Congress Wealth Management LLC DE Makes New $438,000 Investment in Iridium Communications Inc. (NASDAQ:IRDM)

Congress Wealth Management LLC DE purchased a new stake in Iridium Communications Inc. (NASDAQ:IRDM) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 15,100 shares of the technology company’s stock, valued at approximately $438,000.

Other institutional investors have also made changes to their positions in the company. Cerity Partners LLC acquired a new position in Iridium Communications in the 3rd quarter valued at $1,359,000. FMR LLC lifted its position in Iridium Communications by 26.7% during the third quarter. FMR LLC now owns 942,380 shares of the technology company’s stock worth $28,695,000 after purchasing an additional 198,360 shares during the period. BNP Paribas Financial Markets grew its stake in Iridium Communications by 2.6% during the third quarter. BNP Paribas Financial Markets now owns 382,390 shares of the technology company’s stock worth $11,644,000 after buying an additional 9,511 shares in the last quarter. CreativeOne Wealth LLC bought a new position in Iridium Communications in the 3rd quarter valued at about $539,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its position in shares of Iridium Communications by 5.7% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 27,714 shares of the technology company’s stock valued at $844,000 after buying an additional 1,488 shares in the last quarter. 84.36% of the stock is currently owned by institutional investors.

Insider Activity at Iridium Communications

In related news, Director Thomas Fitzpatrick sold 12,500 shares of the stock in a transaction on Friday, January 10th. The stock was sold at an average price of $28.53, for a total value of $356,625.00. Following the completion of the sale, the director now directly owns 241,030 shares in the company, valued at $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 SEC, which is available at this hyperlink. 2.00% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

IRDM has been the topic of a number of recent analyst reports. StockNews.com cut shares of Iridium Communications from a “buy” rating to a “hold” rating in a research note on Saturday. Cantor Fitzgerald started coverage on Iridium Communications in a report on Friday, January 24th. They set an “overweight” rating and a $40.00 price target for the company. Finally, Barclays reduced their price objective on Iridium Communications from $45.00 to $38.00 and set an “overweight” rating on the stock in a research note on Monday, March 10th.

Iridium Communications Stock Performance

Shares of Iridium Communications stock opened at $27.54 on Friday. The company’s 50 day moving average price is $29.52 and its two-hundred day moving average price is $29.43. The firm has a market capitalization of $3.00 billion, a P/E ratio of 28.99, a P/E/G ratio of 1.28 and a beta of 0.70. The company has a debt-to-equity ratio of 3.05, a current ratio of 1.73 and a quick ratio of 1.25. Iridium Communications Inc. has a fifty-two week low of $24.14 and a fifty-two week high of $35.85.

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

Iridium Communications Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Monday, March 17th will be paid a $0.14 dividend. This represents a $0.56 annualized dividend and a dividend yield of 2.03%. The ex-dividend date of this dividend is Monday, March 17th. Iridium Communications’s dividend payout ratio is currently 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.