Algert Global LLC Sells 39,610 Shares of Iridium Communications Inc $IRDM

Key Points

• Algert Global reduced its Iridium Communications stake by 34.4%, selling 39,610 shares and retaining 75,478 shares valued at approximately $4.14 million. Institutional investors collectively own 84.36% of the company.
• Analyst sentiment remains mixed: three analysts rate IRDM a Buy, four a Hold and one a Sell, resulting in an average rating of “Hold” and a consensus price target of $38.67.
• Iridium reported quarterly revenue of $225.24 million, up 3.8% year over year, but its $0.09 EPS missed estimates of $0.28. The company also declared a quarterly dividend of $0.15 per share, representing a 1.3% annualized yield.

Algert Global LLC lessened its holdings in shares of Iridium Communications Inc (NASDAQ:IRDM - Free Report) by 34.4% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 75,478 shares of the technology company's stock after selling 39,610 shares during the period. Algert Global LLC owned about 0.07% of Iridium Communications worth $4,140,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Vanguard Group Inc. boosted its holdings in Iridium Communications by 7.1% in the fourth quarter. Vanguard Group Inc. now owns 10,157,227 shares of the technology company's stock valued at $176,533,000 after acquiring an additional 677,258 shares in the last quarter. Silver Heights Capital Management Inc raised its holdings in Iridium Communications by 1.2% in the 4th quarter. Silver Heights Capital Management Inc now owns 5,251,133 shares of the technology company's stock worth $91,265,000 after purchasing an additional 61,430 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. lifted its position in shares of Iridium Communications by 130.2% in the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 396,642 shares of the technology company's stock worth $7,044,000 after purchasing an additional 224,322 shares during the period. Maxi Investments CY Ltd purchased a new stake in shares of Iridium Communications in the 4th quarter worth about $7,369,000. Finally, Edgestream Partners L.P. bought a new stake in shares of Iridium Communications during the 1st quarter valued at about $2,083,000. Institutional investors own 84.36% of the company's stock.

Analyst Ratings Changes

Several equities analysts recently issued reports on the stock. New Street Research upgraded shares of Iridium Communications from a "neutral" rating to a "buy" rating in a research report on Wednesday, July 22nd. William Blair lowered shares of Iridium Communications from an "outperform" rating to a "hold" rating in a report on Monday, June 29th. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Iridium Communications in a research report on Friday, July 10th. Morgan Stanley upped their target price on Iridium Communications from $26.00 to $54.00 and gave the stock an "equal weight" rating in a report on Tuesday, June 30th. Finally, Oppenheimer increased their target price on Iridium Communications from $48.00 to $60.00 and gave the stock an "outperform" rating in a research report on Wednesday, June 3rd. Three investment analysts have rated the stock with a Buy rating, four have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, Iridium Communications has an average rating of "Hold" and an average price target of $38.67.

Insider Buying and Selling

In other Iridium Communications news, CAO Timothy Kapalka sold 13,473 shares of the business's stock in a transaction 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 sale, the chief accounting officer directly owned 35,731 shares of the company's stock, valued at approximately $1,804,772.81. The trade was a 27.38% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Kathleen A. Morgan sold 33,192 shares of the business's stock in a transaction on Monday, August 17th. The stock was sold at an average price of $50.35, for a total value of $1,671,217.20. Following the completion of the sale, the insider directly owned 124,871 shares in the company, valued at $6,287,254.85. This trade represents a 21.00% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 375,919 shares of company stock worth $18,878,997 over the last three months. Corporate insiders own 2.70% of the company's stock.

Iridium Communications Stock Up 0.9%

NASDAQ:IRDM opened at $47.64 on Friday. The company has a debt-to-equity ratio of 3.70, a current ratio of 2.78 and a quick ratio of 2.31. The firm's 50-day moving average price is $48.37 and its 200-day moving average price is $39.80. The company has a market capitalization of $5.05 billion, a PE ratio of 54.14, a P/E/G ratio of 3.81 and a beta of 0.88. Iridium Communications Inc has a 1-year low of $15.65 and a 1-year high of $57.18.

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

Iridium Communications Announces Dividend

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

Iridium Communications 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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