Iridium Communications Inc $IRDM is Anchor Capital Management Company LLC's 5th Largest Position

Key Points

• Anchor Capital reduced its stake in Iridium by 17.5% to 735,366 shares, making IRDM its 5th-largest holding (about 11.1% of the firm's portfolio) and representing roughly 0.70% of Iridium's outstanding shares valued at $12.84M.
• Iridium reported quarterly EPS of $0.24 (beating the $0.23 estimate) while revenue of $212.94M missed expectations; the company has a $2.61B market cap and announced a quarterly dividend of $0.15 (2.4% yield).
• Analysts are mixed: the consensus rating is Hold with an average price target of $25.40, ranging from BWS's $16 sell rating to Morgan Stanley's $26 equal-weight target.

Anchor Capital Management Company LLC reduced its position in Iridium Communications Inc (NASDAQ:IRDM - Free Report) by 17.5% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 735,366 shares of the technology company's stock after selling 155,551 shares during the period. Iridium Communications comprises approximately 11.1% of Anchor Capital Management Company LLC's holdings, making the stock its 5th largest position. Anchor Capital Management Company LLC owned approximately 0.70% of Iridium Communications worth $12,839,000 at the end of the most recent reporting period.

A number of other large investors have also made changes to their positions in the company. Hantz Financial Services Inc. lifted its position in shares of Iridium Communications by 184.7% in the 3rd quarter. Hantz Financial Services Inc. now owns 1,506 shares of the technology company's stock valued at $26,000 after acquiring an additional 977 shares in the last quarter. Aster Capital Management DIFC Ltd purchased a new position in Iridium Communications during the 3rd quarter worth approximately $46,000. Jones Financial Companies Lllp grew its position in Iridium Communications by 36.2% during the 3rd quarter. Jones Financial Companies Lllp now owns 3,053 shares of the technology company's stock worth $54,000 after purchasing an additional 812 shares in the last quarter. SBI Securities Co. Ltd. raised its stake in Iridium Communications by 147.0% during the 3rd quarter. SBI Securities Co. Ltd. now owns 3,485 shares of the technology company's stock valued at $61,000 after purchasing an additional 2,074 shares during the period. Finally, Johnson Financial Group Inc. purchased a new stake in shares of Iridium Communications in the second quarter valued at $70,000. Institutional investors and hedge funds own 84.36% of the company's stock.

Iridium Communications Stock Up 0.3%

IRDM stock opened at $24.86 on Friday. The firm has a market cap of $2.61 billion, a PE ratio of 23.45, a PEG ratio of 1.72 and a beta of 0.60. Iridium Communications Inc has a 1 year low of $15.65 and a 1 year high of $33.34. The company has a fifty day simple moving average of $21.51 and a 200 day simple moving average of $19.47. The company has a current ratio of 2.48, a quick ratio of 1.82 and a debt-to-equity ratio of 3.80.

Iridium Communications (NASDAQ:IRDM - Get Free Report) last posted its earnings results on Thursday, February 12th. The technology company reported $0.24 EPS for the quarter, topping the consensus estimate of $0.23 by $0.01. Iridium Communications had a net margin of 13.12% and a return on equity of 24.01%. The firm had revenue of $212.94 million for the quarter, compared to the consensus estimate of $219.14 million. During the same period in the prior year, the business posted $0.32 earnings per share. The business's quarterly revenue was up .0% on a year-over-year basis. Sell-side analysts anticipate that Iridium Communications Inc will post 0.89 EPS for the current fiscal year.

Iridium Communications Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 31st. Stockholders of record on Monday, March 16th will be issued a dividend of $0.15 per share. The ex-dividend date of this dividend is Monday, March 16th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 2.4%. Iridium Communications's dividend payout ratio is currently 56.60%.

Analyst Upgrades and Downgrades

IRDM has been the subject of several recent analyst reports. BWS Financial reaffirmed a "sell" rating and issued a $16.00 target price on shares of Iridium Communications in a research report on Tuesday, February 17th. Weiss Ratings raised Iridium Communications from a "sell (d+)" rating to a "hold (c-)" rating in a research note on Tuesday. Finally, Morgan Stanley raised their price objective on Iridium Communications from $24.00 to $26.00 and gave the stock an "equal weight" rating in a research report on Wednesday, February 18th. Four equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat, Iridium Communications presently has a consensus rating of "Hold" and an average price target of $25.40.

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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