Pinnacle Associates Ltd. Has $10.61 Million Holdings in Iridium Communications Inc $IRDM

Pinnacle Associates Ltd. increased its position in shares of Iridium Communications Inc (NASDAQ:IRDM) by 4.2% in the third quarter, Holdings Channel.com reports. The institutional investor owned 607,485 shares of the technology company’s stock after buying an additional 24,622 shares during the period. Pinnacle Associates Ltd.’s holdings in Iridium Communications were worth $10,607,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also bought and sold shares of IRDM. Hantz Financial Services Inc. boosted its position in Iridium Communications by 184.7% during the third quarter. Hantz Financial Services Inc. now owns 1,506 shares of the technology company’s stock valued at $26,000 after acquiring an additional 977 shares during the last quarter. Aster Capital Management DIFC Ltd acquired a new stake in Iridium Communications during the 3rd quarter worth about $46,000. Jones Financial Companies Lllp raised its position in shares of Iridium Communications by 36.2% in the 3rd quarter. Jones Financial Companies Lllp now owns 3,053 shares of the technology company’s stock worth $54,000 after acquiring an additional 812 shares in the last quarter. SBI Securities Co. Ltd. lifted its stake in shares of Iridium Communications by 147.0% in the 3rd quarter. SBI Securities Co. Ltd. now owns 3,485 shares of the technology company’s stock valued at $61,000 after purchasing an additional 2,074 shares during the period. Finally, Johnson Financial Group Inc. acquired a new position in shares of Iridium Communications in the 2nd quarter valued at about $70,000. Institutional investors and hedge funds own 84.36% of the company’s stock.

Analysts Set New Price Targets

Several brokerages recently commented on IRDM. Weiss Ratings restated a “sell (d+)” rating on shares of Iridium Communications in a research report on Thursday, January 22nd. Morgan Stanley boosted their price target on Iridium Communications from $24.00 to $26.00 and gave the company an “equal weight” rating in a research note on Wednesday, February 18th. Finally, BWS Financial restated a “sell” rating and set a $16.00 price target on shares of Iridium Communications in a report on Tuesday, February 17th. Four research analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat.com, Iridium Communications has an average rating of “Hold” and a consensus price target of $25.40.

Iridium Communications Stock Performance

NASDAQ IRDM opened at $24.24 on Tuesday. The company has a fifty day moving average price of $20.93 and a 200-day moving average price of $19.43. The firm has a market cap of $2.54 billion, a price-to-earnings ratio of 22.87, a PEG ratio of 1.66 and a beta of 0.60. The company has a debt-to-equity ratio of 3.80, a current ratio of 2.48 and a quick ratio of 1.82. Iridium Communications Inc has a 1 year low of $15.65 and a 1 year high of $33.34.

Iridium Communications (NASDAQ:IRDM) last released its quarterly earnings results on Thursday, February 12th. The technology company reported $0.24 earnings per share for the quarter, topping the consensus estimate of $0.23 by $0.01. Iridium Communications had a net margin of 13.12% and a return on equity of 24.01%. The business had revenue of $212.94 million for the quarter, compared to analysts’ expectations of $219.14 million. During the same period in the previous year, the company earned $0.32 earnings per share. The firm’s revenue for the quarter was up .0% compared to the same quarter last year. As a group, equities research analysts predict that Iridium Communications Inc will post 0.89 EPS for the current fiscal year.

Iridium Communications Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, March 31st. Investors of record on Monday, March 16th will be given a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 2.5%. The ex-dividend date of this dividend is Monday, March 16th. Iridium Communications’s dividend payout ratio (DPR) is presently 56.60%.

About Iridium Communications

Iridium Communications Inc operates a global satellite communications network that delivers voice and data services across land, sea and air. The company’s unique architecture relies on a constellation of 66 low-Earth orbit satellites, enabling real-time connectivity in regions beyond the reach of terrestrial wireless networks. Iridium’s core offerings include satellite voice and messaging services, broadband data terminals, push-to-talk (PTT) interoperability and machine-to-machine (M2M) solutions for the Internet of Things (IoT).

Iridium serves a diverse range of markets, including maritime shipping, aviation, government and defense, energy, and enterprise.