20,000 Shares in Iridium Communications Inc $IRDM Purchased by Corsair Capital Management L.P.

Corsair Capital Management L.P. purchased a new stake in shares of Iridium Communications Inc (NASDAQ:IRDM) in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 20,000 shares of the technology company’s stock, valued at approximately $555,000.

Other large investors have also added to or reduced their stakes in the company. Quadrant Capital Group LLC raised its position in Iridium Communications by 107.5% in the fourth quarter. Quadrant Capital Group LLC now owns 1,430 shares of the technology company’s stock worth $25,000 after acquiring an additional 741 shares during the period. Larson Financial Group LLC raised its holdings in shares of Iridium Communications by 392.8% in the 3rd quarter. Larson Financial Group LLC now owns 1,508 shares of the technology company’s stock worth $26,000 after purchasing an additional 1,202 shares during the period. Kestra Advisory Services LLC purchased a new position in Iridium Communications in the fourth quarter valued at approximately $27,000. CIBC Private Wealth Group LLC purchased a new position in Iridium Communications in the third quarter valued at approximately $32,000. Finally, Caitong International Asset Management Co. Ltd grew its holdings in Iridium Communications by 10,363.2% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 1,988 shares of the technology company’s stock valued at $35,000 after purchasing an additional 1,969 shares during the period. Hedge funds and other institutional investors own 84.36% of the company’s stock.

Iridium Communications Price Performance

Iridium Communications stock opened at $45.78 on Monday. The firm has a market capitalization of $4.85 billion, a P/E ratio of 52.02, a PEG ratio of 3.62 and a beta of 0.87. Iridium Communications Inc has a one year low of $15.65 and a one year high of $57.18. The company has a debt-to-equity ratio of 3.70, a current ratio of 2.78 and a quick ratio of 2.31. The business has a fifty day moving average price of $48.01 and a 200-day moving average price of $34.99.

Iridium Communications (NASDAQ:IRDM) last released its quarterly earnings data on Wednesday, July 22nd. The technology company reported $0.09 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.28 by ($0.19). Iridium Communications had a net margin of 10.55% and a return on equity of 22.57%. The company had revenue of $225.24 million for the quarter, compared to the consensus estimate of $220.32 million. During the same quarter in the previous year, the firm posted $0.20 earnings per share. The business’s revenue for the quarter was up 3.8% compared to the same quarter last year. As a group, equities research analysts forecast that Iridium Communications Inc will post 0.97 EPS for the current year.

Iridium Communications Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, June 30th. Stockholders of record on Monday, June 15th were issued a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.3%. The ex-dividend date of this dividend was Monday, June 15th. Iridium Communications’s dividend payout ratio is presently 68.18%.

Analyst Ratings Changes

Several analysts have issued reports on IRDM shares. Raymond James Financial restated a “market perform” rating on shares of Iridium Communications in a research note on Friday, April 24th. Weiss Ratings reiterated a “hold (c)” rating on shares of Iridium Communications in a research note on Friday, July 10th. Barclays lifted their price objective on Iridium Communications from $25.00 to $36.00 and gave the stock an “overweight” rating in a report on Thursday, April 9th. BWS Financial reaffirmed a “sell” rating and set a $16.00 price objective on shares of Iridium Communications in a report on Monday, April 27th. Finally, Morgan Stanley increased their target price on shares of Iridium Communications from $26.00 to $54.00 and gave the stock an “equal weight” rating in a research report on Tuesday, June 30th. Three equities research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, Iridium Communications presently has a consensus rating of “Hold” and an average price target of $38.67.

About Iridium Communications

Iridium Communications Inc operates a global satellite communications network that delivers voice and data services across land, sea and air. The company’s unique architecture relies on a constellation of 66 low-Earth orbit satellites, enabling real-time connectivity in regions beyond the reach of terrestrial wireless networks. Iridium’s core offerings include satellite voice and messaging services, broadband data terminals, push-to-talk (PTT) interoperability and machine-to-machine (M2M) solutions for the Internet of Things (IoT).

Iridium serves a diverse range of markets, including maritime shipping, aviation, government and defense, energy, and enterprise.