Allworth Financial LP Purchases 4,776 Shares of Iridium Communications Inc. (NASDAQ:IRDM)

Allworth Financial LP increased its position in shares of Iridium Communications Inc. (NASDAQ:IRDM) by 491.9% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 5,747 shares of the technology company’s stock after acquiring an additional 4,776 shares during the period. Allworth Financial LP’s holdings in Iridium Communications were worth $167,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Capital Performance Advisors LLP bought a new position in shares of Iridium Communications in the 3rd quarter worth $57,000. Fifth Third Bancorp boosted its stake in shares of Iridium Communications by 19.8% in the 4th quarter. Fifth Third Bancorp now owns 2,162 shares of the technology company’s stock valued at $63,000 after purchasing an additional 357 shares in the last quarter. GAMMA Investing LLC boosted its stake in shares of Iridium Communications by 44.8% in the 4th quarter. GAMMA Investing LLC now owns 3,473 shares of the technology company’s stock valued at $101,000 after purchasing an additional 1,074 shares in the last quarter. KBC Group NV boosted its stake in shares of Iridium Communications by 25.9% in the 3rd quarter. KBC Group NV now owns 3,796 shares of the technology company’s stock valued at $116,000 after purchasing an additional 781 shares in the last quarter. Finally, SG Americas Securities LLC purchased a new stake in Iridium Communications during the 4th quarter valued at $186,000. Institutional investors own 84.36% of the company’s stock.

Iridium Communications Trading Down 3.2 %

Shares of IRDM opened at $31.08 on Friday. The stock has a market capitalization of $3.38 billion, a P/E ratio of 32.72, a PEG ratio of 1.28 and a beta of 0.65. The company has a quick ratio of 1.25, a current ratio of 1.73 and a debt-to-equity ratio of 3.05. The firm has a fifty day simple moving average of $29.31 and a two-hundred day simple moving average of $28.99. Iridium Communications Inc. has a twelve month low of $24.14 and a twelve month high of $35.85.

Iridium Communications (NASDAQ:IRDM) last issued its quarterly earnings data 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 during the quarter, compared to analyst estimates of $203.78 million. On average, research analysts anticipate that Iridium Communications Inc. will post 0.89 EPS for the current year.

Iridium Communications Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, December 31st. Shareholders of record on Monday, December 16th were issued a $0.14 dividend. The ex-dividend date of this dividend was Monday, December 16th. This represents a $0.56 annualized dividend and a yield of 1.80%. Iridium Communications’s dividend payout ratio (DPR) is presently 58.95%.

Insiders Place Their Bets

In other Iridium Communications news, Director Thomas Fitzpatrick sold 12,500 shares of the company’s stock in a transaction on Friday, January 10th. The shares were sold at an average price of $28.53, for a total value of $356,625.00. Following the completion of the transaction, the director now directly owns 241,030 shares in the company, valued at approximately $6,876,585.90. This represents a 4.93 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 2.00% of the company’s stock.

Analyst Upgrades and Downgrades

Separately, Cantor Fitzgerald assumed coverage on shares of Iridium Communications in a research report on Friday, January 24th. They set an “overweight” rating and a $40.00 price target for the company.

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.