34,169 Shares in Iridium Communications Inc $IRDM Purchased by Quantbot Technologies LP

Key Points

• Quantbot Technologies initiated a position in Iridium Communications by purchasing 34,169 shares valued at approximately $1.87 million. 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 missed consensus by $0.19. The stock opened at $47.30, while analysts maintain a consensus “Hold” rating and a $38.67 price target.
• The company declared a quarterly dividend of $0.15, equivalent to a $0.60 annualized payout and a 1.3% yield. Insiders sold 375,919 shares worth nearly $18.9 million during the last quarter.

Quantbot Technologies LP bought a new position in Iridium Communications Inc (NASDAQ:IRDM - Free Report) during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor bought 34,169 shares of the technology company's stock, valued at approximately $1,874,000.

Several other institutional investors and hedge funds have also recently modified their holdings of IRDM. Plato Investment Management Ltd bought a new stake in shares of Iridium Communications during the 2nd quarter valued at about $63,000. Root Financial Partners LLC raised its stake in Iridium Communications by 1,750.0% in the first quarter. Root Financial Partners LLC now owns 1,332 shares of the technology company's stock valued at $37,000 after purchasing an additional 1,260 shares in the last quarter. Quadrant Capital Group LLC raised its stake in Iridium Communications by 107.5% in the fourth quarter. Quadrant Capital Group LLC now owns 1,430 shares of the technology company's stock valued at $25,000 after purchasing an additional 741 shares in the last quarter. Larson Financial Group LLC lifted its position 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 valued at $26,000 after purchasing an additional 1,202 shares during the last quarter. Finally, Kestra Advisory Services LLC bought a new stake in Iridium Communications during the fourth quarter valued at approximately $27,000. Hedge funds and other institutional investors own 84.36% of the company's stock.

Iridium Communications Stock Down 3.4%

Shares of NASDAQ IRDM opened at $47.30 on Tuesday. The stock has a market capitalization of $5.01 billion, a P/E ratio of 53.75, a PEG ratio of 3.95 and a beta of 0.88. Iridium Communications Inc has a one year low of $15.65 and a one year high of $57.18. The firm's 50 day simple moving average is $48.20 and its two-hundred day simple moving average is $39.21. The company has a debt-to-equity ratio of 3.70, a current ratio of 2.78 and a quick ratio of 2.31.

Iridium Communications (NASDAQ:IRDM - Get Free Report) last announced its quarterly earnings data on Wednesday, July 22nd. The technology company reported $0.09 earnings per share for the quarter, missing analysts' consensus estimates of $0.28 by ($0.19). Iridium Communications had a return on equity of 22.57% and a net margin of 10.55%.The business had revenue of $225.24 million during the quarter, compared to the consensus estimate of $220.32 million. During the same quarter in the previous year, the firm posted $0.20 earnings per share. The company's revenue was up 3.8% compared to the same quarter last year. As a group, analysts expect that Iridium Communications Inc will post 0.95 EPS for the current fiscal year.

Iridium Communications Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Tuesday, September 15th will be paid a $0.15 dividend. The ex-dividend date of this dividend is Tuesday, September 15th. This represents a $0.60 annualized dividend and a yield of 1.3%. Iridium Communications's payout ratio is currently 68.18%.

Insider Buying and Selling at Iridium Communications

In other Iridium Communications news, insider Suzanne E. Mcbride sold 85,454 shares of the company's stock in a transaction dated Monday, August 17th. The shares were sold at an average price of $50.28, for a total transaction of $4,296,627.12. Following the completion of the sale, the insider directly owned 282,017 shares in the company, valued at $14,179,814.76. This represents a 23.25% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, EVP Timothy James Last sold 19,521 shares of the firm's stock in a transaction dated Monday, August 17th. The shares were sold at an average price of $50.34, for a total value of $982,687.14. Following the transaction, the executive vice president directly owned 93,413 shares in the company, valued at $4,702,410.42. This trade represents a 17.29% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders sold 375,919 shares of company stock valued at $18,878,997. 2.70% of the stock is currently owned by insiders.

Analyst Ratings Changes

A number of brokerages have recently commented on IRDM. Oppenheimer increased their price target on shares of Iridium Communications from $48.00 to $60.00 and gave the stock an "outperform" rating in a report on Wednesday, June 3rd. New Street Research raised shares of Iridium Communications from a "neutral" rating to a "buy" rating in a report on Wednesday, July 22nd. Weiss Ratings reiterated a "hold (c)" rating on shares of Iridium Communications in a research report on Friday, July 10th. Morgan Stanley increased their target price on Iridium Communications from $26.00 to $54.00 and gave the company an "equal weight" rating in a research note on Tuesday, June 30th. Finally, BWS Financial restated a "sell" rating and set a $16.00 price target on shares of Iridium Communications in a research report on Monday, April 27th. Three research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the stock currently has an average rating of "Hold" and a consensus target price of $38.67.

Iridium Communications Company Profile

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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