Elo Mutual Pension Insurance Co Invests $310,000 in Iridium Communications Inc. (NASDAQ:IRDM)

Elo Mutual Pension Insurance Co acquired a new stake in Iridium Communications Inc. (NASDAQ:IRDM) during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 10,676 shares of the technology company’s stock, valued at approximately $310,000.

Several other hedge funds also recently added to or reduced their stakes in IRDM. American Century Companies Inc. lifted its stake in shares of Iridium Communications by 94.2% in the 4th quarter. American Century Companies Inc. now owns 1,735,842 shares of the technology company’s stock valued at $50,374,000 after purchasing an additional 841,951 shares during the last quarter. Raymond James Financial Inc. purchased a new stake in Iridium Communications in the 4th quarter valued at about $17,613,000. Nikko Asset Management Americas Inc. lifted its position in Iridium Communications by 13.2% in the fourth quarter. Nikko Asset Management Americas Inc. now owns 2,827,580 shares of the technology company’s stock valued at $82,028,000 after buying an additional 329,915 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. boosted its stake in Iridium Communications by 12.8% during the fourth quarter. Sumitomo Mitsui Trust Group Inc. now owns 2,829,052 shares of the technology company’s stock worth $82,099,000 after buying an additional 320,506 shares during the period. Finally, Bank of New York Mellon Corp increased its position in shares of Iridium Communications by 27.0% during the fourth quarter. Bank of New York Mellon Corp now owns 1,297,676 shares of the technology company’s stock valued at $37,659,000 after acquiring an additional 275,775 shares during the last quarter. 84.36% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on IRDM shares. Barclays decreased their price objective on shares of Iridium Communications from $45.00 to $38.00 and set an “overweight” rating on the stock in a report on Monday, March 10th. Cantor Fitzgerald initiated coverage on Iridium Communications in a research note on Friday, January 24th. They set an “overweight” rating and a $40.00 price target on the stock. Finally, StockNews.com cut Iridium Communications from a “buy” rating to a “hold” rating in a research note on Saturday.

Insider Buying and Selling at Iridium Communications

In other Iridium Communications news, Director Thomas Fitzpatrick sold 12,500 shares of the business’s stock in a transaction that occurred 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 completion of the transaction, the director now owns 241,030 shares in the company, valued at $6,876,585.90. The trade was a 4.93 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 2.00% of the stock is owned by corporate insiders.

Iridium Communications Trading Down 6.6 %

NASDAQ IRDM opened at $27.54 on Monday. The company has a debt-to-equity ratio of 3.05, a quick ratio of 1.25 and a current ratio of 1.73. The firm has a market cap of $3.00 billion, a price-to-earnings ratio of 28.99, a PEG ratio of 1.28 and a beta of 0.70. The firm has a 50 day simple moving average of $29.52 and a 200-day simple moving average of $29.47. Iridium Communications Inc. has a one year low of $24.14 and a one year high of $35.85.

Iridium Communications (NASDAQ:IRDM) last issued its quarterly earnings results on Thursday, February 13th. The technology company reported $0.31 EPS for the quarter, beating 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 company had revenue of $212.99 million during the quarter, compared to analysts’ expectations of $203.78 million. Equities research analysts anticipate that Iridium Communications Inc. will post 0.89 EPS for the current fiscal year.

Iridium Communications Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Monday, March 17th will be issued a dividend of $0.14 per share. The ex-dividend date of this dividend is Monday, March 17th. This represents a $0.56 annualized dividend and a yield of 2.03%. Iridium Communications’s dividend payout ratio (DPR) 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.