Fox Run Management L.L.C. Boosts Stake in Iridium Communications Inc. (NASDAQ:IRDM)

Fox Run Management L.L.C. increased its position in Iridium Communications Inc. (NASDAQ:IRDM) by 184.1% during the fourth quarter, Holdings Channel.com reports. The institutional investor owned 39,433 shares of the technology company’s stock after purchasing an additional 25,555 shares during the period. Fox Run Management L.L.C.’s holdings in Iridium Communications were worth $1,144,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in IRDM. American Century Companies Inc. lifted its position in shares of Iridium Communications by 94.2% in the fourth quarter. American Century Companies Inc. now owns 1,735,842 shares of the technology company’s stock worth $50,374,000 after buying an additional 841,951 shares in the last quarter. Raymond James Financial Inc. purchased a new stake in shares of Iridium Communications in the fourth quarter worth about $17,613,000. Nikko Asset Management Americas Inc. lifted its position in shares of Iridium Communications by 13.2% in the fourth quarter. Nikko Asset Management Americas Inc. now owns 2,827,580 shares of the technology company’s stock worth $82,028,000 after buying an additional 329,915 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. raised its position in Iridium Communications by 12.8% during the fourth quarter. Sumitomo Mitsui Trust Group Inc. now owns 2,829,052 shares of the technology company’s stock valued at $82,099,000 after purchasing an additional 320,506 shares during the period. Finally, Bank of New York Mellon Corp raised its position in Iridium Communications by 27.0% during the fourth quarter. Bank of New York Mellon Corp now owns 1,297,676 shares of the technology company’s stock valued at $37,659,000 after purchasing an additional 275,775 shares during the period. 84.36% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, Director Thomas Fitzpatrick sold 12,500 shares of the stock in a transaction that occurred on Friday, January 10th. The stock was sold at an average price of $28.53, for a total value of $356,625.00. Following the transaction, the director now owns 241,030 shares of the company’s stock, valued at $6,876,585.90. This represents a 4.93 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 2.00% of the stock is owned by insiders.

Analysts Set New Price Targets

IRDM has been the topic of a number of recent research reports. Barclays decreased their price objective on Iridium Communications from $45.00 to $38.00 and set an “overweight” rating on the stock in a research report on Monday, March 10th. Cantor Fitzgerald initiated coverage on 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, StockNews.com upgraded Iridium Communications from a “hold” rating to a “buy” rating in a research report on Friday.

Iridium Communications Trading Up 0.4 %

IRDM opened at $27.65 on Friday. The stock has a market cap of $3.01 billion, a price-to-earnings ratio of 29.11, a P/E/G ratio of 1.28 and a beta of 0.70. The stock’s 50 day moving average price is $29.40 and its 200-day moving average price is $29.39. Iridium Communications Inc. has a one year low of $24.14 and a one year high of $35.85. The company has a debt-to-equity ratio of 3.05, a quick ratio of 1.25 and a current ratio of 1.73.

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

Iridium Communications Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Monday, March 17th will be paid a $0.14 dividend. The ex-dividend date is Monday, March 17th. This represents a $0.56 annualized dividend and a yield of 2.03%. Iridium Communications’s dividend payout ratio (DPR) is currently 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.