Bank of New York Mellon Corp Takes Position in Iridium Communications Inc $IRDM

Key Points

• Bank of New York Mellon acquired 1.14 million Iridium Communications shares worth approximately $62.8 million, representing about 1.08% of the company. Institutional investors collectively own 84.36% of IRDM.
• Iridium reported quarterly EPS of $0.09, missing the $0.28 analyst consensus, while revenue rose 3.8% year over year to $225.24 million and exceeded estimates.
• The company declared a quarterly dividend of $0.15 per share, or $0.60 annualized, yielding approximately 1.3%. Analysts maintain a consensus “Hold” rating with an average price target of $38.67, below the stock’s reported $47.20 opening price.

Bank of New York Mellon Corp bought a new position in shares of Iridium Communications Inc (NASDAQ:IRDM - Free Report) in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 1,144,055 shares of the technology company's stock, valued at approximately $62,751,000. Bank of New York Mellon Corp owned about 1.08% of Iridium Communications as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors also recently bought and sold shares of the stock. Quadrant Capital Group LLC increased its holdings in shares of Iridium Communications by 107.5% in the 4th quarter. Quadrant Capital Group LLC now owns 1,430 shares of the technology company's stock worth $25,000 after buying an additional 741 shares during the last quarter. Larson Financial Group LLC lifted its holdings in shares of Iridium Communications by 392.8% in the 3rd quarter. Larson Financial Group LLC now owns 1,508 shares of the technology company's stock valued at $26,000 after acquiring an additional 1,202 shares during the last quarter. Kestra Advisory Services LLC purchased a new position in Iridium Communications in the fourth quarter worth about $27,000. CIBC Private Wealth Group LLC purchased a new position in Iridium Communications in the third quarter worth about $32,000. Finally, Caitong International Asset Management Co. Ltd increased its stake in Iridium Communications by 10,363.2% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 1,988 shares of the technology company's stock worth $35,000 after acquiring an additional 1,969 shares during the last quarter. 84.36% of the stock is owned by hedge funds and other institutional investors.

Iridium Communications Trading Up 0.2%

IRDM opened at $47.20 on Thursday. The stock has a market cap of $5.00 billion, a price-to-earnings ratio of 53.64, a P/E/G ratio of 3.80 and a beta of 0.88. The stock's 50 day moving average price is $48.31 and its 200-day moving average price is $39.60. Iridium Communications Inc has a one year low of $15.65 and a one year high of $57.18. The company has a debt-to-equity ratio of 3.70, a quick ratio of 2.31 and a current ratio of 2.78.

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 return on equity of 22.57% and a net margin of 10.55%.The business had revenue of $225.24 million for the quarter, compared to the consensus estimate of $220.32 million. During the same period in the prior year, the business posted $0.20 earnings per share. Iridium Communications's revenue was up 3.8% on a year-over-year basis. On average, equities analysts forecast that Iridium Communications Inc will post 0.95 EPS for the current year.

Iridium Communications Dividend Announcement

The firm also recently announced 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 is Tuesday, September 15th. This represents a $0.60 dividend on an annualized basis and a yield of 1.3%. Iridium Communications's dividend payout ratio (DPR) is presently 68.18%.

Insider Buying and Selling at Iridium Communications

In related news, CAO Timothy Kapalka sold 13,473 shares of the firm's stock in a transaction dated Monday, August 17th. The shares were 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 of the company's stock, valued at $1,804,772.81. This trade represents a 27.38% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP Timothy James Last sold 19,521 shares of Iridium Communications stock in a transaction dated Monday, August 17th. The shares were sold at an average price of $50.34, for a total transaction of $982,687.14. Following the sale, the executive vice president owned 93,413 shares of the company's stock, valued at $4,702,410.42. The trade was a 17.29% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders sold 375,919 shares of company stock valued at $18,878,997. 2.70% of the stock is owned by company insiders.

Analysts Set New Price Targets

IRDM has been the subject of a number of recent research reports. Weiss Ratings reiterated a "hold (c)" rating on shares of Iridium Communications in a report on Friday, July 10th. New Street Research upgraded Iridium Communications from a "neutral" rating to a "buy" rating in a report on Wednesday, July 22nd. Morgan Stanley raised their price target on Iridium Communications from $26.00 to $54.00 and gave the stock an "equal weight" rating in a research report on Tuesday, June 30th. William Blair lowered shares of Iridium Communications from an "outperform" rating to a "hold" rating in a research note on Monday, June 29th. Finally, Oppenheimer boosted their price objective on shares of Iridium Communications from $48.00 to $60.00 and gave the company an "outperform" rating in a research report on Wednesday, June 3rd. Three analysts have rated the stock with a Buy rating, four have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average target price 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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