JPMorgan Chase & Co. Purchases 10,195 Shares of Iridium Communications Inc. (NASDAQ:IRDM)

JPMorgan Chase & Co. boosted its holdings in shares of Iridium Communications Inc. (NASDAQ:IRDM) by 1.6% in the 4th quarter, Holdings Channel reports. The firm owned 631,852 shares of the technology company’s stock after buying an additional 10,195 shares during the period. JPMorgan Chase & Co.’s holdings in Iridium Communications were worth $18,336,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in IRDM. Plato Investment Management Ltd bought a new position in shares of Iridium Communications in the 4th quarter valued at $32,000. SBI Securities Co. Ltd. acquired a new stake in Iridium Communications in the fourth quarter valued at about $37,000. Fifth Third Bancorp grew its position in Iridium Communications by 19.8% in the fourth quarter. Fifth Third Bancorp now owns 2,162 shares of the technology company’s stock valued at $63,000 after acquiring an additional 357 shares during the last quarter. GAMMA Investing LLC raised its stake in Iridium Communications by 44.8% during the fourth quarter. GAMMA Investing LLC now owns 3,473 shares of the technology company’s stock worth $101,000 after acquiring an additional 1,074 shares in the last quarter. Finally, Millstone Evans Group LLC acquired a new position in Iridium Communications during the fourth quarter worth about $131,000. 84.36% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

IRDM has been the topic of several research reports. StockNews.com raised shares of Iridium Communications from a “hold” rating to a “buy” rating in a report on Sunday, April 6th. 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 report on Monday, March 10th. Finally, Cantor Fitzgerald began coverage on shares of Iridium Communications in a report on Friday, January 24th. They set an “overweight” rating and a $40.00 price target for the company.

Iridium Communications Stock Performance

NASDAQ:IRDM opened at $24.27 on Friday. The stock’s 50-day moving average is $28.49 and its 200-day moving average is $29.17. Iridium Communications Inc. has a 1-year low of $22.18 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 stock has a market cap of $2.64 billion, a P/E ratio of 25.55, a price-to-earnings-growth ratio of 1.28 and a beta of 0.66.

Iridium Communications (NASDAQ:IRDM) last posted its earnings results on Thursday, February 13th. The technology company reported $0.31 EPS for the quarter, topping the consensus estimate of $0.15 by $0.16. Iridium Communications had a net margin of 13.58% and a return on equity of 15.66%. The business had revenue of $212.99 million for the quarter, compared to the consensus estimate of $203.78 million. Equities research analysts anticipate that Iridium Communications Inc. will post 0.89 earnings per share for the current year.

Iridium Communications Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Monday, March 17th were paid a $0.14 dividend. The ex-dividend date of this dividend was Monday, March 17th. This represents a $0.56 annualized dividend and a dividend yield of 2.31%. Iridium Communications’s dividend payout ratio is 58.95%.

Iridium Communications Company 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.