39,142 Shares in Iridium Communications Inc. (NASDAQ:IRDM) Acquired by Allen Wealth Management LLC

Allen Wealth Management LLC bought a new position in shares of Iridium Communications Inc. (NASDAQ:IRDM) in the fourth quarter, Holdings Channel reports. The fund bought 39,142 shares of the technology company’s stock, valued at approximately $1,136,000. Iridium Communications makes up approximately 0.8% of Allen Wealth Management LLC’s investment portfolio, making the stock its 26th biggest holding.

A number of other large investors have also recently added to or reduced their stakes in the business. Fifth Third Bancorp increased its stake in Iridium Communications by 19.8% in the 4th quarter. Fifth Third Bancorp now owns 2,162 shares of the technology company’s stock worth $63,000 after purchasing an additional 357 shares in the last quarter. EntryPoint Capital LLC increased its position in shares of Iridium Communications by 4.1% in the fourth quarter. EntryPoint Capital LLC now owns 15,330 shares of the technology company’s stock worth $445,000 after acquiring an additional 600 shares in the last quarter. Commonwealth Equity Services LLC lifted its position 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 acquiring an additional 729 shares in the last quarter. Ballentine Partners LLC boosted its stake in Iridium Communications by 6.8% in the 4th quarter. Ballentine Partners LLC now owns 11,731 shares of the technology company’s stock worth $340,000 after purchasing an additional 750 shares during the period. Finally, State of New Jersey Common Pension Fund D grew its position in Iridium Communications by 1.1% during the 4th quarter. State of New Jersey Common Pension Fund D now owns 76,836 shares of the technology company’s stock worth $2,230,000 after purchasing an additional 866 shares in the last quarter. 84.36% of the stock is currently owned by institutional investors.

Insider Transactions at Iridium Communications

In other news, Director Thomas Fitzpatrick sold 12,500 shares of the company’s stock in a transaction dated Friday, January 10th. The stock was sold at an average price of $28.53, for a total transaction of $356,625.00. Following the completion of the sale, the director now owns 241,030 shares in the company, valued at approximately $6,876,585.90. This represents a 4.93 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 2.00% of the stock is currently owned by company insiders.

Iridium Communications Price Performance

Shares of NASDAQ:IRDM opened at $27.03 on Thursday. The firm has a market cap of $2.94 billion, a price-to-earnings ratio of 28.45, a P/E/G ratio of 1.28 and a beta of 0.66. Iridium Communications Inc. has a 1 year low of $24.14 and a 1 year high of $35.85. The company has a current ratio of 1.73, a quick ratio of 1.25 and a debt-to-equity ratio of 3.05. The business has a fifty day simple moving average of $29.42 and a 200 day simple moving average of $29.46.

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

Iridium Communications Dividend Announcement

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

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on IRDM shares. StockNews.com lowered Iridium Communications from a “buy” rating to a “hold” rating in a report on Saturday, March 29th. Barclays reduced their price objective on Iridium Communications from $45.00 to $38.00 and set an “overweight” rating for the company in a research note on Monday, March 10th. Finally, Cantor Fitzgerald started coverage on Iridium Communications in a report on Friday, January 24th. They issued an “overweight” rating and a $40.00 target price on the stock.

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.