Schroder Investment Management Group Buys 683,777 Shares of Iridium Communications Inc. (NASDAQ:IRDM)

Schroder Investment Management Group increased its position in Iridium Communications Inc. (NASDAQ:IRDM) by 44.7% during the fourth quarter, Holdings Channel.com reports. The institutional investor owned 2,213,512 shares of the technology company’s stock after purchasing an additional 683,777 shares during the period. Schroder Investment Management Group’s holdings in Iridium Communications were worth $64,125,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in IRDM. Plato Investment Management Ltd bought a new position in Iridium Communications during the fourth quarter valued at $32,000. SBI Securities Co. Ltd. bought a new position in shares of Iridium Communications in the 4th 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 worth $63,000 after acquiring an additional 357 shares in the last quarter. GAMMA Investing LLC increased 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 during the last quarter. Finally, Millstone Evans Group LLC purchased a new stake in Iridium Communications during the fourth quarter valued at approximately $131,000. 84.36% of the stock is owned by institutional investors.

Iridium Communications Stock Performance

Shares of Iridium Communications stock opened at $27.32 on Tuesday. 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 stock’s fifty day moving average is $29.50 and its two-hundred day moving average is $29.48. Iridium Communications Inc. has a 52 week low of $24.14 and a 52 week high of $35.85. The company has a market capitalization of $2.97 billion, a PE ratio of 28.76, a price-to-earnings-growth ratio of 1.28 and a beta of 0.70.

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

Iridium Communications Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Monday, March 17th were issued a $0.14 dividend. The ex-dividend date was Monday, March 17th. This represents a $0.56 dividend on an annualized basis and a dividend yield of 2.05%. Iridium Communications’s payout ratio is 58.95%.

Insider Buying and Selling

In related news, Director Thomas Fitzpatrick sold 12,500 shares of the company’s stock in a transaction dated 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 sale, the director now directly owns 241,030 shares of the company’s stock, valued at $6,876,585.90. This represents a 4.93 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 2.00% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on IRDM shares. StockNews.com downgraded Iridium Communications from a “buy” rating to a “hold” rating in a research report on Saturday. Barclays reduced 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 note on Monday, March 10th. Finally, Cantor Fitzgerald started coverage on shares of Iridium Communications in a research note on Friday, January 24th. They set an “overweight” rating and a $40.00 price target for the company.

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.