Iridium Communications Inc $IRDM Shares Acquired by Jupiter Asset Management Ltd.

Jupiter Asset Management Ltd. increased its stake in Iridium Communications Inc (NASDAQ:IRDM) by 139.4% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 850,036 shares of the technology company’s stock after buying an additional 495,034 shares during the period. Jupiter Asset Management Ltd.’s holdings in Iridium Communications were worth $14,842,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in the stock. Synergy Asset Management LLC increased its position in shares of Iridium Communications by 100.0% in the 3rd quarter. Synergy Asset Management LLC now owns 1,324,366 shares of the technology company’s stock worth $23,123,000 after purchasing an additional 662,183 shares during the last quarter. Y Intercept Hong Kong Ltd lifted its holdings in Iridium Communications by 2,459.5% during the 3rd quarter. Y Intercept Hong Kong Ltd now owns 345,226 shares of the technology company’s stock worth $6,028,000 after buying an additional 331,738 shares during the last quarter. Brookwood Investment Group LLC acquired a new position in shares of Iridium Communications in the 2nd quarter worth approximately $1,165,000. Oak Thistle LLC bought a new stake in shares of Iridium Communications in the 3rd quarter valued at approximately $1,074,000. Finally, Graphene Investments SAS bought a new stake in shares of Iridium Communications in the 2nd quarter valued at approximately $3,479,000. 84.36% of the stock is currently owned by institutional investors.

Iridium Communications Stock Performance

Shares of IRDM opened at $22.92 on Friday. The firm has a fifty day moving average of $19.47 and a 200-day moving average of $19.54. The company has a market cap of $2.41 billion, a price-to-earnings ratio of 21.62, a price-to-earnings-growth ratio of 1.58 and a beta of 0.61. The company has a debt-to-equity ratio of 3.80, a quick ratio of 1.82 and a current ratio of 2.48. Iridium Communications Inc has a 1 year low of $15.65 and a 1 year high of $33.34.

Iridium Communications (NASDAQ:IRDM) last issued its quarterly earnings data on Thursday, February 12th. The technology company reported $0.24 earnings per share for the quarter, beating the consensus estimate of $0.23 by $0.01. The firm had revenue of $212.94 million for the quarter, compared to the consensus estimate of $219.14 million. Iridium Communications had a net margin of 13.12% and a return on equity of 24.01%. Iridium Communications’s quarterly revenue was up .0% compared to the same quarter last year. During the same period last year, the firm posted $0.32 EPS. As a group, equities analysts anticipate that Iridium Communications Inc will post 0.89 earnings per share for the current year.

Iridium Communications Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, December 31st. Investors of record on Monday, December 15th were given a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 2.6%. The ex-dividend date was Monday, December 15th. Iridium Communications’s dividend payout ratio (DPR) is currently 56.60%.

Analyst Upgrades and Downgrades

A number of research firms have commented on IRDM. BWS Financial reaffirmed a “sell” rating and issued a $16.00 price objective on shares of Iridium Communications in a report on Tuesday. Morgan Stanley raised their price target on shares of Iridium Communications from $24.00 to $26.00 and gave the stock an “equal weight” rating in a research report on Wednesday. Finally, Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Iridium Communications in a research report on Thursday, January 22nd. Four equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat.com, Iridium Communications has an average rating of “Hold” and an average target price of $25.40.

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.