Iridium Communications Inc $IRDM Shares Purchased by NewEdge Advisors LLC

NewEdge Advisors LLC boosted its stake in shares of Iridium Communications Inc (NASDAQ:IRDM) by 11,143.3% during the 1st quarter, Holdings Channel.com reports. The firm owned 45,198 shares of the technology company’s stock after acquiring an additional 44,796 shares during the period. NewEdge Advisors LLC’s holdings in Iridium Communications were worth $1,254,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of IRDM. Royal Bank of Canada increased its stake in shares of Iridium Communications by 33.0% during the first quarter. Royal Bank of Canada now owns 48,325 shares of the technology company’s stock worth $1,320,000 after buying an additional 11,985 shares during the period. Amundi grew its holdings in Iridium Communications by 1,243.0% during the 1st quarter. Amundi now owns 40,479 shares of the technology company’s stock worth $1,035,000 after acquiring an additional 37,465 shares in the last quarter. Goldman Sachs Group Inc. grew its holdings in Iridium Communications by 16.7% during the 1st quarter. Goldman Sachs Group Inc. now owns 232,231 shares of the technology company’s stock worth $6,345,000 after acquiring an additional 33,191 shares in the last quarter. United Services Automobile Association purchased a new stake in shares of Iridium Communications in the 1st quarter valued at approximately $218,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in shares of Iridium Communications by 16.2% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 539,566 shares of the technology company’s stock valued at $14,741,000 after purchasing an additional 75,060 shares during the last quarter. Institutional investors and hedge funds own 84.36% of the company’s stock.

Iridium Communications Stock Down 0.3%

Shares of NASDAQ:IRDM opened at $50.05 on Tuesday. The firm has a 50 day simple moving average of $48.01 and a 200-day simple moving average of $38.22. Iridium Communications Inc has a twelve month low of $15.65 and a twelve month high of $57.18. The company has a current ratio of 2.78, a quick ratio of 2.31 and a debt-to-equity ratio of 3.70. The company has a market capitalization of $5.30 billion, a PE ratio of 56.88, a P/E/G ratio of 4.05 and a beta of 0.88.

Iridium Communications (NASDAQ:IRDM) last posted its earnings results on Wednesday, July 22nd. The technology company reported $0.09 EPS for the quarter, missing analysts’ consensus estimates of $0.28 by ($0.19). Iridium Communications had a net margin of 10.55% and a return on equity of 22.57%. The company had revenue of $225.24 million during the quarter, compared to analysts’ expectations of $220.32 million. During the same period last year, the business earned $0.20 earnings per share. The company’s quarterly revenue was up 3.8% on a year-over-year basis. On average, equities analysts predict that Iridium Communications Inc will post 0.95 EPS for the current fiscal year.

Iridium Communications Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Tuesday, September 15th will be paid a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 1.2%. The ex-dividend date is Tuesday, September 15th. Iridium Communications’s dividend payout ratio is currently 68.18%.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on the stock. Morgan Stanley lifted their price objective on shares of Iridium Communications from $26.00 to $54.00 and gave the stock an “equal weight” rating in a research report on Tuesday, June 30th. Raymond James Financial restated a “market perform” rating on shares of Iridium Communications in a research note on Friday, April 24th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Iridium Communications in a report on Friday, July 10th. BWS Financial reaffirmed a “sell” rating and set a $16.00 price objective on shares of Iridium Communications in a research report on Monday, April 27th. Finally, Oppenheimer increased their price objective on Iridium Communications from $48.00 to $60.00 and gave the company an “outperform” rating in a report on Wednesday, June 3rd. Three equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, Iridium Communications presently has an average rating of “Hold” and an average target price of $38.67.

About Iridium Communications

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.