13,447,338 Shares in Iridium Communications Inc $IRDM Acquired by BlackRock Inc.

Key Points

• BlackRock acquired 13.45 million Iridium shares worth approximately $737.6 million, giving it a 12.69% stake. Institutional investors collectively own 84.36% of the company.
• Iridium reported quarterly revenue of $225.24 million, up 3.8% year over year and above estimates, but earnings per share of $0.09 fell short of the $0.28 consensus forecast.
• The company declared a quarterly dividend of $0.15 per share, equal to $0.60 annually and a 1.2% yield. Analyst sentiment remains mixed, with a consensus “Hold” rating and an average price target of $38.67.

BlackRock Inc. bought a new stake in Iridium Communications Inc (NASDAQ:IRDM - Free Report) during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm bought 13,447,338 shares of the technology company's stock, valued at approximately $737,587,000. BlackRock Inc. owned approximately 12.69% of Iridium Communications as of its most recent SEC filing.

A number of other institutional investors also recently added to or reduced their stakes in the company. Quadrant Capital Group LLC raised its position in shares of Iridium Communications by 107.5% during the 4th quarter. Quadrant Capital Group LLC now owns 1,430 shares of the technology company's stock worth $25,000 after acquiring an additional 741 shares in the last quarter. Larson Financial Group LLC raised its holdings in Iridium Communications by 392.8% during the third quarter. Larson Financial Group LLC now owns 1,508 shares of the technology company's stock worth $26,000 after purchasing an additional 1,202 shares in the last quarter. Kestra Advisory Services LLC purchased a new stake in shares of Iridium Communications during the 4th quarter worth approximately $27,000. CIBC Private Wealth Group LLC purchased a new stake in shares of Iridium Communications during the 3rd quarter worth approximately $32,000. Finally, Caitong International Asset Management Co. Ltd boosted its holdings in shares of Iridium Communications by 10,363.2% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 1,988 shares of the technology company's stock valued at $35,000 after buying an additional 1,969 shares in the last quarter. Hedge funds and other institutional investors own 84.36% of the company's stock.

Iridium Communications Trading Up 1.1%

Shares of IRDM stock opened at $48.98 on Friday. The business's 50 day moving average is $48.16 and its two-hundred day moving average is $38.88. Iridium Communications Inc has a twelve month low of $15.65 and a twelve month high of $57.18. The company has a market capitalization of $5.19 billion, a P/E ratio of 55.66, a price-to-earnings-growth ratio of 3.95 and a beta of 0.88. The company has a current ratio of 2.78, a quick ratio of 2.31 and a debt-to-equity ratio of 3.70.

Iridium Communications (NASDAQ:IRDM - Get Free Report) last released its quarterly earnings results on Wednesday, July 22nd. The technology company reported $0.09 EPS for the quarter, missing the consensus estimate of $0.28 by ($0.19). Iridium Communications had a return on equity of 22.57% and a net margin of 10.55%.The company had revenue of $225.24 million for the quarter, compared to analysts' expectations of $220.32 million. During the same quarter last year, the company earned $0.20 EPS. Iridium Communications's revenue for the quarter was up 3.8% compared to the same quarter last year. Equities analysts forecast that Iridium Communications Inc will post 0.95 EPS for the current year.

Iridium Communications Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Tuesday, September 15th will be given a dividend of $0.15 per share. The ex-dividend date is Tuesday, September 15th. This represents a $0.60 dividend on an annualized basis and a yield of 1.2%. Iridium Communications's dividend payout ratio is presently 68.18%.

Insider Buying and Selling

In other Iridium Communications news, EVP Timothy James Last sold 19,521 shares of Iridium Communications stock in a transaction that occurred on Monday, August 17th. The stock was sold at an average price of $50.34, for a total value of $982,687.14. Following the sale, the executive vice president owned 93,413 shares of the company's stock, valued at approximately $4,702,410.42. The trade was a 17.29% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Timothy Kapalka sold 13,473 shares of the business's stock in a transaction that occurred on Monday, August 17th. The stock was sold at an average price of $50.51, for a total value of $680,521.23. Following the transaction, the chief accounting officer owned 35,731 shares in the company, valued at $1,804,772.81. The trade was a 27.38% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders have sold 375,919 shares of company stock worth $18,878,997. 2.70% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on IRDM. BWS Financial restated a "sell" rating and set a $16.00 price target on shares of Iridium Communications in a research note on Monday, April 27th. New Street Research raised Iridium Communications from a "neutral" rating to a "buy" rating in a report on Wednesday, July 22nd. Weiss Ratings restated a "hold (c)" rating on shares of Iridium Communications in a research report on Friday, July 10th. Oppenheimer lifted their target price on shares of Iridium Communications from $48.00 to $60.00 and gave the company an "outperform" rating in a report on Wednesday, June 3rd. Finally, William Blair downgraded shares of Iridium Communications from an "outperform" rating to a "hold" rating in a research report on Monday, June 29th. Three analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average price target of $38.67.

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.

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