Wealth Effects LLC Acquires Shares of 17,500 Iridium Communications Inc. (NASDAQ:IRDM)

Wealth Effects LLC bought a new stake in Iridium Communications Inc. (NASDAQ:IRDM) during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm bought 17,500 shares of the technology company’s stock, valued at approximately $533,000.

A number of other institutional investors have also modified their holdings of the stock. Counterpoint Mutual Funds LLC purchased a new position in Iridium Communications during the first quarter worth about $280,000. Oak Thistle LLC purchased a new stake in shares of Iridium Communications in the first quarter valued at approximately $546,000. State of Michigan Retirement System boosted its stake in shares of Iridium Communications by 2.4% in the first quarter. State of Michigan Retirement System now owns 30,459 shares of the technology company’s stock valued at $797,000 after buying an additional 700 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. raised its position in Iridium Communications by 19.9% in the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 2,089,600 shares of the technology company’s stock worth $54,664,000 after acquiring an additional 346,118 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. lifted its holdings in Iridium Communications by 427.6% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 72,626 shares of the technology company’s stock valued at $1,900,000 after acquiring an additional 58,860 shares during the period. Institutional investors and hedge funds own 84.36% of the company’s stock.

Iridium Communications Price Performance

Iridium Communications stock traded down $1.22 during trading hours on Monday, hitting $30.38. The stock had a trading volume of 396,434 shares, compared to its average volume of 1,082,591. Iridium Communications Inc. has a 1-year low of $24.14 and a 1-year high of $41.66. The stock has a market capitalization of $3.69 billion, a price-to-earnings ratio of 147.67 and a beta of 0.65. The stock’s fifty day moving average is $28.30 and its two-hundred day moving average is $28.00. The company has a debt-to-equity ratio of 2.08, a current ratio of 2.25 and a quick ratio of 1.52.

Iridium Communications (NASDAQ:IRDM) last posted its earnings results on Tuesday, July 23rd. The technology company reported $0.27 earnings per share for the quarter, beating the consensus estimate of $0.17 by $0.10. Iridium Communications had a net margin of 11.08% and a return on equity of 10.23%. The firm had revenue of $201.07 million during the quarter, compared to the consensus estimate of $204.01 million. During the same period last year, the firm posted ($0.24) EPS. The firm’s revenue for the quarter was up 4.1% on a year-over-year basis. As a group, analysts predict that Iridium Communications Inc. will post 0.81 earnings per share for the current fiscal year.

Iridium Communications declared that its board has authorized a share buyback program on Thursday, September 19th that authorizes the company to repurchase $500.00 million in shares. This repurchase authorization authorizes the technology company to repurchase up to 14.2% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s leadership believes its stock is undervalued.

Iridium Communications Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Friday, September 13th were paid a $0.14 dividend. This represents a $0.56 dividend on an annualized basis and a yield of 1.84%. The ex-dividend date of this dividend was Friday, September 13th. Iridium Communications’s payout ratio is currently 266.67%.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on the stock. BWS Financial reaffirmed a “neutral” rating and set a $30.00 price target on shares of Iridium Communications in a research note on Monday. Barclays upped their target price on shares of Iridium Communications from $44.00 to $45.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 24th. Two equities research analysts have rated the stock with a hold rating, one has assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Iridium Communications has a consensus rating of “Moderate Buy” and a consensus target price of $41.00.

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.