Fifth Third Bancorp Increases Stock Holdings in Iridium Communications Inc $IRDM

Fifth Third Bancorp boosted its stake in Iridium Communications Inc (NASDAQ:IRDM) by 2,810.5% during the first quarter, according to its most recent 13F filing with the SEC. The firm owned 39,786 shares of the technology company’s stock after acquiring an additional 38,419 shares during the quarter. Fifth Third Bancorp’s holdings in Iridium Communications were worth $1,104,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Vanguard Group Inc. grew its position in shares of Iridium Communications by 7.1% in the fourth quarter. Vanguard Group Inc. now owns 10,157,227 shares of the technology company’s stock valued at $176,533,000 after purchasing an additional 677,258 shares during the period. Silver Heights Capital Management Inc increased its stake in shares of Iridium Communications by 1.2% during the fourth quarter. Silver Heights Capital Management Inc now owns 5,251,133 shares of the technology company’s stock worth $91,265,000 after purchasing an additional 61,430 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. raised its position in shares of Iridium Communications by 130.2% during the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 396,642 shares of the technology company’s stock worth $7,044,000 after purchasing an additional 224,322 shares during the last quarter. JPMorgan Chase & Co. raised its position in shares of Iridium Communications by 8.9% during the 3rd quarter. JPMorgan Chase & Co. now owns 612,610 shares of the technology company’s stock worth $10,696,000 after purchasing an additional 50,239 shares during the last quarter. Finally, Maxi Investments CY Ltd purchased a new position in Iridium Communications in the 4th quarter valued at about $7,369,000. Hedge funds and other institutional investors own 84.36% of the company’s stock.

Iridium Communications Stock Performance

NASDAQ:IRDM opened at $45.78 on Friday. The company has a market cap of $4.85 billion, a P/E ratio of 52.02, a P/E/G ratio of 3.66 and a beta of 0.87. Iridium Communications Inc has a twelve month low of $15.65 and a twelve month high of $57.18. The company’s 50-day moving average price is $48.01 and its 200-day moving average price is $34.87. The company has a current ratio of 2.78, a quick ratio of 2.21 and a debt-to-equity ratio of 3.70.

Iridium Communications (NASDAQ:IRDM) last announced its quarterly earnings data on Wednesday, July 22nd. The technology company reported $0.09 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.28 by ($0.19). The business had revenue of $225.24 million for the quarter, compared to analysts’ expectations of $220.32 million. Iridium Communications had a net margin of 10.55% and a return on equity of 22.57%. The firm’s revenue was up 3.8% on a year-over-year basis. During the same period in the prior year, the company posted $0.20 EPS. On average, sell-side analysts forecast that Iridium Communications Inc will post 0.97 earnings per share for the current fiscal year.

Iridium Communications Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, June 30th. Stockholders of record on Monday, June 15th were issued a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a dividend yield of 1.3%. The ex-dividend date was Monday, June 15th. Iridium Communications’s payout ratio is currently 68.18%.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on IRDM shares. New Street Research upgraded Iridium Communications from a “neutral” rating to a “buy” rating in a report on Wednesday. William Blair cut Iridium Communications from an “outperform” rating to a “hold” rating in a report on Monday, June 29th. Weiss Ratings restated a “hold (c)” rating on shares of Iridium Communications in a research report on Friday, July 10th. Raymond James Financial reaffirmed a “market perform” rating on shares of Iridium Communications in a research note on Friday, April 24th. Finally, Barclays boosted their price target on Iridium Communications from $25.00 to $36.00 and gave the stock an “overweight” rating in a research report on Thursday, April 9th. Three research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, Iridium Communications presently has a consensus rating of “Hold” and an average target price of $38.67.

Iridium Communications Company 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.