Sculptor Capital LP Invests $25.73 Million in Iridium Communications Inc $IRDM

Sculptor Capital LP acquired a new stake in shares of Iridium Communications Inc (NASDAQ:IRDM - Free Report) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 469,000 shares of the technology company's stock, valued at approximately $25,725,000. Sculptor Capital LP owned about 0.44% of Iridium Communications as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also made changes to their positions in the stock. Royal Bank of Canada grew its holdings in Iridium Communications by 33.0% during the first quarter. Royal Bank of Canada now owns 48,325 shares of the technology company's stock valued at $1,320,000 after purchasing an additional 11,985 shares during the last quarter. Amundi raised its position in shares of Iridium Communications by 1,243.0% in the first quarter. Amundi now owns 40,479 shares of the technology company's stock valued at $1,035,000 after purchasing an additional 37,465 shares during the period. Goldman Sachs Group Inc. lifted its stake in shares of Iridium Communications by 16.7% in the first quarter. Goldman Sachs Group Inc. now owns 232,231 shares of the technology company's stock worth $6,345,000 after buying an additional 33,191 shares during the last quarter. United Services Automobile Association acquired a new stake in shares of Iridium Communications in the first quarter worth $218,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in shares of Iridium Communications by 16.2% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 539,566 shares of the technology company's stock worth $14,741,000 after buying an additional 75,060 shares during the period. 84.36% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on the stock. New Street Research upgraded 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 research report on Monday, June 29th. Weiss Ratings restated a "hold (c)" rating on shares of Iridium Communications in a report on Friday, July 10th. Oppenheimer raised their price target on Iridium Communications from $48.00 to $60.00 and gave the company an "outperform" rating in a research report on Wednesday, June 3rd. Finally, Morgan Stanley lifted their price objective on Iridium Communications from $26.00 to $54.00 and gave the stock an "equal weight" rating in a research note on Tuesday, June 30th. Three 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 company's stock. According to MarketBeat, Iridium Communications presently has an average rating of "Hold" and a consensus target price of $38.67.

Iridium Communications Price Performance

Shares of Iridium Communications stock opened at $47.10 on Wednesday. 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 Inc has a fifty-two week low of $15.65 and a fifty-two week high of $57.18. The firm has a fifty day moving average price of $48.27 and a two-hundred day moving average price of $39.41. The company has a market cap of $4.99 billion, a PE ratio of 53.52, a price-to-earnings-growth ratio of 3.82 and a beta of 0.88.

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 (EPS) for the quarter, missing the consensus estimate of $0.28 by ($0.19). The company 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 for the quarter was up 3.8% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.20 EPS. Analysts expect that Iridium Communications Inc will post 0.95 EPS for the current year.

Iridium Communications Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, September 30th. Investors of record on Tuesday, September 15th will be paid 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%.

Insider Transactions at Iridium Communications

In other news, insider Suzanne E. Mcbride sold 85,454 shares of Iridium Communications stock in a transaction that occurred on Monday, August 17th. The stock was sold at an average price of $50.28, for a total transaction 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 Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Kathleen A. Morgan sold 33,192 shares of the business's stock in a transaction that occurred 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 sale, the insider owned 124,871 shares in the company, valued at approximately $6,287,254.85. This represents a 21.00% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have sold 375,919 shares of company stock worth $18,878,997. 2.70% of the stock is currently owned by company insiders.

Iridium Communications 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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