Axxcess Wealth Management LLC Takes Position in Iridium Communications Inc. (NASDAQ:IRDM)

Axxcess Wealth Management LLC bought a new stake in Iridium Communications Inc. (NASDAQ:IRDM) in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 19,508 shares of the technology company’s stock, valued at approximately $519,000.

A number of other large investors have also modified their holdings of the stock. Edgestream Partners L.P. grew its stake in shares of Iridium Communications by 213.0% in the second quarter. Edgestream Partners L.P. now owns 35,152 shares of the technology company’s stock valued at $936,000 after buying an additional 23,920 shares in the last quarter. Federated Hermes Inc. grew its stake in shares of Iridium Communications by 25.5% in the second quarter. Federated Hermes Inc. now owns 20,085 shares of the technology company’s stock valued at $535,000 after buying an additional 4,085 shares in the last quarter. Main Street Financial Solutions LLC boosted its holdings in Iridium Communications by 34.4% in the second quarter. Main Street Financial Solutions LLC now owns 11,946 shares of the technology company’s stock valued at $318,000 after purchasing an additional 3,056 shares during the last quarter. Cornercap Investment Counsel Inc. purchased a new position in Iridium Communications in the second quarter valued at about $523,000. Finally, American Century Companies Inc. boosted its holdings in Iridium Communications by 429.2% in the second quarter. American Century Companies Inc. now owns 334,396 shares of the technology company’s stock valued at $8,902,000 after purchasing an additional 271,203 shares during the last quarter. Institutional investors and hedge funds own 84.36% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on the company. BWS Financial reissued a “neutral” rating and issued a $30.00 price target on shares of Iridium Communications in a report on Wednesday, July 24th. Barclays increased their price target on Iridium Communications from $44.00 to $45.00 and gave the company an “overweight” rating in a report on Wednesday, July 24th. Three analysts have rated the stock with a hold rating, one has assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Iridium Communications has a consensus rating of “Moderate Buy” and a consensus target price of $41.00.

Iridium Communications Trading Up 4.8 %

NASDAQ:IRDM opened at $29.22 on Friday. The company has a quick ratio of 1.52, a current ratio of 2.25 and a debt-to-equity ratio of 2.08. The business’s 50 day moving average is $27.07 and its two-hundred day moving average is $27.51. Iridium Communications Inc. has a 52 week low of $24.14 and a 52 week high of $48.71. The company has a market cap of $3.55 billion, a PE ratio of 139.14 and a beta of 0.64.

Iridium Communications (NASDAQ:IRDM) last released its earnings results on Tuesday, July 23rd. The technology company reported $0.27 EPS for the quarter, topping analysts’ consensus estimates of $0.17 by $0.10. Iridium Communications had a return on equity of 10.23% and a net margin of 11.08%. The company had revenue of $201.07 million for the quarter, compared to the consensus estimate of $204.01 million. During the same quarter last year, the business posted ($0.24) EPS. Iridium Communications’s quarterly revenue was up 4.1% compared to the same quarter last year. On average, analysts predict that Iridium Communications Inc. will post 0.81 EPS for the current year.

Iridium Communications Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Friday, September 13th will be issued a dividend of $0.14 per share. This represents a $0.56 dividend on an annualized basis and a yield of 1.92%. The ex-dividend date is Friday, September 13th. Iridium Communications’s dividend payout ratio is presently 266.67%.

Iridium Communications declared that its board has approved a share repurchase program on Thursday, September 19th that permits the company to buyback $500.00 million in outstanding shares. This buyback authorization permits the technology company to buy up to 14.2% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s leadership believes its stock is undervalued.

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.