Congress Wealth Management LLC DE Makes New $438,000 Investment in Iridium Communications Inc. (NASDAQ:IRDM)

Congress Wealth Management LLC DE acquired a new stake in Iridium Communications Inc. (NASDAQ:IRDM) during the fourth quarter, HoldingsChannel.com reports. The fund acquired 15,100 shares of the technology company’s stock, valued at approximately $438,000.

Other large investors also recently modified their holdings of the company. Fifth Third Bancorp boosted its position in Iridium Communications by 19.8% during the fourth quarter. Fifth Third Bancorp now owns 2,162 shares of the technology company’s stock valued at $63,000 after acquiring an additional 357 shares during the last quarter. Commonwealth Equity Services LLC lifted its stake in shares of Iridium Communications by 4.0% in the 4th quarter. Commonwealth Equity Services LLC now owns 19,060 shares of the technology company’s stock valued at $553,000 after purchasing an additional 729 shares during the period. Ballentine Partners LLC boosted its position in shares of Iridium Communications by 6.8% during the 4th quarter. Ballentine Partners LLC now owns 11,731 shares of the technology company’s stock valued at $340,000 after purchasing an additional 750 shares in the last quarter. State of New Jersey Common Pension Fund D grew its stake in Iridium Communications by 1.1% during the fourth quarter. State of New Jersey Common Pension Fund D now owns 76,836 shares of the technology company’s stock worth $2,230,000 after purchasing an additional 866 shares during the period. Finally, M&T Bank Corp grew its position in shares of Iridium Communications by 13.8% during the 4th quarter. M&T Bank Corp now owns 8,321 shares of the technology company’s stock worth $241,000 after buying an additional 1,010 shares during the period. 84.36% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Iridium Communications

In related news, Director Thomas Fitzpatrick sold 12,500 shares of the company’s 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 ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Company insiders own 2.00% of the company’s stock.

Iridium Communications Price Performance

Shares of IRDM opened at $27.54 on Friday. The stock has a market cap of $3.00 billion, a P/E ratio of 28.99, a P/E/G ratio of 1.28 and a beta of 0.70. The business’s fifty day moving average is $29.52 and its 200 day moving average is $29.43. 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 Inc. has a 12-month low of $24.14 and a 12-month high of $35.85.

Iridium Communications (NASDAQ:IRDM) last issued its quarterly earnings data on Thursday, February 13th. The technology company reported $0.31 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.15 by $0.16. The firm had revenue of $212.99 million during 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%. Sell-side analysts anticipate that Iridium Communications Inc. will post 0.89 earnings per share for the current fiscal year.

Iridium Communications Announces Dividend

The business also recently disclosed 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. This represents a $0.56 dividend on an annualized basis and a yield of 2.03%. The ex-dividend date of this dividend is Monday, March 17th. Iridium Communications’s dividend payout ratio is currently 58.95%.

Analysts Set New Price Targets

IRDM has been the topic of several research analyst reports. StockNews.com lowered shares of Iridium Communications from a “buy” rating to a “hold” rating in a research note on Saturday. 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 objective on the stock. Finally, Barclays decreased their target price on Iridium Communications from $45.00 to $38.00 and set an “overweight” rating for the company in a research report on Monday, March 10th.

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.