Dimensional Fund Advisors LP Grows Position in Iridium Communications Inc $IRDM

Key Points

• Dimensional Fund Advisors increased its Iridium Communications stake by 3.2% in the first quarter, bringing its holdings to 2.16 million shares valued at approximately $59.9 million. Institutional investors collectively own 84.36% of the company.
• Analyst sentiment remains mixed, with three Buy, four Hold and one Sell rating. Iridium has a consensus rating of Hold and an average price target of $38.67, below its reported share price of $47.34.
• Iridium’s latest quarterly revenue rose 3.8% year over year to $225.24 million, beating estimates, but adjusted earnings of $0.09 per share missed expectations of $0.28. The company also declared a $0.15 quarterly dividend, equivalent to a 1.3% yield.

Dimensional Fund Advisors LP raised its stake in shares of Iridium Communications Inc (NASDAQ:IRDM - Free Report) by 3.2% in the 1st quarter, according to its most recent disclosure with the SEC. The firm owned 2,159,061 shares of the technology company's stock after purchasing an additional 65,937 shares during the period. Dimensional Fund Advisors LP owned 2.04% of Iridium Communications worth $59,884,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of IRDM. Quadrant Capital Group LLC grew its stake in shares of Iridium Communications by 107.5% during the 4th quarter. Quadrant Capital Group LLC now owns 1,430 shares of the technology company's stock valued at $25,000 after acquiring an additional 741 shares during the period. Larson Financial Group LLC raised its stake in Iridium Communications by 392.8% during the 3rd quarter. Larson Financial Group LLC now owns 1,508 shares of the technology company's stock worth $26,000 after acquiring an additional 1,202 shares during the period. Kestra Advisory Services LLC purchased a new position in Iridium Communications during the fourth quarter valued at approximately $27,000. CIBC Private Wealth Group LLC purchased a new position in Iridium Communications during the third quarter valued at approximately $32,000. Finally, Caitong International Asset Management Co. Ltd boosted its position in shares of Iridium Communications by 10,363.2% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 1,988 shares of the technology company's stock worth $35,000 after purchasing an additional 1,969 shares during the period. Hedge funds and other institutional investors own 84.36% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on IRDM. BWS Financial reissued a "sell" rating and issued a $16.00 price objective on shares of Iridium Communications in a research note on Monday, April 27th. Raymond James Financial restated a "market perform" rating on shares of Iridium Communications in a research note on Friday, April 24th. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Iridium Communications in a report on Friday, July 10th. Oppenheimer increased their price target on Iridium Communications from $48.00 to $60.00 and gave the stock 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 investment analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus price target of $38.67.

Iridium Communications Trading Down 0.6%

Shares of IRDM opened at $47.34 on Friday. 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 Inc has a 1 year low of $15.65 and a 1 year high of $57.18. The company has a 50 day simple moving average of $48.09 and a two-hundred day simple moving average of $35.84. The firm has a market cap of $5.02 billion, a P/E ratio of 53.80, a price-to-earnings-growth ratio of 3.83 and a beta of 0.87.

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 (EPS) for the quarter, missing the consensus estimate of $0.28 by ($0.19). Iridium Communications had a net margin of 10.55% and a return on equity of 22.57%. The company had revenue of $225.24 million for the quarter, compared to the consensus estimate of $220.32 million. During the same quarter in the previous year, the business earned $0.20 EPS. The company's quarterly revenue was up 3.8% on a year-over-year basis. On average, equities analysts expect that Iridium Communications Inc will post 0.95 earnings per share for the current fiscal year.

Iridium Communications Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, June 30th. Shareholders of record on Monday, June 15th were issued a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 1.3%. The ex-dividend date was Monday, June 15th. Iridium Communications's payout ratio is currently 68.18%.

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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