BBR Partners LLC Makes New $396,000 Investment in Iridium Communications Inc $IRDM

BBR Partners LLC purchased a new position in Iridium Communications Inc (NASDAQ:IRDM) in the 4th quarter, HoldingsChannel.com reports. The firm purchased 22,809 shares of the technology company’s stock, valued at approximately $396,000.

Other institutional investors and hedge funds also recently modified their holdings of the company. Hantz Financial Services Inc. grew its stake in shares of Iridium Communications by 184.7% in 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 grew its stake in shares of Iridium Communications by 392.8% in 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 bought a new position in shares of Iridium Communications in the third quarter worth $32,000. Aster Capital Management DIFC Ltd bought a new position in shares of Iridium Communications in the third quarter worth $46,000. Finally, Advisory Services Network LLC bought a new position in shares of Iridium Communications in the third quarter worth $48,000. Institutional investors own 84.36% of the company’s stock.

Analyst Ratings Changes

Several analysts have recently weighed in on the company. Barclays upped their price objective on Iridium Communications from $25.00 to $36.00 and gave the company an “overweight” rating in a report on Thursday, April 9th. Weiss Ratings upgraded Iridium Communications from a “sell (d+)” rating to a “hold (c-)” rating in a report on Tuesday, March 10th. Raymond James Financial restated a “market perform” rating on shares of Iridium Communications in a report on Friday, April 24th. New Street Research assumed coverage on Iridium Communications in a report on Thursday, May 14th. They issued a “neutral” rating and a $40.00 price objective for the company. 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 report on Wednesday, February 18th. Two investment analysts have rated the stock with a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $34.00.

Insider Activity

In other news, CAO Timothy Kapalka sold 2,043 shares of the business’s stock in a transaction on Monday, April 6th. The stock was sold at an average price of $33.00, for a total transaction of $67,419.00. Following the sale, the chief accounting officer directly owned 45,721 shares of the company’s stock, valued at $1,508,793. The trade was a 4.28% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 2.70% of the stock is owned by company insiders.

Iridium Communications Stock Up 6.3%

Shares of Iridium Communications stock opened at $52.07 on Friday. The stock’s fifty day moving average is $40.15 and its 200-day moving average is $27.21. The firm has a market capitalization of $5.51 billion, a PE ratio of 52.60, a price-to-earnings-growth ratio of 3.34 and a beta of 0.89. The company has a quick ratio of 2.21, a current ratio of 2.85 and a debt-to-equity ratio of 3.74. Iridium Communications Inc has a 12-month low of $15.65 and a 12-month high of $53.83.

Iridium Communications (NASDAQ:IRDM) last announced its earnings results on Thursday, April 23rd. The technology company reported $0.20 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.27 by ($0.07). The company had revenue of $219.06 million for the quarter, compared to analyst estimates of $218.39 million. Iridium Communications had a return on equity of 22.76% and a net margin of 12.05%.The firm’s revenue for the quarter was up 2.0% on a year-over-year basis. During the same period last year, the firm earned $0.27 earnings per share. Equities analysts anticipate that Iridium Communications Inc will post 1.04 earnings per share for the current year.

Iridium Communications Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, June 30th. Stockholders of record on Monday, June 15th will be given a dividend of $0.15 per share. The ex-dividend date of this dividend is Monday, June 15th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.2%. Iridium Communications’s payout ratio is 60.61%.

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.