Iridium Communications Inc (NASDAQ:IRDM) Holdings Boosted by Pacer Advisors Inc.

Key Points

• Pacer Advisors Inc. increased its stake in Iridium Communications Inc by 38.4%, owning 1,026,681 shares valued at approximately $28 million as of its latest SEC filing.
• Iridium Communications reported a quarterly net revenue of $216.91 million with an EPS of $0.20, missing analysts' expectations of $0.23.
• The company announced a quarterly dividend increase to $0.15 per share, which will be payable on September 30, 2023, reflecting a yield of 2.34%.

Pacer Advisors Inc. boosted its holdings in Iridium Communications Inc (NASDAQ:IRDM - Free Report) by 38.4% during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,026,681 shares of the technology company's stock after acquiring an additional 285,104 shares during the period. Pacer Advisors Inc. owned about 0.95% of Iridium Communications worth $28,049,000 at the end of the most recent quarter.

Other large investors have also recently bought and sold shares of the company. UMB Bank n.a. lifted its holdings in Iridium Communications by 129.8% in the first quarter. UMB Bank n.a. now owns 1,379 shares of the technology company's stock worth $38,000 after acquiring an additional 779 shares during the last quarter. Pinnacle Holdings LLC raised its holdings in shares of Iridium Communications by 45.4% during the fourth quarter. Pinnacle Holdings LLC now owns 1,528 shares of the technology company's stock valued at $44,000 after buying an additional 477 shares during the last quarter. SBI Securities Co. Ltd. raised its holdings in shares of Iridium Communications by 37.2% during the first quarter. SBI Securities Co. Ltd. now owns 1,757 shares of the technology company's stock valued at $48,000 after buying an additional 476 shares during the last quarter. Cooksen Wealth LLC bought a new stake in shares of Iridium Communications during the first quarter valued at approximately $47,000. Finally, Covestor Ltd raised its holdings in shares of Iridium Communications by 529.6% during the fourth quarter. Covestor Ltd now owns 2,512 shares of the technology company's stock valued at $73,000 after buying an additional 2,113 shares during the last quarter. Institutional investors own 84.36% of the company's stock.

Iridium Communications Price Performance

Shares of NASDAQ:IRDM traded up $0.43 during trading hours on Friday, hitting $25.69. 4,022,574 shares of the company's stock traded hands, compared to its average volume of 1,860,094. Iridium Communications Inc has a 52 week low of $19.91 and a 52 week high of $35.85. The company has a debt-to-equity ratio of 3.82, a quick ratio of 1.75 and a current ratio of 2.51. The company's fifty day simple moving average is $28.85 and its two-hundred day simple moving average is $27.96. The company has a market cap of $2.78 billion, a price-to-earnings ratio of 25.95, a price-to-earnings-growth ratio of 0.86 and a beta of 0.79.

Iridium Communications (NASDAQ:IRDM - Get Free Report) last posted its quarterly earnings results on Thursday, July 24th. The technology company reported $0.20 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.23 by ($0.03). The business had revenue of $216.91 million during the quarter, compared to analyst estimates of $214.73 million. Iridium Communications had a return on equity of 20.28% and a net margin of 13.20%. The company's quarterly revenue was up 7.9% compared to the same quarter last year. During the same quarter last year, the firm posted $0.27 EPS. As a group, equities analysts anticipate that Iridium Communications Inc will post 0.89 EPS for the current fiscal year.

Iridium Communications Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 30th. Shareholders of record on Monday, September 15th will be given a $0.15 dividend. This is a positive change from Iridium Communications's previous quarterly dividend of $0.14. The ex-dividend date is Monday, September 15th. This represents a $0.60 annualized dividend and a yield of 2.34%. Iridium Communications's payout ratio is 52.83%.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on IRDM. BWS Financial cut their price target on Iridium Communications from $30.00 to $25.00 and set a "neutral" rating on the stock in a report on Wednesday, April 23rd. William Blair raised Iridium Communications from a "market perform" rating to an "outperform" rating in a report on Tuesday, April 22nd. Raymond James Financial reaffirmed a "strong-buy" rating and set a $39.00 price target (down previously from $47.00) on shares of Iridium Communications in a report on Friday. Oppenheimer started coverage on Iridium Communications in a report on Monday, May 5th. They set an "outperform" rating and a $34.00 price target on the stock. Finally, Wall Street Zen cut Iridium Communications from a "buy" rating to a "hold" rating in a report on Thursday, May 1st. Two investment analysts have rated the stock with a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $35.20.

Iridium Communications Company Profile

Iridium Communications Inc provides mobile voice and data communications services and products to businesses, the United States and international governments, non-governmental organizations, and consumers worldwide. The company offers postpaid mobile voice and data satellite communications; prepaid mobile voice satellite communications; push-to-talk; broadband data; and Internet of Things (IoT) services.