Riverwater Partners LLC Purchases 68,329 Shares of Iridium Communications Inc. (NASDAQ:IRDM)

Riverwater Partners LLC lifted its position in Iridium Communications Inc. (NASDAQ:IRDM) by 406.3% in the 3rd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 85,146 shares of the technology company’s stock after acquiring an additional 68,329 shares during the period. Iridium Communications accounts for about 1.3% of Riverwater Partners LLC’s investment portfolio, making the stock its 13th largest holding. Riverwater Partners LLC owned about 0.07% of Iridium Communications worth $2,666,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in IRDM. Allspring Global Investments Holdings LLC lifted its position in Iridium Communications by 7,684.6% during the second quarter. Allspring Global Investments Holdings LLC now owns 1,012 shares of the technology company’s stock valued at $27,000 after buying an additional 999 shares during the period. Acadian Asset Management LLC purchased a new stake in Iridium Communications in the first quarter worth about $29,000. Mather Group LLC. bought a new position in shares of Iridium Communications during the second quarter valued at approximately $32,000. Blue Trust Inc. lifted its holdings in shares of Iridium Communications by 109.7% during the second quarter. Blue Trust Inc. now owns 1,491 shares of the technology company’s stock valued at $39,000 after purchasing an additional 780 shares during the last quarter. Finally, International Assets Investment Management LLC purchased a new position in shares of Iridium Communications during the second quarter valued at approximately $45,000. Hedge funds and other institutional investors own 84.36% of the company’s stock.

Iridium Communications Stock Up 3.1 %

Shares of Iridium Communications stock opened at $29.78 on Thursday. Iridium Communications Inc. has a twelve month low of $24.14 and a twelve month high of $41.66. 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’s 50 day moving average is $28.46 and its 200 day moving average is $28.07. The company has a market cap of $3.62 billion, a price-to-earnings ratio of 141.81 and a beta of 0.65.

Iridium Communications (NASDAQ:IRDM) last released its quarterly 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 return on equity of 10.23% and a net margin of 11.08%. The firm had revenue of $201.07 million for the quarter, compared to analysts’ expectations of $204.01 million. During the same period in the prior year, the firm earned ($0.24) EPS. The company’s revenue was up 4.1% compared to the same quarter last year. Research analysts anticipate that Iridium Communications Inc. will post 0.81 EPS for the current year.

Iridium Communications Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Friday, September 13th were given a $0.14 dividend. The ex-dividend date of this dividend was Friday, September 13th. This represents a $0.56 annualized dividend and a yield of 1.88%. Iridium Communications’s payout ratio is 266.67%.

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

Analysts Set New Price Targets

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