Man Group plc Makes New $22.84 Million Investment in Iridium Communications Inc $IRDM

Key Points

• Man Group plc acquired 416,442 shares of Iridium Communications in the second quarter, valued at approximately $22.84 million and representing about 0.39% of the company. Institutional investors collectively own 84.36% of Iridium’s outstanding stock.
• Iridium reported quarterly revenue of $225.24 million, up 3.8% year over year and above analyst expectations, but earnings per share of $0.09 fell short of the $0.28 consensus estimate. The company declared a quarterly dividend of $0.15 per share, implying a 1.3% yield.
• Analyst sentiment remains mixed, with a consensus rating of “Hold” and an average price target of $38.67, below the stock’s reported $47.20 price. Meanwhile, insiders sold nearly 376,000 shares worth approximately $18.9 million over the past 90 days.

Man Group plc bought a new position in shares of Iridium Communications Inc (NASDAQ:IRDM - Free Report) in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 416,442 shares of the technology company's stock, valued at approximately $22,842,000. Man Group plc owned approximately 0.39% of Iridium Communications as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors also recently modified their holdings of the company. Quadrant Capital Group LLC increased 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 worth $25,000 after acquiring an additional 741 shares during the period. Larson Financial Group LLC boosted its holdings in Iridium Communications by 392.8% in the 3rd 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 period. Kestra Advisory Services LLC bought a new stake in Iridium Communications in the 4th quarter valued at about $27,000. CIBC Private Wealth Group LLC acquired a new position in shares of Iridium Communications during the 3rd quarter worth approximately $32,000. Finally, Caitong International Asset Management Co. Ltd grew its position in shares of Iridium Communications by 10,363.2% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 1,988 shares of the technology company's stock worth $35,000 after purchasing an additional 1,969 shares in the last quarter. Institutional investors own 84.36% of the company's stock.

Iridium Communications Price Performance

IRDM stock opened at $47.20 on Thursday. The company's 50-day moving average price is $48.31 and its two-hundred day moving average price is $39.60. The firm has a market cap of $5.00 billion, a P/E ratio of 53.64, a P/E/G ratio of 3.80 and a beta of 0.88. The company has a quick ratio of 2.31, a current ratio of 2.78 and a debt-to-equity ratio of 3.70. Iridium Communications Inc has a 12 month low of $15.65 and a 12 month high of $57.18.

Iridium Communications (NASDAQ:IRDM - Get Free Report) last issued its quarterly earnings results on Wednesday, July 22nd. The technology company reported $0.09 earnings per share for the quarter, missing analysts' consensus estimates of $0.28 by ($0.19). The firm had revenue of $225.24 million for the quarter, compared to the consensus estimate of $220.32 million. Iridium Communications had a return on equity of 22.57% and a net margin of 10.55%.The business's revenue was up 3.8% on a year-over-year basis. During the same period last year, the company posted $0.20 EPS. On average, analysts anticipate that Iridium Communications Inc will post 0.95 earnings per share for the current fiscal year.

Iridium Communications Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Tuesday, September 15th will be given a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a yield of 1.3%. The ex-dividend date is Tuesday, September 15th. Iridium Communications's payout ratio is currently 68.18%.

Analysts Set New Price Targets

IRDM has been the topic of several recent research reports. Oppenheimer raised their target price on shares of Iridium Communications from $48.00 to $60.00 and gave the stock an "outperform" rating in a report on Wednesday, June 3rd. Morgan Stanley increased their price target on Iridium Communications from $26.00 to $54.00 and gave the stock an "equal weight" rating in a research report on Tuesday, June 30th. Weiss Ratings restated a "hold (c)" rating on shares of Iridium Communications in a research note on Friday, July 10th. New Street Research raised Iridium Communications from a "neutral" rating to a "buy" rating in a report on Wednesday, July 22nd. Finally, William Blair downgraded Iridium Communications from an "outperform" rating to a "hold" rating in a research report on Monday, June 29th. Three equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, Iridium Communications has a consensus rating of "Hold" and a consensus price target of $38.67.

Insider Activity

In other Iridium Communications news, insider Suzanne E. Mcbride sold 85,454 shares of the firm's stock in a transaction on Monday, August 17th. The stock was sold at an average price of $50.28, for a total value of $4,296,627.12. Following the sale, the insider owned 282,017 shares of the company's stock, valued at approximately $14,179,814.76. This trade represents a 23.25% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Kathleen A. Morgan sold 33,192 shares of Iridium Communications stock in a transaction on Monday, August 17th. The shares were sold at an average price of $50.35, for a total value of $1,671,217.20. Following the completion of the transaction, the insider owned 124,871 shares in the company, valued at approximately $6,287,254.85. The trade was a 21.00% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 375,919 shares of company stock valued at $18,878,997. Corporate insiders own 2.70% of the company's stock.

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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