Sei Investments Co. Acquires 49,034 Shares of Iridium Communications Inc $IRDM

Key Points

• Sei Investments more than doubled its Iridium Communications stake in the first quarter, acquiring 49,034 additional shares for a total of 88,790 shares valued at approximately $2.46 million. Institutional investors collectively own 84.36% of IRDM.
• Iridium reported quarterly revenue of $225.24 million, exceeding estimates, but earnings per share of $0.09 fell short of the $0.28 consensus forecast. Revenue increased 3.8% year over year.
• Shares were trading at $49.93, while analysts maintained a consensus “Hold” rating with a $38.67 price target. The company also pays a quarterly dividend of $0.15 per share, representing a 1.2% yield.

Sei Investments Co. raised its holdings in Iridium Communications Inc (NASDAQ:IRDM - Free Report) by 123.3% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 88,790 shares of the technology company's stock after purchasing an additional 49,034 shares during the period. Sei Investments Co. owned approximately 0.08% of Iridium Communications worth $2,463,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently made changes to their positions in IRDM. First Citizens Bank & Trust Co. bought a new position in shares of Iridium Communications during the first quarter worth approximately $714,000. PNC Financial Services Group Inc. grew its position in Iridium Communications by 40.2% during the first quarter. PNC Financial Services Group Inc. now owns 6,406 shares of the technology company's stock worth $178,000 after buying an additional 1,838 shares in the last quarter. Summit Global Investments acquired a new stake in Iridium Communications during the first quarter worth approximately $234,000. Dimensional Fund Advisors LP increased its stake in Iridium Communications by 3.2% during the 1st quarter. Dimensional Fund Advisors LP now owns 2,159,061 shares of the technology company's stock worth $59,884,000 after acquiring an additional 65,937 shares during the period. Finally, Parallel Advisors LLC raised its holdings in Iridium Communications by 789.1% in the 1st quarter. Parallel Advisors LLC now owns 7,042 shares of the technology company's stock valued at $195,000 after acquiring an additional 6,250 shares in the last quarter. Institutional investors and hedge funds own 84.36% of the company's stock.

Iridium Communications Trading Up 3.4%

IRDM opened at $49.93 on Friday. 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 company's 50 day moving average price is $47.91 and its two-hundred day moving average price is $36.87. The firm has a market capitalization of $5.29 billion, a price-to-earnings ratio of 56.74, a PEG ratio of 4.04 and a beta of 0.88.

Iridium Communications (NASDAQ:IRDM - Get Free Report) last released its quarterly earnings results 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). Iridium Communications had a net margin of 10.55% and a return on equity of 22.57%. The business 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 business posted $0.20 EPS. Iridium Communications's revenue was up 3.8% on a year-over-year basis. As a group, research analysts predict that Iridium Communications Inc will post 0.95 earnings per share for the current year.

Iridium Communications Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, June 30th. Shareholders of record on Monday, June 15th were issued a dividend of $0.15 per share. The ex-dividend date of this dividend was Monday, June 15th. This represents a $0.60 annualized dividend and a yield of 1.2%. Iridium Communications's payout ratio is presently 68.18%.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on the company. BWS Financial restated a "sell" rating and issued a $16.00 price target on shares of Iridium Communications in a research report on Monday, April 27th. Morgan Stanley boosted their target price on shares of Iridium Communications from $26.00 to $54.00 and gave the company an "equal weight" rating in a research report on Tuesday, June 30th. William Blair downgraded shares of Iridium Communications from an "outperform" rating to a "hold" rating in a report on Monday, June 29th. Raymond James Financial reissued a "market perform" rating on shares of Iridium Communications in a research note on Friday, April 24th. Finally, Oppenheimer boosted their price target on Iridium Communications from $48.00 to $60.00 and gave the stock an "outperform" rating in a report on Wednesday, June 3rd. Three investment analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat, Iridium Communications has a consensus rating of "Hold" and a consensus target price of $38.67.

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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