Lbp Am Sa Acquires 48,975 Shares of Iridium Communications Inc. (NASDAQ:IRDM)

Lbp Am Sa boosted its holdings in shares of Iridium Communications Inc. (NASDAQ:IRDM) by 67.0% during the fourth quarter, HoldingsChannel reports. The fund owned 122,075 shares of the technology company’s stock after purchasing an additional 48,975 shares during the quarter. Lbp Am Sa’s holdings in Iridium Communications were worth $3,543,000 at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in IRDM. Commonwealth Equity Services LLC boosted its stake in shares of Iridium Communications by 4.0% in the 4th quarter. Commonwealth Equity Services LLC now owns 19,060 shares of the technology company’s stock valued at $553,000 after purchasing an additional 729 shares during the last quarter. AGF Management Ltd. bought a new stake in shares of Iridium Communications in the 4th quarter valued at $2,525,000. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in shares of Iridium Communications by 12.1% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 31,064 shares of the technology company’s stock valued at $901,000 after purchasing an additional 3,350 shares during the last quarter. OFI Invest Asset Management bought a new stake in shares of Iridium Communications in the 4th quarter valued at $673,000. Finally, Raymond James Financial Inc. bought a new stake in shares of Iridium Communications in the 4th quarter valued at $17,613,000. 84.36% of the stock is owned by institutional investors.

Iridium Communications Stock Up 2.7 %

Shares of NASDAQ IRDM opened at $27.59 on Friday. The firm has a market cap of $3.00 billion, a PE ratio of 29.04, a P/E/G ratio of 1.28 and a beta of 0.70. Iridium Communications Inc. has a 12-month low of $24.14 and a 12-month high of $35.85. The company’s fifty day simple moving average is $29.57 and its 200 day simple moving average is $29.34. The company has a quick ratio of 1.25, a current ratio of 1.73 and a debt-to-equity ratio of 3.05.

Iridium Communications (NASDAQ:IRDM) last released its quarterly earnings data on Thursday, February 13th. The technology company reported $0.31 earnings per share for the quarter, beating analysts’ consensus estimates of $0.15 by $0.16. Iridium Communications had a net margin of 13.58% and a return on equity of 15.66%. The firm had revenue of $212.99 million for the quarter, compared to analyst estimates of $203.78 million. As a group, sell-side analysts forecast that Iridium Communications Inc. will post 0.89 earnings per share for the current fiscal year.

Iridium Communications Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Monday, March 17th will be paid a $0.14 dividend. This represents a $0.56 dividend on an annualized basis and a dividend yield of 2.03%. The ex-dividend date is Monday, March 17th. Iridium Communications’s dividend payout ratio (DPR) is 58.95%.

Insider Buying and Selling at Iridium Communications

In related news, Director Thomas Fitzpatrick sold 12,500 shares of the firm’s stock in a transaction dated Friday, January 10th. The shares were sold at an average price of $28.53, for a total transaction 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. This trade represents a 4.93 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders own 2.00% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on the stock. Cantor Fitzgerald assumed coverage on shares of Iridium Communications in a research note on Friday, January 24th. They issued an “overweight” rating and a $40.00 price objective on the stock. StockNews.com lowered shares of Iridium Communications from a “buy” rating to a “hold” rating in a research note on Thursday. Finally, 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 note on Monday, March 10th.

About Iridium Communications

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.