Iridium Communications Inc. (NASDAQ:IRDM) Stock Holdings Lifted by Inspire Investing LLC
Inspire Investing LLC increased its holdings in Iridium Communications Inc. (NASDAQ:IRDM) by 209.2% in Q2, owning 46,208 shares valued at $1,230,000. Other institutional investors also raised their stakes, with Vanguard increasing by 63.8%. Iridium's stock opened at $20.88, with a market cap of $2.39 billion and a P/E ratio of 132.10. The company reported a quarterly EPS of $0.27, exceeding estimates, and declared a dividend of $0.14 per share. Analysts maintain a "Moderate Buy" rating with an average target price of $22.00.
Inspire Investing LLC lifted its holdings in shares of Iridium Communications Inc. (NASDAQ:IRDM - Free Report) by 209.2% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 46,208 shares of the technology company's stock after buying an additional 31,265 shares during the period. Inspire Investing LLC's holdings in Iridium Communications were worth $1,230,000 at the end of the most recent reporting period.
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Other institutional investors have also modified their holdings of the company. Vanguard Personalized Indexing Management LLC grew its holdings in shares of Iridium Communications by 63.8% during the fourth quarter. Vanguard Personalized Indexing Management LLC now owns 10,577 shares of the technology company's stock valued at $435,000 after purchasing an additional 4,121 shares during the last quarter. Panagora Asset Management Inc. bought a new position in Iridium Communications during the 4th quarter worth $222,000. Norges Bank bought a new position in Iridium Communications during the 4th quarter worth $55,079,000. Quest Partners LLC acquired a new stake in Iridium Communications in the fourth quarter worth $300,000. Finally, Aigen Investment Management LP lifted its stake in Iridium Communications by 81.1% in the fourth quarter. Aigen Investment Management LP now owns 10,121 shares of the technology company's stock valued at $417,000 after buying an additional 4,533 shares during the last quarter. Institutional investors own 84.36% of the company's stock.
Iridium Communications Price Performance
Shares of NASDAQ IRDM opened at $27.88 on Friday. The stock has a market cap of $3.39 billion, a P/E ratio of 132.10 and a beta of 0.64. The firm's 50-day simple moving average is $26.96 and its 200 day simple moving average is $27.50. Iridium Communications Inc. has a fifty-two week low of $24.14 and a fifty-two week high of $51.13. The company has a quick ratio of 1.52, a current ratio of 2.25 and a debt-to-equity ratio of 2.08.
- Upbeat Analysts Project Promising Prospects For Iridium Stock
Iridium Communications (NASDAQ:IRDM - Get Free Report) last released its quarterly 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. 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%. Iridium Communications's revenue was up 4.1% on a year-over-year basis. During the same period in the previous year, the firm earned ($0.24) EPS. Equities analysts expect that Iridium Communications Inc. will post 0.81 EPS for the current year.
Iridium Communications Announces Dividend
The company also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Friday, September 13th will be paid a dividend of $0.14 per share. This represents a $0.56 dividend on an annualized basis and a yield of 2.01%. The ex-dividend date of this dividend is Friday, September 13th. Iridium Communications's payout ratio is currently 266.67%.
Analyst Upgrades and Downgrades
- Are Small Caps a Harbinger of Market Declines?
A number of analysts recently weighed in on IRDM shares. BWS Financial reaffirmed a "neutral" rating and issued a $30.00 price objective on shares of Iridium Communications in a report on Wednesday, July 24th. Barclays raised their price target on shares of Iridium Communications from $44.00 to $45.00 and gave the company an "overweight" rating in a research note on Wednesday, July 24th. Three research analysts have rated the stock with a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $41.00.
View Our Latest Research Report on IRDM
Iridium Communications Company Profile
(Free Report)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.
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