Iridium Communications Inc. (NASDAQ:IRDM) Shares Bought by Institute for Wealth Management LLC.

Institute for Wealth Management LLC. lifted its holdings in Iridium Communications Inc. (NASDAQ:IRDM) by 23.7% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 18,455 shares of the technology company’s stock after buying an additional 3,534 shares during the quarter. Institute for Wealth Management LLC.’s holdings in Iridium Communications were worth $760,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. ICA Group Wealth Management LLC purchased a new position in shares of Iridium Communications in the fourth quarter valued at $36,000. Quarry LP acquired a new stake in shares of Iridium Communications in the second quarter valued at approximately $39,000. Allspring Global Investments Holdings LLC purchased a new position in shares of Iridium Communications during the 4th quarter worth approximately $41,000. Covestor Ltd raised its position in shares of Iridium Communications by 83.2% during the 3rd quarter. Covestor Ltd now owns 1,006 shares of the technology company’s stock worth $46,000 after purchasing an additional 457 shares during the last quarter. Finally, Belpointe Asset Management LLC raised its position in shares of Iridium Communications by 78.7% during the 1st quarter. Belpointe Asset Management LLC now owns 990 shares of the technology company’s stock worth $61,000 after purchasing an additional 436 shares during the last quarter. Institutional investors and hedge funds own 84.36% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have weighed in on the company. Raymond James dropped their price target on Iridium Communications from $53.00 to $48.00 and set a “strong-buy” rating for the company in a research report on Friday, February 16th. Barclays cut their target price on shares of Iridium Communications from $45.00 to $42.00 and set an “overweight” rating for the company in a research note on Friday, February 23rd. BWS Financial downgraded shares of Iridium Communications from a “buy” rating to a “neutral” rating and set a $30.00 price target for the company. in a report on Friday, February 16th. TheStreet raised shares of Iridium Communications from a “d+” rating to a “c-” rating in a research note on Thursday, February 15th. Finally, William Blair cut shares of Iridium Communications from an “outperform” rating to a “market perform” rating in a research note on Thursday, February 15th. Three analysts have rated the stock with a hold rating, three have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $49.80.

Iridium Communications Trading Up 5.1 %

NASDAQ IRDM opened at $27.40 on Friday. Iridium Communications Inc. has a 12 month low of $24.14 and a 12 month high of $68.34. The company has a 50-day moving average of $27.66 and a 200-day moving average of $34.93. The company has a market cap of $3.35 billion, a P/E ratio of 130.48 and a beta of 0.85. The company has a debt-to-equity ratio of 1.65, a current ratio of 2.06 and a quick ratio of 1.37.

Iridium Communications (NASDAQ:IRDM) last posted its earnings results on Thursday, April 18th. The technology company reported $0.16 earnings per share for the quarter, topping the consensus estimate of $0.15 by $0.01. Iridium Communications had a return on equity of 2.70% and a net margin of 3.20%. The firm had revenue of $203.80 million during the quarter, compared to analyst estimates of $193.84 million. During the same period in the previous year, the company earned $0.08 EPS. The company’s revenue for the quarter was down .7% on a year-over-year basis. As a group, equities analysts predict that Iridium Communications Inc. will post 0.72 earnings per share for the current year.

Iridium Communications Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, March 29th. Shareholders of record on Friday, March 15th were given a dividend of $0.13 per share. This represents a $0.52 dividend on an annualized basis and a yield of 1.90%. The ex-dividend date was Thursday, March 14th. Iridium Communications’s dividend payout ratio is 247.62%.

About Iridium Communications

Iridium Communications Inc provides mobile voice and data communications services and products to businesses, the United States and international governments, non-governmental organizations, and consumers worldwide. The company offers postpaid mobile voice and data satellite communications; prepaid mobile voice satellite communications; push-to-talk; broadband data; and Internet of Things (IoT) services.