Edgestream Partners L.P. Purchases Shares of 75,082 Iridium Communications Inc $IRDM

Key Points

• Edgestream Partners L.P. acquired 75,082 Iridium Communications shares worth approximately $2.08 million, while 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 estimates, but earnings per share of $0.09 missed consensus by $0.19.
• The company paid a quarterly dividend of $0.15 per share, equivalent to a $0.60 annualized dividend and a 1.3% yield. Analyst sentiment remains mixed, with a consensus rating of “Hold” and an average price target of $38.67.

Edgestream Partners L.P. acquired a new stake in shares of Iridium Communications Inc (NASDAQ:IRDM - Free Report) in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 75,082 shares of the technology company's stock, valued at approximately $2,083,000. Edgestream Partners L.P. owned about 0.07% of Iridium Communications as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also modified their holdings of IRDM. Vanguard Group Inc. lifted its holdings in shares of Iridium Communications by 7.1% during the fourth quarter. Vanguard Group Inc. now owns 10,157,227 shares of the technology company's stock valued at $176,533,000 after purchasing an additional 677,258 shares during the last quarter. Silver Heights Capital Management Inc boosted its position in shares of Iridium Communications by 1.2% in the 4th quarter. Silver Heights Capital Management Inc now owns 5,251,133 shares of the technology company's stock valued at $91,265,000 after purchasing an additional 61,430 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. increased its stake in Iridium Communications by 130.2% in the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 396,642 shares of the technology company's stock worth $7,044,000 after purchasing an additional 224,322 shares in the last quarter. Maxi Investments CY Ltd purchased a new position in Iridium Communications in the 4th quarter worth about $7,369,000. Finally, Daiwa Securities Group Inc. raised its holdings 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 worth $1,959,000 after buying an additional 45,400 shares during the period. 84.36% of the stock is owned by institutional investors.

Iridium Communications Price Performance

NASDAQ IRDM opened at $47.34 on Monday. The company has a 50 day simple moving average of $48.09 and a 200-day simple moving average of $35.95. 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 has a market capitalization of $5.02 billion, a price-to-earnings ratio of 53.80, a price-to-earnings-growth ratio of 3.83 and a beta of 0.88. Iridium Communications Inc has a 52-week low of $15.65 and a 52-week high of $57.18.

Iridium Communications (NASDAQ:IRDM - Get Free Report) last announced its quarterly earnings data 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 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 business'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 posted $0.20 earnings per share. Equities research analysts predict 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. Shareholders of record on Monday, June 15th were paid a dividend of $0.15 per share. The ex-dividend date of this dividend was Monday, June 15th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.3%. Iridium Communications's dividend payout ratio (DPR) is 68.18%.

Wall Street Analysts Forecast Growth

IRDM has been the subject of a number of analyst reports. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Iridium Communications in a research note 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 boosted their price target on shares of Iridium Communications from $26.00 to $54.00 and gave the company an "equal weight" rating in a report on Tuesday, June 30th. William Blair downgraded shares of Iridium Communications from an "outperform" rating to a "hold" rating in a research report on Monday, June 29th. Finally, Oppenheimer raised their price objective on shares of Iridium Communications from $48.00 to $60.00 and gave the stock an "outperform" rating in a research note on Wednesday, June 3rd. Three investment analysts have rated the stock with a Buy rating, four have given a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Hold" and a consensus price target of $38.67.

Iridium Communications Company 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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