Swiss Life Asset Management Ltd Purchases Shares of 13,461 Iridium Communications Inc $IRDM

Swiss Life Asset Management Ltd purchased a new stake in Iridium Communications Inc (NASDAQ:IRDM) during the 4th quarter, HoldingsChannel.com reports. The institutional investor purchased 13,461 shares of the technology company’s stock, valued at approximately $234,000.

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

Insider Buying and Selling at Iridium Communications

In related news, CAO Timothy Kapalka sold 3,790 shares of the company’s stock in a transaction dated Thursday, April 2nd. The shares were sold at an average price of $31.00, for a total transaction of $117,490.00. Following the completion of the transaction, the chief accounting officer owned 47,764 shares in the company, valued at $1,480,684. This represents a 7.35% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 2.70% of the stock is currently owned by company insiders.

Iridium Communications Trading Up 0.4%

IRDM stock opened at $43.57 on Wednesday. The company’s 50-day simple moving average is $34.41 and its 200-day simple moving average is $24.51. 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 52-week low of $15.65 and a 52-week high of $44.92. The firm has a market cap of $4.61 billion, a P/E ratio of 44.01, a PEG ratio of 2.96 and a beta of 0.79.

Iridium Communications (NASDAQ:IRDM) last posted its earnings results on Thursday, April 23rd. The technology company reported $0.20 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.27 by ($0.07). Iridium Communications had a return on equity of 22.76% and a net margin of 12.05%.The firm had revenue of $219.06 million for the quarter, compared to analysts’ expectations of $218.39 million. During the same period in the previous year, the company earned $0.27 earnings per share. The company’s revenue was up 2.0% compared to the same quarter last year. As a group, equities analysts forecast that Iridium Communications Inc will post 1.04 EPS for the current fiscal year.

Iridium Communications Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, March 31st. Investors of record on Monday, March 16th were given a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a dividend yield of 1.4%. The ex-dividend date was Monday, March 16th. Iridium Communications’s dividend payout ratio is 60.61%.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on IRDM shares. New Street Research assumed coverage on shares of Iridium Communications in a report on Thursday, May 14th. They issued a “neutral” rating and a $40.00 price target on the stock. Morgan Stanley increased their target price on shares of Iridium Communications from $24.00 to $26.00 and gave the stock an “equal weight” rating in a research note on Wednesday, February 18th. BWS Financial reissued a “sell” rating and set a $16.00 target price on shares of Iridium Communications in a research note on Monday, April 27th. Weiss Ratings raised shares of Iridium Communications from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Tuesday, March 10th. Finally, Barclays increased their target price on shares of Iridium Communications from $25.00 to $36.00 and gave the stock an “overweight” rating in a research note on Thursday, April 9th. One investment analyst has rated the stock with a Buy rating, four have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $28.80.

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.