SBI Securities Co. Ltd. Invests $37,000 in Iridium Communications Inc. (NASDAQ:IRDM)

SBI Securities Co. Ltd. acquired a new position in Iridium Communications Inc. (NASDAQ:IRDM) during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 1,281 shares of the technology company’s stock, valued at approximately $37,000.

Other institutional investors have also recently made changes to their positions in the company. Fifth Third Bancorp raised its stake in Iridium Communications by 19.8% during the 4th quarter. Fifth Third Bancorp now owns 2,162 shares of the technology company’s stock worth $63,000 after acquiring an additional 357 shares during the period. Ballentine Partners LLC raised its stake in Iridium Communications by 6.8% during the 4th quarter. Ballentine Partners LLC now owns 11,731 shares of the technology company’s stock worth $340,000 after acquiring an additional 750 shares during the period. KBC Group NV raised its stake in Iridium Communications by 25.9% during the 3rd quarter. KBC Group NV now owns 3,796 shares of the technology company’s stock worth $116,000 after acquiring an additional 781 shares during the period. State of New Jersey Common Pension Fund D raised its stake in Iridium Communications by 1.1% during the 4th quarter. State of New Jersey Common Pension Fund D now owns 76,836 shares of the technology company’s stock worth $2,230,000 after acquiring an additional 866 shares during the period. Finally, GAMMA Investing LLC raised its stake in Iridium Communications by 44.8% during the 4th quarter. GAMMA Investing LLC now owns 3,473 shares of the technology company’s stock worth $101,000 after acquiring an additional 1,074 shares during the period. Institutional investors own 84.36% of the company’s stock.

Insider Activity at Iridium Communications

In related news, Director Thomas Fitzpatrick sold 12,500 shares of the firm’s 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 trade represents a 4.93 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 2.00% of the stock is currently owned by insiders.

Analyst Ratings Changes

IRDM has been the topic of a number of recent analyst reports. Cantor Fitzgerald initiated coverage on shares of Iridium Communications in a research note on Friday, January 24th. They set an “overweight” rating and a $40.00 target price on the stock. Barclays decreased their target price on shares of Iridium Communications from $45.00 to $38.00 and set an “overweight” rating on the stock in a research note on Monday. Finally, StockNews.com upgraded shares of Iridium Communications from a “hold” rating to a “buy” rating in a research note on Thursday, February 27th.

Iridium Communications Trading Down 1.4 %

Shares of IRDM opened at $29.33 on Wednesday. The company has a 50 day simple moving average of $29.71 and a two-hundred day simple moving average of $29.34. Iridium Communications Inc. has a 1 year low of $24.14 and a 1 year high of $35.85. The company has a debt-to-equity ratio of 3.05, a current ratio of 1.73 and a quick ratio of 1.25. The firm has a market cap of $3.19 billion, a P/E ratio of 30.87, a price-to-earnings-growth ratio of 1.28 and a beta of 0.70.

Iridium Communications (NASDAQ:IRDM) last posted its earnings results on Thursday, February 13th. The technology company reported $0.31 earnings per share for the quarter, beating analysts’ consensus estimates 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 analyst estimates of $203.78 million. On average, equities analysts expect that Iridium Communications Inc. will post 0.89 earnings per share for the current fiscal year.

Iridium Communications Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Monday, March 17th will be issued a $0.14 dividend. This represents a $0.56 dividend on an annualized basis and a dividend yield of 1.91%. The ex-dividend date of this dividend is Monday, March 17th. Iridium Communications’s dividend payout ratio (DPR) is presently 58.95%.

Iridium Communications Company 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.