Iridium Communications Inc. (NASDAQ:IRDM) Shares Purchased by Impax Asset Management Group plc

Impax Asset Management Group plc grew its position in shares of Iridium Communications Inc. (NASDAQ:IRDM) by 48.5% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 34,015 shares of the technology company’s stock after acquiring an additional 11,113 shares during the quarter. Impax Asset Management Group plc’s holdings in Iridium Communications were worth $987,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently modified their holdings of the company. Sumitomo Mitsui Trust Group Inc. lifted its holdings in Iridium Communications by 12.8% during the 4th quarter. Sumitomo Mitsui Trust Group Inc. now owns 2,829,052 shares of the technology company’s stock worth $82,099,000 after buying an additional 320,506 shares during the last quarter. FMR LLC increased its position in Iridium Communications by 26.7% in the 3rd quarter. FMR LLC now owns 942,380 shares of the technology company’s stock valued at $28,695,000 after acquiring an additional 198,360 shares during the period. Weiss Asset Management LP acquired a new stake in Iridium Communications in the 3rd quarter valued at approximately $4,614,000. Barclays PLC increased its position in Iridium Communications by 19.2% in the 3rd quarter. Barclays PLC now owns 856,901 shares of the technology company’s stock valued at $26,093,000 after acquiring an additional 137,924 shares during the period. Finally, Algert Global LLC increased its position in Iridium Communications by 54.0% in the 3rd quarter. Algert Global LLC now owns 365,121 shares of the technology company’s stock valued at $11,118,000 after acquiring an additional 128,018 shares during the period. Hedge funds and other institutional investors own 84.36% of the company’s stock.

Wall Street Analysts Forecast Growth

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

Iridium Communications Trading Down 0.1 %

Iridium Communications stock opened at $31.40 on Wednesday. The company has a debt-to-equity ratio of 3.05, a quick ratio of 1.25 and a current ratio of 1.73. The business’s 50-day simple moving average is $29.38 and its 200-day simple moving average is $29.07. The firm has a market capitalization of $3.42 billion, a PE ratio of 33.05, a PEG ratio of 1.28 and a beta of 0.65. Iridium Communications Inc. has a 52 week low of $24.14 and a 52 week high of $35.85.

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

Iridium Communications Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, December 31st. Shareholders of record on Monday, December 16th were given 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 of this dividend was Monday, December 16th. Iridium Communications’s payout ratio is 58.95%.

Insider Buying and Selling at Iridium Communications

In other news, Director Thomas Fitzpatrick sold 12,500 shares of the business’s stock in a transaction on Friday, January 10th. The shares were sold at an average price of $28.53, for a total value of $356,625.00. Following the completion of the transaction, the director now owns 241,030 shares of the company’s stock, valued at $6,876,585.90. The trade was a 4.93 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 2.00% of the company’s stock.

About Iridium Communications

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.