Duality Advisers LP Increases Stock Position in Iridium Communications Inc. (NASDAQ:IRDM)

Duality Advisers LP boosted its position in shares of Iridium Communications Inc. (NASDAQ:IRDM) by 128.9% in the fourth quarter, Holdings Channel.com reports. The firm owned 28,417 shares of the technology company’s stock after acquiring an additional 16,004 shares during the period. Duality Advisers LP’s holdings in Iridium Communications were worth $1,170,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Bamco Inc. NY grew its stake in shares of Iridium Communications by 0.4% during the third quarter. Bamco Inc. NY now owns 14,583,317 shares of the technology company’s stock valued at $663,395,000 after acquiring an additional 58,818 shares in the last quarter. ARK Investment Management LLC grew its stake in Iridium Communications by 12.9% during the 4th quarter. ARK Investment Management LLC now owns 2,173,964 shares of the technology company’s stock valued at $89,480,000 after purchasing an additional 249,185 shares in the last quarter. Clearbridge Investments LLC increased its holdings in Iridium Communications by 5.1% during the 3rd quarter. Clearbridge Investments LLC now owns 2,169,539 shares of the technology company’s stock worth $98,692,000 after purchasing an additional 105,454 shares during the last quarter. Van Berkom & Associates Inc. raised its position in shares of Iridium Communications by 57.5% in the 3rd quarter. Van Berkom & Associates Inc. now owns 2,059,088 shares of the technology company’s stock valued at $93,668,000 after purchasing an additional 751,595 shares in the last quarter. Finally, Sumitomo Mitsui Trust Holdings Inc. boosted its stake in shares of Iridium Communications by 44.9% during the 4th quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 1,743,482 shares of the technology company’s stock valued at $71,762,000 after buying an additional 539,909 shares during the last quarter. Hedge funds and other institutional investors own 84.36% of the company’s stock.

Iridium Communications Trading Up 2.2 %

Shares of IRDM stock opened at $28.74 on Wednesday. Iridium Communications Inc. has a 1 year low of $24.14 and a 1 year high of $68.34. The stock has a fifty day moving average of $27.51 and a two-hundred day moving average of $34.68. The company has a debt-to-equity ratio of 1.86, a quick ratio of 2.52 and a current ratio of 3.33. The firm has a market capitalization of $3.49 billion, a PE ratio of 136.86 and a beta of 0.85.

Iridium Communications (NASDAQ:IRDM) last issued its quarterly earnings results on Thursday, April 18th. The technology company reported $0.16 EPS for the quarter, topping the consensus estimate of $0.15 by $0.01. Iridium Communications had a net margin of 3.20% and a return on equity of 2.76%. The firm had revenue of $203.80 million for the quarter, compared to analysts’ expectations of $193.84 million. During the same period in the previous year, the business earned $0.08 earnings per share. Iridium Communications’s revenue for the quarter was down .7% compared to the same quarter last year. As a group, research analysts expect that Iridium Communications Inc. will post 0.74 EPS for the current year.

Iridium Communications Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Friday, March 15th were given a dividend of $0.13 per share. The ex-dividend date of this dividend was Thursday, March 14th. This represents a $0.52 dividend on an annualized basis and a dividend yield of 1.81%. Iridium Communications’s dividend payout ratio (DPR) is presently 247.62%.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on IRDM shares. BWS Financial reissued a “neutral” rating and set a $30.00 price target on shares of Iridium Communications in a research report on Monday. Raymond James decreased their price objective on shares of Iridium Communications from $53.00 to $48.00 and set a “strong-buy” rating for the company in a 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 on the stock in a research note on Friday, February 23rd. William Blair downgraded Iridium Communications from an “outperform” rating to a “market perform” rating in a research note on Thursday, February 15th. Finally, TheStreet raised Iridium Communications from a “d+” rating to a “c-” rating in a report on Thursday, February 15th. Three research analysts have rated the stock with a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Iridium Communications has a consensus rating of “Moderate Buy” and a consensus price target of $44.25.

Iridium Communications Profile

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.