Iridium Communications Inc $IRDM Shares Sold by Bank of New York Mellon Corp

Key Points

• Bank of New York Mellon reduced its Iridium Communications stake by 2.0% in the first quarter, selling 23,311 shares and retaining 1,150,450 shares worth approximately $31.9 million. 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 the $0.28 consensus forecast.
• The company paid a quarterly dividend of $0.15, equivalent to an annualized $0.60 and a 1.3% yield. Analyst sentiment remains mixed, with the stock carrying an overall “Hold” rating and an average price target of $38.67.

Bank of New York Mellon Corp cut its position in shares of Iridium Communications Inc (NASDAQ:IRDM - Free Report) by 2.0% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,150,450 shares of the technology company's stock after selling 23,311 shares during the quarter. Bank of New York Mellon Corp owned 1.09% of Iridium Communications worth $31,913,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in the business. Illinois Municipal Retirement Fund bought a new stake in shares of Iridium Communications during the 1st quarter valued at about $1,431,000. Sanctuary Advisors LLC acquired a new stake in shares of Iridium Communications during the 1st quarter worth approximately $244,000. Principal Financial Group Inc. raised its position in shares of Iridium Communications by 2.2% during the 1st quarter. Principal Financial Group Inc. now owns 508,290 shares of the technology company's stock worth $14,100,000 after purchasing an additional 10,702 shares during the period. Fifth Third Bancorp lifted its holdings in shares of Iridium Communications by 2,810.5% in the 1st quarter. Fifth Third Bancorp now owns 39,786 shares of the technology company's stock worth $1,104,000 after purchasing an additional 38,419 shares during the last quarter. Finally, Range Financial Group LLC bought a new stake in shares of Iridium Communications in the 1st quarter worth approximately $1,904,000. Institutional investors and hedge funds own 84.36% of the company's stock.

Iridium Communications Price Performance

Iridium Communications stock opened at $45.78 on Monday. The company's 50-day moving average price is $48.01 and its two-hundred day moving average price is $34.99. The stock has a market cap of $4.85 billion, a price-to-earnings ratio of 52.02, a PEG ratio of 3.62 and a beta of 0.87. Iridium Communications Inc has a 52 week low of $15.65 and a 52 week high of $57.18. The company has a current ratio of 2.78, a quick ratio of 2.31 and a debt-to-equity ratio of 3.70.

Iridium Communications (NASDAQ:IRDM - Get Free Report) last posted 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 during the quarter, compared to the consensus estimate of $220.32 million. During the same quarter last year, the business earned $0.20 earnings per share. The company's revenue was up 3.8% on a year-over-year basis. On average, analysts expect that Iridium Communications Inc will post 0.97 EPS for the current fiscal year.

Iridium Communications Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, June 30th. Shareholders of record on Monday, June 15th were given 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 dividend payout ratio is 68.18%.

Wall Street Analyst Weigh In

IRDM has been the subject of a number of recent research reports. Morgan Stanley upped their price objective on Iridium Communications from $26.00 to $54.00 and gave the stock an "equal weight" rating in a research note on Tuesday, June 30th. Raymond James Financial reiterated a "market perform" rating on shares of Iridium Communications in a research note on Friday, April 24th. Weiss Ratings reissued a "hold (c)" rating on shares of Iridium Communications in a report on Friday, July 10th. New Street Research raised shares of Iridium Communications from a "neutral" rating to a "buy" rating in a report on Wednesday, July 22nd. Finally, Oppenheimer upped their price target on shares of Iridium Communications from $48.00 to $60.00 and gave the stock an "outperform" rating in a research report on Wednesday, June 3rd. Three equities research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average target price 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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