PharVision Advisers LLC Sells 21,805 Shares of Iridium Communications Inc $IRDM

Key Points

• PharVision Advisers LLC reduced its holdings of Iridium Communications by 72.5%, selling 21,805 shares and bringing its total to 8,263 shares worth approximately $226,000.
• Several institutional investors, including ARK Investment Management LLC and Sumitomo Mitsui Trust Group, increased their positions in Iridium Communications significantly during the same period.
• Iridium Communications reported a quarterly earnings miss with earnings per share of $0.20, below the consensus estimate of $0.23, but revenue increased by 7.9% year-over-year to $216.91 million.

PharVision Advisers LLC trimmed its holdings in Iridium Communications Inc (NASDAQ:IRDM - Free Report) by 72.5% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 8,263 shares of the technology company's stock after selling 21,805 shares during the quarter. PharVision Advisers LLC's holdings in Iridium Communications were worth $226,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in IRDM. ARK Investment Management LLC increased its position in Iridium Communications by 95.1% in the first quarter. ARK Investment Management LLC now owns 4,891,677 shares of the technology company's stock worth $133,641,000 after purchasing an additional 2,383,962 shares during the period. Sumitomo Mitsui Trust Group Inc. increased its position in Iridium Communications by 37.6% in the first quarter. Sumitomo Mitsui Trust Group Inc. now owns 3,893,145 shares of the technology company's stock worth $106,361,000 after purchasing an additional 1,064,093 shares during the period. Nikko Asset Management Americas Inc. increased its position in Iridium Communications by 37.5% in the first quarter. Nikko Asset Management Americas Inc. now owns 3,889,045 shares of the technology company's stock worth $106,210,000 after purchasing an additional 1,061,465 shares during the period. Millennium Management LLC increased its position in Iridium Communications by 82.2% in the first quarter. Millennium Management LLC now owns 1,447,889 shares of the technology company's stock worth $39,556,000 after purchasing an additional 653,201 shares during the period. Finally, Nuveen LLC acquired a new stake in Iridium Communications in the first quarter worth about $15,763,000. 84.36% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

IRDM has been the subject of a number of research reports. Raymond James Financial reiterated a "strong-buy" rating and issued a $39.00 price objective (down from $47.00) on shares of Iridium Communications in a research report on Friday, July 25th. Morgan Stanley decreased their target price on Iridium Communications from $40.00 to $37.00 and set an "overweight" rating for the company in a research report on Friday, August 1st. Finally, Barclays decreased their target price on Iridium Communications from $38.00 to $31.00 and set an "overweight" rating for the company in a research report on Monday, July 28th. One research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and one has given a Hold rating to the company. According to MarketBeat, the company currently has a consensus rating of "Buy" and a consensus target price of $34.33.

Iridium Communications Trading Up 2.0%

NASDAQ:IRDM opened at $25.12 on Friday. Iridium Communications Inc has a fifty-two week low of $19.91 and a fifty-two week high of $35.85. The company has a debt-to-equity ratio of 3.82, a current ratio of 2.51 and a quick ratio of 1.75. The stock has a market capitalization of $2.67 billion, a PE ratio of 25.37, a price-to-earnings-growth ratio of 0.92 and a beta of 0.78. The business's 50-day simple moving average is $27.18 and its 200-day simple moving average is $27.01.

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

Iridium Communications Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Monday, September 15th will be issued a dividend of $0.15 per share. This is a boost 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 dividend yield of 2.4%. Iridium Communications's dividend payout ratio (DPR) is presently 56.57%.

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.

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