Redwood Investment Management LLC Makes New $2.27 Million Investment in Iridium Communications Inc $IRDM

Key Points

• Redwood Investment Management acquired 41,295 Iridium shares worth approximately $2.27 million in the second quarter. Institutional investors collectively own 84.36% of the company.
• Iridium insiders sold 375,919 shares valued at nearly $18.9 million over the past 90 days, while insiders retain a 2.70% ownership stake.
• Analyst sentiment remains mixed, with a consensus “Hold” rating and a $38.67 price target. The company beat revenue expectations in its latest quarter but missed earnings estimates, and declared a quarterly dividend of $0.15 per share.

Redwood Investment Management LLC acquired a new position in Iridium Communications Inc (NASDAQ:IRDM - Free Report) in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 41,295 shares of the technology company's stock, valued at approximately $2,265,000.

A number of other institutional investors also recently made changes to their positions in the business. Quantinno Capital Management LP raised its position in Iridium Communications by 3.1% in the 2nd quarter. Quantinno Capital Management LP now owns 15,199 shares of the technology company's stock worth $459,000 after purchasing an additional 461 shares during the period. Empowered Funds LLC increased its holdings in shares of Iridium Communications by 4.4% in the fourth quarter. Empowered Funds LLC now owns 11,350 shares of the technology company's stock worth $197,000 after buying an additional 478 shares during the period. GAMMA Investing LLC lifted its stake in shares of Iridium Communications by 19.4% in the 2nd quarter. GAMMA Investing LLC now owns 3,023 shares of the technology company's stock valued at $166,000 after acquiring an additional 491 shares during the last quarter. Allworth Financial LP lifted its stake in shares of Iridium Communications by 11.2% in the 4th quarter. Allworth Financial LP now owns 5,677 shares of the technology company's stock valued at $99,000 after acquiring an additional 572 shares during the last quarter. Finally, Quadrant Capital Group LLC boosted its holdings in Iridium Communications by 107.5% during the 4th quarter. Quadrant Capital Group LLC now owns 1,430 shares of the technology company's stock valued at $25,000 after acquiring an additional 741 shares during the period. Hedge funds and other institutional investors own 84.36% of the company's stock.

Insider Activity at Iridium Communications

In other Iridium Communications news, Director Thomas Fitzpatrick sold 15,046 shares of the firm's stock in a transaction on Tuesday, August 18th. The stock was sold at an average price of $49.20, for a total transaction of $740,263.20. Following the completion of the transaction, the director owned 43,260 shares of the company's stock, valued at approximately $2,128,392. This trade represents a 25.81% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Kathleen A. Morgan sold 33,192 shares of the business's stock in a transaction on Monday, August 17th. The shares were sold at an average price of $50.35, for a total transaction of $1,671,217.20. Following the sale, the insider owned 124,871 shares in the company, valued at approximately $6,287,254.85. This trade represents a 21.00% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 375,919 shares of company stock valued at $18,878,997 over the last ninety days. Insiders own 2.70% of the company's stock.

Analyst Ratings Changes

Several brokerages have weighed in on IRDM. Morgan Stanley boosted their price objective on Iridium Communications from $26.00 to $54.00 and gave the company 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 report on Friday, July 10th. New Street Research raised shares of Iridium Communications from a "neutral" rating to a "buy" rating in a research note on Wednesday, July 22nd. William Blair lowered shares of Iridium Communications from an "outperform" rating to a "hold" rating in a report on Monday, June 29th. Finally, Oppenheimer increased their price target on shares of Iridium Communications from $48.00 to $60.00 and gave the company an "outperform" rating in a research report on Wednesday, June 3rd. Three analysts have rated the stock with a Buy rating, four have given a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat, Iridium Communications currently has a consensus rating of "Hold" and a consensus target price of $38.67.

Iridium Communications Price Performance

IRDM stock opened at $47.20 on Thursday. Iridium Communications Inc has a 1 year low of $15.65 and a 1 year high of $57.18. The company has a market cap of $5.00 billion, a P/E ratio of 53.64, a PEG ratio of 3.80 and a beta of 0.88. The firm has a 50-day moving average of $48.31 and a 200 day moving average of $39.60. The company has a debt-to-equity ratio of 3.70, a current ratio of 2.78 and a quick ratio of 2.31.

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 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 firm had revenue of $225.24 million for the quarter, compared to the consensus estimate of $220.32 million. During the same period in the previous year, the firm posted $0.20 earnings per share. The business's revenue was up 3.8% compared to the same quarter last year. On average, sell-side analysts forecast that Iridium Communications Inc will post 0.95 EPS for the current year.

Iridium Communications Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Tuesday, September 15th will be paid a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.3%. The ex-dividend date is Tuesday, September 15th. Iridium Communications's dividend payout ratio (DPR) is presently 68.18%.

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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