Iridium Communications Inc. (NASDAQ:IRDM) Shares Acquired by Edgestream Partners L.P.

Edgestream Partners L.P. lifted its stake in Iridium Communications Inc. (NASDAQ:IRDM) by 213.0% during the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 35,152 shares of the technology company’s stock after acquiring an additional 23,920 shares during the quarter. Edgestream Partners L.P.’s holdings in Iridium Communications were worth $936,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in the stock. Allspring Global Investments Holdings LLC lifted its stake in Iridium Communications by 7,684.6% during the second quarter. Allspring Global Investments Holdings LLC now owns 1,012 shares of the technology company’s stock worth $27,000 after purchasing an additional 999 shares in the last quarter. Acadian Asset Management LLC acquired a new position in Iridium Communications during the 1st quarter worth about $29,000. Mather Group LLC. acquired a new position in Iridium Communications during the 2nd quarter worth about $32,000. Blue Trust Inc. boosted its holdings in Iridium Communications by 109.7% during the 2nd quarter. Blue Trust Inc. now owns 1,491 shares of the technology company’s stock valued at $39,000 after acquiring an additional 780 shares during the period. Finally, International Assets Investment Management LLC acquired a new position in Iridium Communications in the 2nd quarter valued at about $45,000. Hedge funds and other institutional investors own 84.36% of the company’s stock.

Analyst Upgrades and Downgrades

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

Iridium Communications Stock Up 4.8 %

IRDM stock opened at $29.22 on Friday. The company’s 50 day moving average price is $27.07 and its 200 day moving average price is $27.50. The firm has a market capitalization of $3.55 billion, a price-to-earnings ratio of 139.14 and a beta of 0.64. Iridium Communications Inc. has a fifty-two week low of $24.14 and a fifty-two week high of $48.71. The company has a debt-to-equity ratio of 2.08, a quick ratio of 1.52 and a current ratio of 2.25.

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

Iridium Communications Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Friday, September 13th will be given a dividend of $0.14 per share. The ex-dividend date of this dividend is Friday, September 13th. This represents a $0.56 annualized dividend and a dividend yield of 1.92%. Iridium Communications’s dividend payout ratio is currently 266.67%.

Iridium Communications announced that its board has authorized a stock repurchase program on Thursday, September 19th that allows the company to buyback $500.00 million in shares. This buyback authorization allows the technology company to reacquire up to 14.2% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s leadership believes its shares are undervalued.

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.