Iridium Communications Inc. (NASDAQ:IRDM) Shares Acquired by ARK Investment Management LLC

ARK Investment Management LLC increased its holdings in Iridium Communications Inc. (NASDAQ:IRDM) by 5.7% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 2,507,715 shares of the technology company’s stock after acquiring an additional 134,924 shares during the quarter. ARK Investment Management LLC owned approximately 2.20% of Iridium Communications worth $72,774,000 as of its most recent filing with the SEC.

Several other institutional investors have also modified their holdings of IRDM. Sumitomo Mitsui Trust Group Inc. lifted its stake in shares of Iridium Communications by 12.8% in the fourth quarter. Sumitomo Mitsui Trust Group Inc. now owns 2,829,052 shares of the technology company’s stock worth $82,099,000 after acquiring an additional 320,506 shares in the last quarter. Bank of New York Mellon Corp lifted its stake in shares of Iridium Communications by 27.0% in the fourth quarter. Bank of New York Mellon Corp now owns 1,297,676 shares of the technology company’s stock worth $37,659,000 after acquiring an additional 275,775 shares in the last quarter. FMR LLC lifted its stake in shares of Iridium Communications by 26.7% in the third quarter. FMR LLC now owns 942,380 shares of the technology company’s stock worth $28,695,000 after acquiring an additional 198,360 shares in the last quarter. Weiss Asset Management LP acquired a new position in shares of Iridium Communications in the third quarter worth about $4,614,000. Finally, Barclays PLC raised its stake in Iridium Communications by 19.2% during the third quarter. Barclays PLC now owns 856,901 shares of the technology company’s stock valued at $26,093,000 after buying an additional 137,924 shares in the last quarter. Institutional investors and hedge funds own 84.36% of the company’s stock.

Wall Street Analysts Forecast Growth

Separately, Cantor Fitzgerald assumed coverage on Iridium Communications in a research note on Friday, January 24th. They set an “overweight” rating and a $40.00 price objective on the stock.

Insider Activity

In other news, Director Thomas Fitzpatrick sold 12,500 shares of the company’s stock in a transaction that occurred on Friday, January 10th. The stock was sold at an average price of $28.53, for a total transaction of $356,625.00. Following the completion of the transaction, the director now directly owns 241,030 shares of the company’s stock, valued at approximately $6,876,585.90. This represents a 4.93 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 2.00% of the company’s stock.

Iridium Communications Trading Down 0.1 %

Shares of NASDAQ IRDM opened at $31.40 on Wednesday. The stock’s 50 day moving average price is $29.38 and its two-hundred day moving average price is $29.07. Iridium Communications Inc. has a 52-week low of $24.14 and a 52-week high of $35.85. The stock has a market capitalization of $3.42 billion, a P/E ratio of 33.05, a PEG ratio of 1.28 and a beta of 0.65. The company has a quick ratio of 1.25, a current ratio of 1.73 and a debt-to-equity ratio of 3.05.

Iridium Communications (NASDAQ:IRDM) last announced its quarterly earnings data on Thursday, February 13th. The technology company reported $0.31 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.15 by $0.16. Iridium Communications had a return on equity of 15.66% and a net margin of 13.58%. The firm had revenue of $212.99 million for the quarter, compared to analysts’ expectations of $203.78 million. On average, analysts anticipate that Iridium Communications Inc. will post 0.89 earnings per share for the current fiscal year.

Iridium Communications Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, December 31st. Stockholders of record on Monday, December 16th were issued a dividend of $0.14 per share. This represents a $0.56 annualized dividend and a dividend yield of 1.78%. The ex-dividend date was Monday, December 16th. Iridium Communications’s dividend payout ratio (DPR) is presently 58.95%.

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.