Amundi Sells 111,025 Shares of Iridium Communications Inc $IRDM

Key Points

• Amundi cut its Iridium Communications stake by 79.9% in the first quarter, selling 111,025 shares and retaining 27,912 shares valued at approximately $774,000.
• Analysts remain broadly cautious, with an average rating of “Hold” and a consensus price target of $38.67; ratings include three Buys, four Holds and one Sell.
• Iridium reported quarterly revenue of $225.24 million, exceeding estimates, but earnings per share of $0.09 missed expectations of $0.28. The company also maintains a quarterly dividend of $0.15, equivalent to a 1.2% annual yield.

Amundi decreased its position in shares of Iridium Communications Inc (NASDAQ:IRDM - Free Report) by 79.9% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 27,912 shares of the technology company's stock after selling 111,025 shares during the period. Amundi's holdings in Iridium Communications were worth $774,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also recently bought and sold shares of the business. Vanguard Group Inc. raised its position in Iridium Communications by 7.1% in the 4th quarter. Vanguard Group Inc. now owns 10,157,227 shares of the technology company's stock worth $176,533,000 after purchasing an additional 677,258 shares during the last quarter. Silver Heights Capital Management Inc boosted its position 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 valued at $91,265,000 after buying an additional 61,430 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. boosted its position in 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 valued at $7,044,000 after buying an additional 224,322 shares during the last quarter. Maxi Investments CY Ltd bought a new position in Iridium Communications in the fourth quarter valued at about $7,369,000. Finally, WINTON GROUP Ltd acquired a new stake in Iridium Communications in the fourth quarter worth about $718,000. Institutional investors own 84.36% of the company's stock.

Analysts Set New Price Targets

Several brokerages have weighed in on IRDM. Raymond James Financial reissued a "market perform" rating on shares of Iridium Communications in a report on Friday, April 24th. Morgan Stanley upped their target price on shares of Iridium Communications from $26.00 to $54.00 and gave the company an "equal weight" rating in a research report on Tuesday, June 30th. BWS Financial reissued a "sell" rating and issued a $16.00 price target on shares of Iridium Communications in a research note on Monday, April 27th. William Blair lowered Iridium Communications from an "outperform" rating to a "hold" rating in a research report on Monday, June 29th. Finally, Weiss Ratings reissued a "hold (c)" rating on shares of Iridium Communications in a research note on Friday, July 10th. 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 stock. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus price target of $38.67.

Iridium Communications Stock Performance

NASDAQ IRDM opened at $49.93 on Monday. 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 stock's 50-day moving average is $47.91 and its 200-day moving average is $36.99. Iridium Communications Inc has a one year low of $15.65 and a one year high of $57.18. The firm has a market cap of $5.29 billion, a P/E ratio of 56.74, a P/E/G ratio of 4.04 and a beta of 0.88.

Iridium Communications (NASDAQ:IRDM - Get Free Report) last announced its 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). The company had revenue of $225.24 million for the quarter, compared to analyst estimates of $220.32 million. Iridium Communications had a return on equity of 22.57% and a net margin of 10.55%.The business's quarterly revenue was up 3.8% on a year-over-year basis. During the same quarter last year, the business posted $0.20 earnings per share. Sell-side analysts anticipate that Iridium Communications Inc will post 0.95 earnings per share for the current fiscal year.

Iridium Communications Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, June 30th. Stockholders of record on Monday, June 15th were issued a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.2%. The ex-dividend date was Monday, June 15th. Iridium Communications's payout ratio is 68.18%.

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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