JPMorgan Chase & Co. Buys 50,239 Shares of Iridium Communications Inc $IRDM

JPMorgan Chase & Co. boosted its position in shares of Iridium Communications Inc (NASDAQ:IRDM) by 8.9% in the 3rd quarter, Holdings Channel reports. The institutional investor owned 612,610 shares of the technology company’s stock after buying an additional 50,239 shares during the quarter. JPMorgan Chase & Co.’s holdings in Iridium Communications were worth $10,696,000 at the end of the most recent quarter.

Other hedge funds have also bought and sold shares of the company. Hantz Financial Services Inc. lifted its holdings in shares of Iridium Communications by 184.7% in the 3rd quarter. Hantz Financial Services Inc. now owns 1,506 shares of the technology company’s stock worth $26,000 after acquiring an additional 977 shares during the last quarter. Larson Financial Group LLC grew its holdings in Iridium Communications by 392.8% during the 3rd 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 bought a new position in Iridium Communications during the 3rd quarter valued at about $32,000. Aster Capital Management DIFC Ltd bought a new stake in Iridium Communications in the third quarter worth about $46,000. Finally, Advisory Services Network LLC bought a new stake in Iridium Communications in the third quarter worth about $48,000. Institutional investors own 84.36% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on IRDM. Weiss Ratings raised Iridium Communications from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Tuesday, March 10th. Morgan Stanley raised their price target on Iridium Communications from $24.00 to $26.00 and gave the stock an “equal weight” rating in a research note on Wednesday, February 18th. Finally, BWS Financial reaffirmed a “sell” rating and issued a $16.00 price objective on shares of Iridium Communications in a research report on Tuesday, February 17th. Four research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $25.40.

Iridium Communications Stock Down 1.2%

Shares of NASDAQ IRDM opened at $27.96 on Friday. Iridium Communications Inc has a 12-month low of $15.65 and a 12-month high of $33.34. The stock’s fifty day simple moving average is $23.07 and its two-hundred day simple moving average is $19.67. The stock has a market capitalization of $2.93 billion, a PE ratio of 26.38, a price-to-earnings-growth ratio of 1.89 and a beta of 0.60. The company has a current ratio of 2.48, a quick ratio of 1.82 and a debt-to-equity ratio of 3.80.

Iridium Communications (NASDAQ:IRDM) last released its quarterly earnings results on Thursday, February 12th. The technology company reported $0.24 EPS for the quarter, topping the consensus estimate of $0.23 by $0.01. The firm had revenue of $212.94 million during the quarter, compared to analyst estimates of $219.14 million. Iridium Communications had a return on equity of 24.01% and a net margin of 13.12%.The business’s revenue for the quarter was up .0% compared to the same quarter last year. During the same period in the previous year, the company posted $0.32 EPS. As a group, analysts expect that Iridium Communications Inc will post 0.89 EPS for the current fiscal year.

Iridium Communications Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, March 31st. Shareholders of record on Monday, March 16th will be issued a $0.15 dividend. The ex-dividend date is Monday, March 16th. This represents a $0.60 dividend on an annualized basis and a yield of 2.1%. Iridium Communications’s payout ratio is currently 56.60%.

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.