Avanza Fonder AB Purchases Shares of 15,312 Iridium Communications Inc. (NASDAQ:IRDM)

Avanza Fonder AB acquired a new position in shares of Iridium Communications Inc. (NASDAQ:IRDM) in the 1st quarter, Holdings Channel reports. The fund acquired 15,312 shares of the technology company’s stock, valued at approximately $414,000.

Other large investors have also modified their holdings of the company. Van ECK Associates Corp lifted its position in Iridium Communications by 148.5% in the fourth quarter. Van ECK Associates Corp now owns 139,636 shares of the technology company’s stock valued at $4,052,000 after acquiring an additional 83,454 shares during the last quarter. Allworth Financial LP increased its position in shares of Iridium Communications by 491.9% during the fourth quarter. Allworth Financial LP now owns 5,747 shares of the technology company’s stock worth $167,000 after purchasing an additional 4,776 shares in the last quarter. State of New Jersey Common Pension Fund D lifted its holdings in shares of Iridium Communications by 1.1% in the 4th quarter. State of New Jersey Common Pension Fund D now owns 76,836 shares of the technology company’s stock valued at $2,230,000 after purchasing an additional 866 shares during the last quarter. Alberta Investment Management Corp acquired a new stake in shares of Iridium Communications in the 4th quarter valued at about $2,791,000. Finally, Private Advisor Group LLC boosted its position in shares of Iridium Communications by 91.0% in the 4th quarter. Private Advisor Group LLC now owns 96,702 shares of the technology company’s stock valued at $2,806,000 after purchasing an additional 46,069 shares during the period. Institutional investors and hedge funds own 84.36% of the company’s stock.

Iridium Communications Price Performance

Iridium Communications stock opened at $29.23 on Friday. 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 business has a 50 day simple moving average of $25.21 and a 200-day simple moving average of $27.85. Iridium Communications Inc. has a 12 month low of $19.91 and a 12 month high of $35.85. The stock has a market capitalization of $3.16 billion, a PE ratio of 30.77, a price-to-earnings-growth ratio of 1.28 and a beta of 0.75.

Iridium Communications (NASDAQ:IRDM) last announced its quarterly earnings data on Tuesday, April 22nd. The technology company reported $0.27 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.22 by $0.05. The company had revenue of $214.88 million for the quarter, compared to analysts’ expectations of $211.78 million. Iridium Communications had a net margin of 13.58% and a return on equity of 15.66%. During the same period in the previous year, the company posted $0.17 EPS. Equities analysts predict that Iridium Communications Inc. will post 0.89 earnings per share for the current year.

Iridium Communications Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Friday, June 13th will be paid a dividend of $0.14 per share. The ex-dividend date is Friday, June 13th. This represents a $0.56 dividend on an annualized basis and a dividend yield of 1.92%. Iridium Communications’s dividend payout ratio (DPR) is 52.83%.

Analysts Set New Price Targets

IRDM has been the subject of a number of research reports. William Blair upgraded Iridium Communications from a “market perform” rating to an “outperform” rating in a research note on Tuesday, April 22nd. Wall Street Zen downgraded shares of Iridium Communications from a “buy” rating to a “hold” rating in a research report on Thursday, May 1st. Oppenheimer assumed coverage on shares of Iridium Communications in a research note on Monday, May 5th. They set an “outperform” rating and a $34.00 price target for the company. Barclays dropped their price objective 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, March 10th. Finally, BWS Financial reduced their target price on shares of Iridium Communications from $30.00 to $25.00 and set a “neutral” rating for the company in a report on Wednesday, April 23rd. Two investment analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat.com, Iridium Communications presently has an average rating of “Moderate Buy” and an average target price of $34.25.

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.