KLP Kapitalforvaltning AS Invests $609,000 in Iridium Communications Inc. (NASDAQ:IRDM)

KLP Kapitalforvaltning AS acquired a new stake in Iridium Communications Inc. (NASDAQ:IRDM) during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm acquired 21,000 shares of the technology company’s stock, valued at approximately $609,000.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. AXQ Capital LP grew its stake in shares of Iridium Communications by 110.5% during the fourth quarter. AXQ Capital LP now owns 39,565 shares of the technology company’s stock worth $1,148,000 after buying an additional 20,772 shares during the last quarter. Sei Investments Co. boosted its holdings in shares of Iridium Communications by 11.1% during the 4th quarter. Sei Investments Co. now owns 153,672 shares of the technology company’s stock valued at $4,460,000 after acquiring an additional 15,388 shares in the last quarter. American Century Companies Inc. boosted its holdings in shares of Iridium Communications by 94.2% during the 4th quarter. American Century Companies Inc. now owns 1,735,842 shares of the technology company’s stock valued at $50,374,000 after acquiring an additional 841,951 shares in the last quarter. Virtu Financial LLC bought a new stake in Iridium Communications during the 4th quarter worth $300,000. Finally, Quantbot Technologies LP increased its holdings in Iridium Communications by 1,755.5% in the 4th quarter. Quantbot Technologies LP now owns 33,454 shares of the technology company’s stock worth $971,000 after purchasing an additional 31,651 shares in the last quarter. Institutional investors own 84.36% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have recently commented on IRDM shares. Cantor Fitzgerald started coverage on Iridium Communications in a research note on Friday, January 24th. They set an “overweight” rating and a $40.00 price target on the stock. Barclays cut 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 report on Monday, March 10th. Finally, StockNews.com cut shares of Iridium Communications from a “buy” rating to a “hold” rating in a research report on Saturday, March 29th.

Iridium Communications Stock Down 1.1 %

Shares of IRDM opened at $27.03 on Thursday. The stock’s 50-day moving average price is $29.42 and its two-hundred day moving average price is $29.46. Iridium Communications Inc. has a 12 month low of $24.14 and a 12 month high of $35.85. The company has a market capitalization of $2.94 billion, a PE ratio of 28.45, a PEG ratio of 1.28 and a beta of 0.66. The company has a current ratio of 1.73, a quick ratio of 1.25 and a debt-to-equity ratio of 3.05.

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

Iridium Communications Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Monday, March 17th were paid a $0.14 dividend. This represents a $0.56 dividend on an annualized basis and a dividend yield of 2.07%. The ex-dividend date of this dividend was Monday, March 17th. Iridium Communications’s dividend payout ratio is currently 58.95%.

Insider Transactions at Iridium Communications

In other news, Director Thomas Fitzpatrick sold 12,500 shares of the business’s stock in a transaction dated Friday, January 10th. The stock was sold at an average price of $28.53, for a total value of $356,625.00. Following the transaction, the director now directly 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 document filed with the Securities & Exchange Commission, which is available through this link. 2.00% of the stock is currently owned by corporate insiders.

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.