Corient Private Wealth LP Boosts Stock Position in Iridium Communications Inc $IRDM

Key Points

• Corient Private Wealth increased its Iridium Communications stake by 324.3% in the second quarter, bringing its holdings to 42,460 shares valued at approximately $2.33 million. Institutional investors collectively own 84.36% of the company.
• Iridium reported quarterly revenue of $225.24 million, up 3.8% year over year and above analyst expectations, but earnings per share of $0.09 missed the $0.28 consensus estimate.
• The company declared a quarterly dividend of $0.15 per share, equivalent to an annualized $0.60 dividend and a 1.2% yield. Analysts remain mixed, with the stock carrying a consensus “Hold” rating and a $41.20 price target.

Corient Private Wealth LP increased its holdings in Iridium Communications Inc (NASDAQ:IRDM - Free Report) by 324.3% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 42,460 shares of the technology company's stock after purchasing an additional 32,453 shares during the quarter. Corient Private Wealth LP's holdings in Iridium Communications were worth $2,329,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently bought and sold shares of the business. Silver Heights Capital Management Inc lifted its stake in Iridium Communications by 1.2% in the fourth quarter. Silver Heights Capital Management Inc now owns 5,251,133 shares of the technology company's stock worth $91,265,000 after acquiring an additional 61,430 shares during the period. Edgestream Partners L.P. purchased a new position in shares of Iridium Communications during the first quarter valued at about $2,083,000. WINTON GROUP Ltd bought a new position in Iridium Communications in the fourth quarter worth about $718,000. Daiwa Securities Group Inc. boosted its position in Iridium Communications by 67.5% during the 4th quarter. Daiwa Securities Group Inc. now owns 112,700 shares of the technology company's stock valued at $1,959,000 after acquiring an additional 45,400 shares in the last quarter. Finally, Fifth Third Bancorp grew its holdings in shares of Iridium Communications by 2,810.5% during the 1st quarter. Fifth Third Bancorp now owns 39,786 shares of the technology company's stock worth $1,104,000 after acquiring an additional 38,419 shares during the period. Hedge funds and other institutional investors own 84.36% of the company's stock.

Iridium Communications Stock Performance

Shares of NASDAQ IRDM opened at $48.65 on Wednesday. The firm's 50-day moving average price is $47.67 and its 200-day moving average price is $42.89. Iridium Communications Inc has a 52-week low of $15.65 and a 52-week high of $57.18. The company has a market cap of $5.16 billion, a PE ratio of 55.28, a PEG ratio of 3.89 and a beta of 0.87. The company has a quick ratio of 2.31, a current ratio of 2.78 and a debt-to-equity ratio of 3.70.

Iridium Communications (NASDAQ:IRDM - Get Free Report) last released its quarterly earnings data on Wednesday, July 22nd. The technology company reported $0.09 earnings per share 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 analysts' expectations of $220.32 million. Iridium Communications had a net margin of 10.55% and a return on equity of 22.57%. The firm's revenue for the quarter was up 3.8% on a year-over-year basis. During the same period in the previous year, the firm earned $0.20 earnings per share. As a group, analysts anticipate that Iridium Communications Inc will post 0.95 EPS for the current year.

Iridium Communications Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 30th. Investors of record on Tuesday, September 15th will be given a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a yield of 1.2%. The ex-dividend date is Tuesday, September 15th. Iridium Communications's dividend payout ratio is 68.18%.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on IRDM. Weiss Ratings restated a "hold (c)" rating on shares of Iridium Communications in a research report on Friday, July 10th. New Street Research raised shares of Iridium Communications from a "neutral" rating to a "buy" rating in a research report on Wednesday, July 22nd. Morgan Stanley increased their price target on shares of Iridium Communications from $26.00 to $54.00 and gave the stock an "equal weight" rating in a research note on Tuesday, June 30th. Oppenheimer lifted their price target 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. Finally, William Blair lowered shares of Iridium Communications from an "outperform" rating to a "hold" rating in a research note on Monday, June 29th. Three research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, Iridium Communications currently has an average rating of "Hold" and a consensus price target of $41.20.

Insider Buying and Selling

In other news, Director Thomas Fitzpatrick sold 209,233 shares of the company's stock in a transaction dated Monday, August 17th. The shares were 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. This represents a 78.21% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Timothy Last sold 19,521 shares of the stock in a transaction that occurred on Monday, August 17th. The stock was sold at an average price of $50.34, for a total transaction of $982,687.14. Following the completion of the transaction, the executive vice president owned 93,413 shares in the company, valued at $4,702,410.42. This trade represents a 17.29% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 381,688 shares of company stock valued at $19,146,390 in the last 90 days. Insiders own 2.70% of the company's stock.

Iridium Communications Profile

Iridium Communications Inc provides global satellite-based voice and data communications services. Its network is designed to support connectivity across land, oceans, airways and polar regions, serving customers in areas where terrestrial communications infrastructure is limited or unavailable.

The company offers satellite phones, broadband and narrowband data services, push-to-talk communications, and Internet of Things connectivity. Its product portfolio includes Iridium Certus broadband services, Iridium GO! satellite Wi-Fi products, satellite phones, specialized IoT services and solutions for asset tracking, monitoring and machine-to-machine communications.

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