Van ECK Associates Corp Acquires 3,439 Shares of Iridium Communications Inc. (NASDAQ:IRDM)

Van ECK Associates Corp grew its holdings in Iridium Communications Inc. (NASDAQ:IRDMGet Rating) by 11.3% in the third quarter, Holdings Channel reports. The firm owned 33,760 shares of the technology company’s stock after buying an additional 3,439 shares during the quarter. Van ECK Associates Corp’s holdings in Iridium Communications were worth $1,498,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also modified their holdings of IRDM. Rhumbline Advisers grew its holdings in shares of Iridium Communications by 1.1% in the first quarter. Rhumbline Advisers now owns 359,276 shares of the technology company’s stock worth $14,486,000 after acquiring an additional 3,957 shares during the period. BlackRock Inc. grew its holdings in shares of Iridium Communications by 0.5% in the first quarter. BlackRock Inc. now owns 15,739,982 shares of the technology company’s stock worth $634,635,000 after acquiring an additional 71,031 shares during the period. Great West Life Assurance Co. Can grew its holdings in shares of Iridium Communications by 7.4% in the first quarter. Great West Life Assurance Co. Can now owns 70,873 shares of the technology company’s stock worth $2,934,000 after acquiring an additional 4,877 shares during the period. Yousif Capital Management LLC grew its holdings in shares of Iridium Communications by 3.5% in the first quarter. Yousif Capital Management LLC now owns 69,722 shares of the technology company’s stock worth $2,811,000 after acquiring an additional 2,353 shares during the period. Finally, Raymond James Trust N.A. grew its holdings in shares of Iridium Communications by 16.6% in the first quarter. Raymond James Trust N.A. now owns 9,943 shares of the technology company’s stock worth $401,000 after acquiring an additional 1,417 shares during the period. Institutional investors own 83.82% of the company’s stock.

Iridium Communications Price Performance

Shares of Iridium Communications stock opened at $61.64 on Friday. The stock’s 50-day simple moving average is $52.46 and its 200-day simple moving average is $47.33. Iridium Communications Inc. has a 52 week low of $31.73 and a 52 week high of $62.48. The company has a market capitalization of $7.74 billion, a price-to-earnings ratio of 1,541.39 and a beta of 1.11. The company has a quick ratio of 2.52, a current ratio of 2.82 and a debt-to-equity ratio of 1.37.

Iridium Communications (NASDAQ:IRDMGet Rating) last announced its quarterly earnings data on Thursday, October 20th. The technology company reported $0.02 EPS for the quarter, meeting the consensus estimate of $0.02. Iridium Communications had a return on equity of 0.30% and a net margin of 0.53%. The business had revenue of $184.04 million for the quarter, compared to the consensus estimate of $180.91 million. During the same period in the previous year, the business earned ($0.02) earnings per share. The business’s revenue was up 13.5% on a year-over-year basis. As a group, analysts expect that Iridium Communications Inc. will post 0.08 earnings per share for the current fiscal year.

Iridium Communications Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, March 30th. Stockholders of record on Wednesday, March 15th will be given a $0.13 dividend. The ex-dividend date of this dividend is Tuesday, March 14th. This represents a $0.52 annualized dividend and a dividend yield of 0.84%.

Analysts Set New Price Targets

Several brokerages recently commented on IRDM. Raymond James lifted their price objective on Iridium Communications from $51.00 to $60.00 and gave the stock a “strong-buy” rating in a report on Friday, October 21st. Barclays downgraded Iridium Communications from an “overweight” rating to an “equal weight” rating and lowered their target price for the company from $48.00 to $45.00 in a research report on Wednesday, October 19th. Morgan Stanley lifted their target price on Iridium Communications from $50.00 to $64.00 and gave the company an “overweight” rating in a research report on Monday, October 17th. BWS Financial lifted their target price on Iridium Communications from $60.00 to $75.00 and gave the company a “buy” rating in a research report on Monday, January 9th. Finally, StockNews.com upgraded Iridium Communications from a “hold” rating to a “buy” rating in a research report on Monday, December 26th. One investment analyst has rated the stock with a hold rating, four have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Buy” and an average price target of $57.60.

Insider Activity

In other news, CAO Timothy Kapalka sold 2,382 shares of the business’s stock in a transaction dated Monday, October 31st. The stock was sold at an average price of $51.25, for a total value of $122,077.50. Following the transaction, the chief accounting officer now directly owns 19,896 shares in the company, valued at $1,019,670. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In related news, Director Parker William Rush sold 27,363 shares of the business’s stock in a transaction dated Tuesday, November 1st. The stock was sold at an average price of $52.00, for a total value of $1,422,876.00. Following the sale, the director now directly owns 190,044 shares in the company, valued at $9,882,288. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CAO Timothy Kapalka sold 2,382 shares of the business’s stock in a transaction dated Monday, October 31st. The stock was sold at an average price of $51.25, for a total value of $122,077.50. Following the completion of the sale, the chief accounting officer now owns 19,896 shares in the company, valued at $1,019,670. The disclosure for this sale can be found here. Insiders have sold 104,412 shares of company stock worth $5,627,529 over the last ninety days. Corporate insiders own 2.50% of the company’s stock.

About Iridium Communications

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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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Institutional Ownership by Quarter for Iridium Communications (NASDAQ:IRDM)

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