Corient Private Wealth LP Acquires Shares of 26,211 Iridium Communications Inc $IRDM

Key Points

• Corient Private Wealth initiated a position in Iridium Communications by purchasing 26,211 shares worth approximately $1.44 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 a consensus Hold rating and a $38.67 target price.
• Iridium’s latest quarterly results exceeded revenue expectations but missed on earnings, reporting $225.24 million in revenue and $0.09 EPS versus the $0.28 consensus estimate. Insiders also sold nearly $18.9 million in stock over the last quarter, while the company announced a quarterly dividend of $0.15 per share.

Corient Private Wealth LP bought a new position in Iridium Communications Inc (NASDAQ:IRDM - Free Report) in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 26,211 shares of the technology company's stock, valued at approximately $1,438,000.

Other hedge funds have also recently made changes to their positions in the company. Royal Bank of Canada grew its stake in shares of Iridium Communications by 33.0% during the 1st quarter. Royal Bank of Canada now owns 48,325 shares of the technology company's stock worth $1,320,000 after acquiring an additional 11,985 shares during the period. Amundi raised its stake in Iridium Communications by 1,243.0% in the 1st quarter. Amundi now owns 40,479 shares of the technology company's stock valued at $1,035,000 after acquiring an additional 37,465 shares during the period. Goldman Sachs Group Inc. raised its stake in Iridium Communications by 16.7% in the 1st quarter. Goldman Sachs Group Inc. now owns 232,231 shares of the technology company's stock valued at $6,345,000 after acquiring an additional 33,191 shares during the period. United Services Automobile Association purchased a new stake in Iridium Communications during the first quarter valued at about $218,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in Iridium Communications by 16.2% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 539,566 shares of the technology company's stock valued at $14,741,000 after purchasing an additional 75,060 shares during the last quarter. 84.36% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on IRDM. Morgan Stanley lifted their price objective on shares of Iridium Communications from $26.00 to $54.00 and gave the company an "equal weight" rating in a research note on Tuesday, June 30th. Weiss Ratings restated a "hold (c)" rating on shares of Iridium Communications in a research report on Friday, July 10th. New Street Research raised Iridium Communications from a "neutral" rating to a "buy" rating in a report on Wednesday, July 22nd. Oppenheimer boosted their price objective on Iridium Communications from $48.00 to $60.00 and gave the company an "outperform" rating in a research note on Wednesday, June 3rd. Finally, William Blair cut Iridium Communications from an "outperform" rating to a "hold" rating in a report on Monday, June 29th. Three 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 company. According to MarketBeat.com, Iridium Communications presently has a consensus rating of "Hold" and a consensus target price of $38.67.

Insiders Place Their Bets

In other Iridium Communications news, Director Thomas Fitzpatrick sold 209,233 shares of Iridium Communications stock in a transaction dated Monday, August 17th. The stock was sold at an average price of $50.22, for a total transaction of $10,507,681.26. Following the completion of the sale, the director owned 58,306 shares of the company's stock, valued at $2,928,127.32. The trade was a 78.21% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Suzanne Mcbride sold 85,454 shares of the company's stock in a transaction dated Monday, August 17th. The stock was sold at an average price of $50.28, for a total value of $4,296,627.12. Following the completion of the transaction, the insider owned 282,017 shares of the company's stock, valued at $14,179,814.76. The trade was a 23.25% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 375,919 shares of company stock valued at $18,878,997 over the last quarter. Insiders own 2.70% of the company's stock.

Iridium Communications Trading Down 0.0%

Shares of IRDM opened at $46.95 on Friday. Iridium Communications Inc has a 1-year low of $15.65 and a 1-year high of $57.18. The company has a market capitalization of $4.98 billion, a P/E ratio of 53.35, a P/E/G ratio of 3.79 and a beta of 0.87. 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 simple moving average is $48.74 and its 200 day simple moving average is $40.71.

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

Iridium Communications Dividend Announcement

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

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source