Iridium Communications Inc $IRDM Shares Bought by Fifth Third Bancorp

Key Points

• Fifth Third Bancorp dramatically increased its stake in Iridium Communications, boosting holdings by 2,810.5% in the first quarter to 39,786 shares worth about $1.1 million.
• Iridium reported mixed quarterly results: revenue came in at $225.24 million, topping expectations, but earnings per share of $0.09 missed the consensus estimate of $0.28.
• Analysts remain cautious overall, with a consensus rating of “Hold” and an average price target of $38.67, even as some firms raised targets and upgraded the stock.

Fifth Third Bancorp boosted its holdings in shares of Iridium Communications Inc (NASDAQ:IRDM - Free Report) by 2,810.5% in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 39,786 shares of the technology company's stock after buying an additional 38,419 shares during the quarter. Fifth Third Bancorp's holdings in Iridium Communications were worth $1,104,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Root Financial Partners LLC raised its holdings in shares of Iridium Communications by 1,750.0% during the first quarter. Root Financial Partners LLC now owns 1,332 shares of the technology company's stock worth $37,000 after purchasing an additional 1,260 shares during the last quarter. Quadrant Capital Group LLC lifted its position in Iridium Communications by 107.5% during 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 during the period. Larson Financial Group LLC boosted its holdings in Iridium Communications by 392.8% in the third quarter. Larson Financial Group LLC now owns 1,508 shares of the technology company's stock valued at $26,000 after purchasing an additional 1,202 shares during the last quarter. Kestra Advisory Services LLC purchased a new stake in Iridium Communications in the fourth quarter valued at $27,000. Finally, CIBC Private Wealth Group LLC acquired a new stake in Iridium Communications during the 3rd quarter worth about $32,000. 84.36% of the stock is currently owned by institutional investors and hedge funds.

Iridium Communications Stock Down 3.9%

IRDM opened at $45.78 on Friday. The company has a fifty day moving average of $48.01 and a two-hundred day moving average of $34.87. The stock has a market capitalization of $4.85 billion, a price-to-earnings ratio of 52.02, a PEG ratio of 3.66 and a beta of 0.87. Iridium Communications Inc has a fifty-two week low of $15.65 and a fifty-two week high of $57.18. The company has a debt-to-equity ratio of 3.70, a quick ratio of 2.21 and a current ratio of 2.78.

Iridium Communications (NASDAQ:IRDM - Get Free Report) last posted its earnings results 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 return on equity of 22.57% and a net margin of 10.55%.The firm had revenue of $225.24 million for the quarter, compared to analysts' expectations of $220.32 million. During the same period in the previous year, the company earned $0.20 earnings per share. The company's revenue was up 3.8% compared to the same quarter last year. On average, research analysts expect that Iridium Communications Inc will post 0.97 earnings per share for the current year.

Iridium Communications Dividend Announcement

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

Wall Street Analysts Forecast Growth

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