Advisors Preferred LLC Acquires Shares of 28,601 Iridium Communications Inc. (NASDAQ:IRDM)

Advisors Preferred LLC purchased a new stake in Iridium Communications Inc. (NASDAQ:IRDM) during the fourth quarter, HoldingsChannel.com reports. The firm purchased 28,601 shares of the technology company’s stock, valued at approximately $846,000.

Other institutional investors have also made changes to their positions in the company. Capital Performance Advisors LLP acquired a new position in shares of Iridium Communications during the 3rd quarter worth about $57,000. Fifth Third Bancorp increased its position in shares of Iridium Communications by 19.8% in the 4th quarter. Fifth Third Bancorp now owns 2,162 shares of the technology company’s stock valued at $63,000 after buying an additional 357 shares in the last quarter. GAMMA Investing LLC raised its stake in Iridium Communications by 25.2% during the 3rd quarter. GAMMA Investing LLC now owns 2,399 shares of the technology company’s stock worth $73,000 after buying an additional 483 shares during the period. KBC Group NV lifted its holdings in Iridium Communications by 25.9% during the third quarter. KBC Group NV now owns 3,796 shares of the technology company’s stock worth $116,000 after acquiring an additional 781 shares in the last quarter. Finally, SG Americas Securities LLC acquired a new position in Iridium Communications in the fourth quarter valued at about $186,000. 84.36% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on the company. BWS Financial reaffirmed a “neutral” rating and set a $30.00 price target on shares of Iridium Communications in a research report on Monday, October 21st. Cantor Fitzgerald assumed coverage on shares of Iridium Communications in a report on Friday, January 24th. They set an “overweight” rating and a $40.00 target price on the stock. Two equities research analysts have rated the stock with a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $40.75.

Insider Buying and Selling at Iridium Communications

In related news, Director Thomas Fitzpatrick sold 12,500 shares of Iridium Communications stock in a transaction dated Friday, January 10th. The shares were 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 of the company’s stock, valued at approximately $6,876,585.90. The trade was a 4.93 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 2.00% of the company’s stock.

Iridium Communications Stock Down 0.5 %

IRDM stock opened at $28.42 on Friday. The company has a market cap of $3.24 billion, a price-to-earnings ratio of 30.23 and a beta of 0.65. Iridium Communications Inc. has a twelve month low of $24.14 and a twelve month high of $36.32. The business has a 50 day moving average price of $29.28 and a two-hundred day moving average price of $28.80. The company has a quick ratio of 2.01, a current ratio of 2.62 and a debt-to-equity ratio of 2.68.

Iridium Communications Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, December 31st. Investors of record on Monday, December 16th were issued a dividend of $0.14 per share. The ex-dividend date was Monday, December 16th. This represents a $0.56 dividend on an annualized basis and a yield of 1.97%. Iridium Communications’s payout ratio is 59.58%.

About Iridium Communications

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.