CX Institutional Cuts Stock Position in Iridium Communications Inc $IRDM

Key Points

• CX Institutional cut its Iridium Communications position by 37.3% in the second quarter, selling 101,689 shares and retaining 171,098 shares worth about $9.4 million. Institutional investors collectively own 84.36% of the company.
• Iridium shares opened at $48.32, near their 50-day average, after rising 2.1%; the stock has traded between $15.65 and $57.18 over the past year. The company also pays a quarterly dividend of $0.15, equivalent to a 1.2% yield.
• Iridium reported quarterly revenue of $225.24 million, ahead of estimates, but earnings per share of $0.09 missed expectations of $0.28. Analysts maintain a consensus “Hold” rating with a $38.67 price target, below the current share price.

CX Institutional decreased its position in shares of Iridium Communications Inc (NASDAQ:IRDM - Free Report) by 37.3% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 171,098 shares of the technology company's stock after selling 101,689 shares during the period. CX Institutional owned about 0.16% of Iridium Communications worth $9,385,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Quantinno Capital Management LP increased its stake in Iridium Communications by 3.1% during the second quarter. Quantinno Capital Management LP now owns 15,199 shares of the technology company's stock worth $459,000 after purchasing an additional 461 shares during the period. Empowered Funds LLC boosted its stake in shares of Iridium Communications by 4.4% in the fourth quarter. Empowered Funds LLC now owns 11,350 shares of the technology company's stock valued at $197,000 after purchasing an additional 478 shares during the period. Allworth Financial LP grew its holdings in shares of Iridium Communications by 11.2% in the fourth quarter. Allworth Financial LP now owns 5,677 shares of the technology company's stock valued at $99,000 after purchasing an additional 572 shares in the last quarter. Quadrant Capital Group LLC grew its holdings in shares of Iridium Communications by 107.5% in the fourth quarter. Quadrant Capital Group LLC now owns 1,430 shares of the technology company's stock valued at $25,000 after purchasing an additional 741 shares in the last quarter. Finally, Pictet Asset Management Holding SA increased its stake in Iridium Communications by 5.3% during the 1st quarter. Pictet Asset Management Holding SA now owns 14,971 shares of the technology company's stock worth $415,000 after buying an additional 753 shares during the period. 84.36% of the stock is currently owned by hedge funds and other institutional investors.

Iridium Communications Stock Up 2.1%

Shares of NASDAQ IRDM opened at $48.32 on Tuesday. The business has a 50-day moving average of $48.08 and a two-hundred day moving average of $36.15. The company has a market capitalization of $5.12 billion, a price-to-earnings ratio of 54.91, a price-to-earnings-growth ratio of 3.83 and a beta of 0.88. Iridium Communications Inc has a 1 year low of $15.65 and a 1 year high of $57.18. The company has a debt-to-equity ratio of 3.70, a current ratio of 2.78 and a quick ratio of 2.31.

Iridium Communications (NASDAQ:IRDM - Get Free Report) last issued its earnings results 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 business 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%.Iridium Communications's revenue was up 3.8% on a year-over-year basis. During the same period last year, the business posted $0.20 EPS. On average, analysts forecast that Iridium Communications Inc will post 0.95 earnings per share for the current fiscal year.

Iridium Communications Announces Dividend

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

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on IRDM. Weiss Ratings reiterated a "hold (c)" rating on shares of Iridium Communications in a report on Friday, July 10th. Oppenheimer upped their price objective on Iridium Communications from $48.00 to $60.00 and gave the stock an "outperform" rating in a research report on Wednesday, June 3rd. Raymond James Financial reiterated a "market perform" rating on shares of Iridium Communications in a research note on Friday, April 24th. Morgan Stanley lifted their target price on Iridium Communications from $26.00 to $54.00 and gave the company an "equal weight" rating in a report on Tuesday, June 30th. Finally, New Street Research raised Iridium Communications from a "neutral" rating to a "buy" rating in a research note on Wednesday, July 22nd. Three 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. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus price target of $38.67.

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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