Janus Henderson Group PLC Boosts Stock Holdings in Iridium Communications Inc $IRDM

Key Points

• Janus Henderson increased its Iridium Communications stake by 9.8% in the first quarter, adding 27,325 shares to own 306,684 shares valued at approximately $8.5 million. Institutional investors collectively hold 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. The stock opened at $48.37, down 2.5%.
• The company declared a quarterly dividend of $0.15 per share, equal to a 1.2% annualized yield. Analysts maintain a consensus “Hold” rating with a $38.67 target price, despite some firms raising their price objectives.

Janus Henderson Group PLC boosted its position in Iridium Communications Inc (NASDAQ:IRDM - Free Report) by 9.8% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 306,684 shares of the technology company's stock after purchasing an additional 27,325 shares during the period. Janus Henderson Group PLC owned about 0.29% of Iridium Communications worth $8,508,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors also recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its stake in shares of Iridium Communications by 7.1% during the 4th quarter. Vanguard Group Inc. now owns 10,157,227 shares of the technology company's stock worth $176,533,000 after buying an additional 677,258 shares in the last quarter. Silver Heights Capital Management Inc boosted its stake in shares of Iridium Communications by 1.2% in the fourth quarter. Silver Heights Capital Management Inc now owns 5,251,133 shares of the technology company's stock valued at $91,265,000 after buying an additional 61,430 shares in the last quarter. State Street Corp boosted its stake in shares of Iridium Communications by 18.0% in the fourth quarter. State Street Corp now owns 4,761,749 shares of the technology company's stock valued at $82,759,000 after buying an additional 725,856 shares in the last quarter. Millennium Management LLC grew its holdings in Iridium Communications by 265.8% during the third quarter. Millennium Management LLC now owns 3,039,731 shares of the technology company's stock worth $53,074,000 after acquiring an additional 2,208,857 shares during the period. Finally, Goldman Sachs Group Inc. grew its holdings in Iridium Communications by 21.4% during the fourth quarter. Goldman Sachs Group Inc. now owns 2,323,170 shares of the technology company's stock worth $40,377,000 after acquiring an additional 408,903 shares during the period. Hedge funds and other institutional investors own 84.36% of the company's stock.

Iridium Communications Stock Down 2.5%

IRDM stock opened at $48.37 on Thursday. 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 company's 50 day simple moving average is $48.01 and its 200-day simple moving average is $36.57. Iridium Communications Inc has a 12 month low of $15.65 and a 12 month high of $57.18. The firm has a market capitalization of $5.13 billion, a PE ratio of 54.97, a P/E/G ratio of 4.02 and a beta of 0.88.

Iridium Communications (NASDAQ:IRDM - Get Free Report) last issued 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 return on equity of 22.57% and a net margin of 10.55%.The company had revenue of $225.24 million for the quarter, compared to analyst estimates of $220.32 million. During the same quarter in the prior year, the firm earned $0.20 earnings per share. The company's revenue for the quarter was up 3.8% on a year-over-year basis. Equities analysts expect that Iridium Communications Inc will post 0.95 earnings per share for the current fiscal year.

Iridium Communications Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, June 30th. Shareholders of record on Monday, June 15th were given a dividend of $0.15 per share. The ex-dividend date of this dividend was Monday, June 15th. This represents a $0.60 annualized dividend and a yield of 1.2%. Iridium Communications's dividend payout ratio (DPR) is presently 68.18%.

Analyst Upgrades and Downgrades

A number of research firms have commented on IRDM. Oppenheimer raised their target price on Iridium Communications from $48.00 to $60.00 and gave the company an "outperform" rating in a report on Wednesday, June 3rd. BWS Financial reiterated a "sell" rating and issued a $16.00 price target on shares of Iridium Communications in a report on Monday, April 27th. Barclays raised their price objective on shares of Iridium Communications from $25.00 to $36.00 and gave the company an "overweight" rating in a research note on Thursday, April 9th. Morgan Stanley boosted their price objective on shares of Iridium Communications from $26.00 to $54.00 and gave the stock an "equal weight" rating in a report on Tuesday, June 30th. Finally, Raymond James Financial restated a "market perform" rating on shares of Iridium Communications in a research report on Friday, April 24th. Three equities research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Hold" and a consensus target price of $38.67.

About Iridium Communications

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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