BBR Partners LLC Takes $396,000 Position in Iridium Communications Inc $IRDM

Key Points

• BBR Partners LLC opened a new position in Iridium Communications, buying 22,809 shares valued at about $396,000 in the fourth quarter.
• Institutional interest in IRDM remains high, with funds like Goldman Sachs and Geode Capital also increasing their holdings; institutions now own 84.36% of the company.
• Iridium recently reported Q1 earnings of $0.20 per share, missing estimates, while revenue came in slightly above expectations. The company also declared a quarterly dividend of $0.15 per share payable June 30.

BBR Partners LLC acquired a new stake in Iridium Communications Inc (NASDAQ:IRDM - Free Report) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 22,809 shares of the technology company's stock, valued at approximately $396,000.

A number of other institutional investors have also modified their holdings of the company. Daiwa Securities Group Inc. raised its position in shares of Iridium Communications by 67.5% in the fourth quarter. Daiwa Securities Group Inc. now owns 112,700 shares of the technology company's stock valued at $1,959,000 after buying an additional 45,400 shares during the last quarter. Goldman Sachs Group Inc. raised its position in shares of Iridium Communications by 21.4% in the fourth quarter. Goldman Sachs Group Inc. now owns 2,323,170 shares of the technology company's stock valued at $40,377,000 after buying an additional 408,903 shares during the last quarter. AdvisorShares Investments LLC grew its holdings in Iridium Communications by 48.8% in the fourth quarter. AdvisorShares Investments LLC now owns 28,296 shares of the technology company's stock valued at $492,000 after purchasing an additional 9,277 shares during the period. Intech Investment Management LLC grew its holdings in Iridium Communications by 23.1% in the fourth quarter. Intech Investment Management LLC now owns 92,900 shares of the technology company's stock valued at $1,615,000 after purchasing an additional 17,432 shares during the period. Finally, Geode Capital Management LLC grew its holdings in Iridium Communications by 12.0% in the fourth quarter. Geode Capital Management LLC now owns 1,907,797 shares of the technology company's stock valued at $33,165,000 after purchasing an additional 203,820 shares during the period. Institutional investors and hedge funds own 84.36% of the company's stock.

Insider Transactions at Iridium Communications

In other Iridium Communications news, CAO Timothy Kapalka sold 3,790 shares of the stock in a transaction on Thursday, April 2nd. The stock was sold at an average price of $31.00, for a total value of $117,490.00. Following the sale, the chief accounting officer directly owned 47,764 shares of the company's stock, valued at $1,480,684. This trade represents a 7.35% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 2.70% of the stock is owned by company insiders.

Iridium Communications Stock Performance

Shares of IRDM opened at $52.07 on Friday. The business's fifty day moving average price is $40.15 and its 200 day moving average price is $27.21. Iridium Communications Inc has a 12-month low of $15.65 and a 12-month high of $53.83. The stock has a market capitalization of $5.51 billion, a PE ratio of 52.60, a price-to-earnings-growth ratio of 3.34 and a beta of 0.89. The company has a debt-to-equity ratio of 3.74, a current ratio of 2.85 and a quick ratio of 2.21.

Iridium Communications (NASDAQ:IRDM - Get Free Report) last announced its quarterly earnings data on Thursday, April 23rd. The technology company reported $0.20 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.27 by ($0.07). Iridium Communications had a return on equity of 22.76% and a net margin of 12.05%.The firm had revenue of $219.06 million for the quarter, compared to the consensus estimate of $218.39 million. During the same quarter last year, the business earned $0.27 earnings per share. The business's revenue for the quarter was up 2.0% compared to the same quarter last year. Equities research analysts forecast that Iridium Communications Inc will post 1.04 EPS for the current year.

Iridium Communications Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 30th. Investors of record on Monday, June 15th will be paid a dividend of $0.15 per share. The ex-dividend date is Monday, June 15th. This represents a $0.60 annualized dividend and a yield of 1.2%. Iridium Communications's dividend payout ratio (DPR) is 60.61%.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on IRDM shares. New Street Research started coverage on shares of Iridium Communications in a research note on Thursday, May 14th. They set a "neutral" rating and a $40.00 price target on the stock. Raymond James Financial reaffirmed a "market perform" rating on shares of Iridium Communications in a research note on Friday, April 24th. Weiss Ratings raised shares of Iridium Communications from a "sell (d+)" rating to a "hold (c-)" rating in a research note on Tuesday, March 10th. Barclays increased their price target on shares of Iridium Communications from $25.00 to $36.00 and gave the stock an "overweight" rating in a research note on Thursday, April 9th. Finally, BWS Financial reaffirmed a "sell" rating and set a $16.00 price target on shares of Iridium Communications in a research note on Monday, April 27th. Two equities research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and a consensus price target of $34.00.

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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