Diversified Trust Co Makes New $426,000 Investment in Iridium Communications Inc $IRDM

Key Points

• Diversified Trust Co made a new investment of approximately $426,000 in Iridium Communications Inc, purchasing 14,111 shares, as disclosed in their recent 13F filing with the SEC.
• Despite reporting earnings per share of $0.20 for the last quarter, Iridium missed analysts' estimates by $0.03 while revenue increased by 7.9% compared to the previous year.
• The company has declared a quarterly dividend of $0.15 per share, up from $0.14, indicating a 3.4% dividend yield for shareholders.

Diversified Trust Co purchased a new position in shares of Iridium Communications Inc (NASDAQ:IRDM - Free Report) in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 14,111 shares of the technology company's stock, valued at approximately $426,000.

Several other hedge funds also recently modified their holdings of IRDM. ARK Investment Management LLC increased its holdings in shares of Iridium Communications by 95.1% during the first quarter. ARK Investment Management LLC now owns 4,891,677 shares of the technology company's stock worth $133,641,000 after buying an additional 2,383,962 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. increased its holdings in shares of Iridium Communications by 37.6% during the first quarter. Sumitomo Mitsui Trust Group Inc. now owns 3,893,145 shares of the technology company's stock worth $106,361,000 after buying an additional 1,064,093 shares in the last quarter. Nikko Asset Management Americas Inc. increased its holdings in shares of Iridium Communications by 37.5% during the first quarter. Nikko Asset Management Americas Inc. now owns 3,889,045 shares of the technology company's stock worth $106,210,000 after buying an additional 1,061,465 shares in the last quarter. Millennium Management LLC increased its holdings in shares of Iridium Communications by 82.2% during the first quarter. Millennium Management LLC now owns 1,447,889 shares of the technology company's stock worth $39,556,000 after buying an additional 653,201 shares in the last quarter. Finally, Nuveen LLC acquired a new stake in shares of Iridium Communications during the first quarter worth approximately $15,763,000. Institutional investors and hedge funds own 84.36% of the company's stock.

Wall Street Analysts Forecast Growth

IRDM has been the subject of several recent analyst reports. Morgan Stanley dropped their price objective on shares of Iridium Communications from $40.00 to $37.00 and set an "overweight" rating for the company in a report on Friday, August 1st. BWS Financial lowered shares of Iridium Communications from a "neutral" rating to a "sell" rating and dropped their price objective for the stock from $25.00 to $16.00 in a report on Tuesday, September 9th. Barclays dropped their price objective on shares of Iridium Communications from $38.00 to $31.00 and set an "overweight" rating for the company in a report on Monday, July 28th. Finally, Raymond James Financial lowered shares of Iridium Communications from a "strong-buy" rating to an "outperform" rating and dropped their price objective for the stock from $39.00 to $26.00 in a report on Thursday, September 11th. Six equities research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $30.67.

Iridium Communications Price Performance

Shares of IRDM stock opened at $17.73 on Wednesday. Iridium Communications Inc has a 52-week low of $17.08 and a 52-week high of $35.85. The stock has a market cap of $1.88 billion, a PE ratio of 17.91, a PEG ratio of 0.66 and a beta of 0.78. The company has a debt-to-equity ratio of 3.82, a quick ratio of 1.75 and a current ratio of 2.51. The firm's 50 day moving average price is $24.06 and its two-hundred day moving average price is $25.96.

Iridium Communications (NASDAQ:IRDM - Get Free Report) last announced its quarterly earnings results on Thursday, July 24th. The technology company reported $0.20 earnings per share for the quarter, missing analysts' consensus estimates of $0.23 by ($0.03). The firm had revenue of $216.91 million for the quarter, compared to the consensus estimate of $214.73 million. Iridium Communications had a return on equity of 20.28% and a net margin of 13.20%.The company's revenue for the quarter was up 7.9% compared to the same quarter last year. During the same period in the prior year, the business earned $0.27 earnings per share. As a group, analysts forecast that Iridium Communications Inc will post 0.89 EPS for the current year.

Iridium Communications Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Monday, September 15th will be given a dividend of $0.15 per share. This is a positive change from Iridium Communications's previous quarterly dividend of $0.14. This represents a $0.60 dividend on an annualized basis and a dividend yield of 3.4%. The ex-dividend date of this dividend is Monday, September 15th. Iridium Communications's payout ratio is 60.61%.

Iridium Communications Profile

Iridium Communications Inc provides mobile voice and data communications services and products to businesses, the United States and international governments, non-governmental organizations, and consumers worldwide. The company offers postpaid mobile voice and data satellite communications; prepaid mobile voice satellite communications; push-to-talk; broadband data; and Internet of Things (IoT) services.

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