Scientech Research LLC increased its position in shares of Iridium Communications Inc. (NASDAQ:IRDM)

Scientech Research LLC raised its holdings in shares of Iridium Communications Inc. (NASDAQ:IRDM – Free Report) by 174.4% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 25,378 shares of the technology company’s stock after buying an additional 16,130 shares during the period. Scientech Research LLC’s holdings in Iridium Communications were worth $676,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Dark Forest Capital Management LP acquired a new position in shares of Iridium Communications in the second quarter valued at approximately $519,000. Anchor Capital Management Company LLC raised its position in shares of Iridium Communications by 11.4% in the second quarter. Anchor Capital Management Company LLC now owns 695,170 shares of the technology company’s stock worth $18,505,000 after buying an additional 71,229 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. grew its position in shares of Iridium Communications by 6.2% in the second quarter. Point72 Asia Singapore Pte. Ltd. now owns 11,480 shares of the technology company’s stock worth $306,000 after buying an additional 671 shares during the last quarter. Marshall Wace LLP acquired a new position in shares of Iridium Communications in the second quarter valued at about $218,000. Finally, Magnetar Financial LLC acquired a new position in shares of Iridium Communications in the second quarter worth about $279,000. 84.36% of the shares are currently held by hedge funds and other institutional investors.

Iridium Communications Stock Performance

Shares of IRDM stock opened at $31.03 on Friday. The stock has a 50-day moving average price of $27.44 and a 200-day moving average price of $27.55. The company has a quick ratio of 1.52, a current ratio of 2.25, and a debt-to-equity ratio of 2.08. The company has a market cap of $3.77 billion, a price-to-earnings ratio of 147.76 and a beta of 0.64. Iridium Communications Inc. it has a 52 week low of $24.14 and a 52 week high of $46.25.

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

Iridium Communications declared that its Board of Directors has authorized a stock repurchase plan on Thursday, September 19th that permits the company to repurchase $500.00 million in shares. This buyback authorization allows the technology company to buy up to 14.2% of its shares through open market purchases. Stock buyback plans are usually an indication that the company’s management believes its stock is undervalued.

Iridium Communications Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Friday, September 13th will be given a $0.14 dividend. This represents a dividend of $0.56 on an annualized basis and a yield of 1.80%. The ex-dividend date of this dividend is Friday, September 13. Iridium Communications’ dividend payout ratio is currently 266.67%.

Analysts set new price targets

A number of brokerages have recently commented on IRDM. BWS Financial reissued a “neutral” rating and set a $30.00 price objective on shares of Iridium Communications in a research report on Wednesday, July 24th. Barclays boosted their price objective on Iridium Communications from $44.00 to $45.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 24th. Three analysts have rated the stock with a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the company’s stock. Iridium Communications presently has a consensus rating of “Moderate Buy” and an average price target of $41.00, according to MarketBeat .

Check out our latest report on Iridium Communications

About Iridium Communications

(Free report)

Iridium Communications Inc provides mobile voice and data communications services and products to businesses, United States and international governments, non-governmental organizations and consumers worldwide. The company offers postpaid mobile communications of voice and satellite data; prepaid voice mobile satellite communications; press to talk; broadband data; and Internet of Things (IoT) services.

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