AGF Management Ltd. Makes New $2.53 Million Investment in Iridium Communications Inc. (NASDAQ:IRDM)

AGF Management Ltd. acquired a new position in Iridium Communications Inc. (NASDAQ:IRDM) during the fourth quarter, HoldingsChannel reports. The firm acquired 87,024 shares of the technology company’s stock, valued at approximately $2,525,000.

Other hedge funds and other institutional investors have also modified their holdings of the company. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in shares of Iridium Communications by 12.1% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 31,064 shares of the technology company’s stock worth $901,000 after purchasing an additional 3,350 shares in the last quarter. OFI Invest Asset Management purchased a new stake in shares of Iridium Communications during the 4th quarter valued at about $673,000. Raymond James Financial Inc. acquired a new position in Iridium Communications during the 4th quarter worth approximately $17,613,000. Proficio Capital Partners LLC purchased a new position in Iridium Communications in the 4th quarter worth approximately $408,000. Finally, M&T Bank Corp grew its position in Iridium Communications by 13.8% in the fourth quarter. M&T Bank Corp now owns 8,321 shares of the technology company’s stock valued at $241,000 after acquiring an additional 1,010 shares in the last quarter. 84.36% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Iridium Communications

In related news, Director Thomas Fitzpatrick sold 12,500 shares of the business’s stock in a transaction on 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 owns 241,030 shares of the company’s stock, valued at approximately $6,876,585.90. The trade was a 4.93 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. 2.00% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several research firms recently commented on IRDM. StockNews.com cut Iridium Communications from a “buy” rating to a “hold” rating in a research note on Thursday. Barclays reduced their target price on Iridium Communications from $45.00 to $38.00 and set an “overweight” rating for the company in a research note on Monday. Finally, Cantor Fitzgerald started 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.

Iridium Communications Trading Down 1.8 %

NASDAQ:IRDM opened at $26.87 on Friday. The stock has a fifty day simple moving average of $29.68 and a 200 day simple moving average of $29.32. The firm has a market capitalization of $2.92 billion, a price-to-earnings ratio of 28.28, a price-to-earnings-growth ratio of 1.28 and a beta of 0.70. Iridium Communications Inc. has a 1-year low of $24.14 and a 1-year high of $35.85. 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 issued its earnings results 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 return on equity of 15.66% and a net margin of 13.58%. The company had revenue of $212.99 million for the quarter, compared to the consensus estimate of $203.78 million. Sell-side analysts forecast that Iridium Communications Inc. will post 0.89 earnings per share for the current year.

Iridium Communications Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Monday, March 17th will be given a $0.14 dividend. This represents a $0.56 dividend on an annualized basis and a dividend yield of 2.08%. The ex-dividend date of this dividend is Monday, March 17th. Iridium Communications’s dividend payout ratio is 58.95%.

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.