Amova Asset Management Americas Inc. Has $20.44 Million Stock Position in Iridium Communications Inc $IRDM

Amova Asset Management Americas Inc. lowered its stake in shares of Iridium Communications Inc (NASDAQ:IRDM) by 34.1% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 736,973 shares of the technology company’s stock after selling 380,979 shares during the quarter. Amova Asset Management Americas Inc.’s holdings in Iridium Communications were worth $20,444,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently bought and sold shares of the stock. Root Financial Partners LLC grew its position in Iridium Communications by 1,750.0% in the 1st quarter. Root Financial Partners LLC now owns 1,332 shares of the technology company’s stock worth $37,000 after purchasing an additional 1,260 shares during the last quarter. Quadrant Capital Group LLC raised its position in shares of Iridium Communications by 107.5% during the fourth quarter. Quadrant Capital Group LLC now owns 1,430 shares of the technology company’s stock valued at $25,000 after buying an additional 741 shares during the last quarter. Larson Financial Group LLC raised its position in shares of Iridium Communications by 392.8% during the third quarter. Larson Financial Group LLC now owns 1,508 shares of the technology company’s stock valued at $26,000 after buying an additional 1,202 shares during the last quarter. Kestra Advisory Services LLC bought a new stake in shares of Iridium Communications in the fourth quarter valued at about $27,000. Finally, CIBC Private Wealth Group LLC acquired a new stake in Iridium Communications during the third quarter worth about $32,000. 84.36% of the stock is owned by institutional investors.

Iridium Communications Stock Down 0.6%

Shares of NASDAQ IRDM opened at $46.41 on Tuesday. Iridium Communications Inc has a 52-week low of $15.65 and a 52-week high of $57.18. The company has a debt-to-equity ratio of 3.74, a quick ratio of 2.21 and a current ratio of 2.85. The business has a fifty day moving average of $47.65 and a two-hundred day moving average of $34.16. The stock has a market cap of $4.91 billion, a PE ratio of 46.88, a PEG ratio of 2.78 and a beta of 0.87.

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 firm 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 company’s revenue for the quarter was up 2.0% compared to the same quarter last year. During the same quarter last year, the business earned $0.27 EPS. As a group, equities research analysts expect that Iridium Communications Inc will post 1.05 earnings per share for the current fiscal year.

Iridium Communications Announces Dividend

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

Analyst Upgrades and Downgrades

IRDM has been the subject of several recent research reports. Barclays upped their price target 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 restated a “hold (c)” rating on shares of Iridium Communications in a research report on Friday, July 10th. Oppenheimer upped their target price on Iridium Communications from $48.00 to $60.00 and gave the company an “outperform” rating in a research note on Wednesday, June 3rd. William Blair downgraded shares of Iridium Communications from an “outperform” rating to a “hold” rating in a research note on Monday, June 29th. Finally, Raymond James Financial restated a “market perform” rating on shares of Iridium Communications in a research note on Friday, April 24th. Two equities research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $38.67.

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.