Synergy Asset Management LLC Acquires New Holdings in Iridium Communications Inc $IRDM

Key Points

• Synergy Asset Management LLC has acquired a new stake in Iridium Communications Inc, purchasing 662,183 shares valued at approximately $19.98 million, making it the firm's 15th largest holding.
• Several analysts have recently downgraded Iridium's stock ratings and target prices, with Morgan Stanley lowering its target from $40 to $37, while BWS Financial downgraded it from "neutral" to "sell" with a target price of $16.
• Iridium Communications announced an increase in its quarterly dividend to $0.15 per share, reflecting a 3.2% yield, up from the previous $0.14, with a payout ratio of 60.61%.

Synergy Asset Management LLC acquired a new stake in shares of Iridium Communications Inc (NASDAQ:IRDM - Free Report) during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 662,183 shares of the technology company's stock, valued at approximately $19,978,000. Iridium Communications accounts for approximately 2.3% of Synergy Asset Management LLC's holdings, making the stock its 15th biggest holding. Synergy Asset Management LLC owned approximately 0.61% of Iridium Communications as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. SVB Wealth LLC purchased a new position in Iridium Communications during the first quarter valued at approximately $30,000. UMB Bank n.a. increased its holdings in Iridium Communications by 129.8% during the first quarter. UMB Bank n.a. now owns 1,379 shares of the technology company's stock valued at $38,000 after buying an additional 779 shares during the period. Cooksen Wealth LLC acquired a new stake in Iridium Communications in the first quarter valued at approximately $47,000. SBI Securities Co. Ltd. boosted its stake in Iridium Communications by 37.2% in the first quarter. SBI Securities Co. Ltd. now owns 1,757 shares of the technology company's stock valued at $48,000 after acquiring an additional 476 shares in the last quarter. Finally, Summit Securities Group LLC acquired a new stake in Iridium Communications in the first quarter valued at approximately $72,000. 84.36% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on IRDM shares. Morgan Stanley lowered their target price on shares of Iridium Communications from $40.00 to $37.00 and set an "overweight" rating for the company in a research note on Friday, August 1st. BWS Financial downgraded shares of Iridium Communications from a "neutral" rating to a "sell" rating and lowered their target price for the company from $25.00 to $16.00 in a research note on Tuesday, September 9th. Barclays lowered their target price on shares of Iridium Communications from $31.00 to $25.00 and set an "overweight" rating for the company in a research note on Wednesday. Finally, Raymond James Financial downgraded shares of Iridium Communications from a "strong-buy" rating to an "outperform" rating and lowered their target price for the company from $39.00 to $26.00 in a research note on Thursday, September 11th. Six equities research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $29.67.

Iridium Communications Trading Up 5.7%

NASDAQ:IRDM opened at $18.64 on Friday. Iridium Communications Inc has a 12 month low of $17.08 and a 12 month high of $35.85. The firm has a fifty day simple moving average of $22.19 and a 200-day simple moving average of $25.47. The company has a current ratio of 2.51, a quick ratio of 1.75 and a debt-to-equity ratio of 3.82. The company has a market capitalization of $1.98 billion, a P/E ratio of 18.83, a PEG ratio of 0.64 and a beta of 0.70.

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

Iridium Communications Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 30th. Investors of record on Monday, September 15th were given a dividend of $0.15 per share. This is a boost from Iridium Communications's previous quarterly dividend of $0.14. This represents a $0.60 dividend on an annualized basis and a yield of 3.2%. The ex-dividend date was Monday, September 15th. Iridium Communications's payout ratio is presently 60.61%.

Iridium Communications 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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