Iridium Communications Inc. (NASDAQ:IRDM) Stake Boosted by ARK Investment Management LLC

ARK Investment Management LLC increased its holdings in Iridium Communications Inc. (NASDAQ:IRDM) by 5.7% in the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 2,507,715 shares of the technology company’s stock after purchasing an additional 134,924 shares during the quarter. ARK Investment Management LLC’s holdings in Iridium Communications were worth $72,774,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the business. Bank of New York Mellon Corp grew its holdings in Iridium Communications by 27.0% in the 4th quarter. Bank of New York Mellon Corp now owns 1,297,676 shares of the technology company’s stock worth $37,659,000 after buying an additional 275,775 shares in the last quarter. Impax Asset Management Group plc grew its holdings in Iridium Communications by 48.5% in the 4th quarter. Impax Asset Management Group plc now owns 34,015 shares of the technology company’s stock worth $987,000 after buying an additional 11,113 shares in the last quarter. Y Intercept Hong Kong Ltd grew its holdings in Iridium Communications by 33.0% in the 4th quarter. Y Intercept Hong Kong Ltd now owns 32,793 shares of the technology company’s stock worth $952,000 after buying an additional 8,142 shares in the last quarter. Ieq Capital LLC grew its holdings in Iridium Communications by 29.0% in the 4th quarter. Ieq Capital LLC now owns 18,540 shares of the technology company’s stock worth $538,000 after buying an additional 4,172 shares in the last quarter. Finally, Private Advisor Group LLC grew its holdings in Iridium Communications by 91.0% in the 4th quarter. Private Advisor Group LLC now owns 96,702 shares of the technology company’s stock worth $2,806,000 after buying an additional 46,069 shares in the last quarter. 84.36% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other news, Director Thomas Fitzpatrick sold 12,500 shares of the stock in a transaction on Friday, January 10th. The stock was sold at an average price of $28.53, for a total transaction of $356,625.00. Following the completion of the sale, the director now 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 legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 2.00% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Separately, Cantor Fitzgerald started coverage on Iridium Communications in a report on Friday, January 24th. They issued an “overweight” rating and a $40.00 price objective for the company.

Iridium Communications Stock Performance

IRDM opened at $31.40 on Wednesday. The company has a market capitalization of $3.42 billion, a price-to-earnings ratio of 33.05, a price-to-earnings-growth ratio of 1.28 and a beta of 0.65. The company has a debt-to-equity ratio of 3.05, a current ratio of 1.73 and a quick ratio of 1.25. Iridium Communications Inc. has a 1-year low of $24.14 and a 1-year high of $35.85. The business has a 50 day moving average price of $29.38 and a two-hundred day moving average price of $29.07.

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

Iridium Communications Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, December 31st. Shareholders of record on Monday, December 16th were given a $0.14 dividend. The ex-dividend date was Monday, December 16th. This represents a $0.56 dividend on an annualized basis and a yield of 1.78%. 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.