quarter, compared to analyst estimates of $218.39 million. Iridium Communications had a net margin of 12.05% and a return on equity of 22.76%. The business’s revenue for the quarter was up 2.0% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.27 earnings per share. Equities research analysts anticipate that Iridium Communications Inc will post 1.05 earnings per share for the current year.

Iridium Communications Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, June 30th. Investors of record on Monday, June 15th will be paid a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 1.3%. The ex-dividend date is Monday, June 15th. Iridium Communications’s dividend payout ratio is presently 60.61%.

Insider Buying and Selling

In related news, CAO Timothy Kapalka sold 3,790 shares of the company’s stock in a transaction on Thursday, April 2nd. The stock was sold at an average price of $31.00, for a total value of $117,490.00. Following the completion of the transaction, the chief accounting officer directly owned 47,764 shares in the company, valued at approximately $1,480,684. This represents a 7.35% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 2.70% of the company’s stock.

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.