The Manufacturers Life Insurance Company Makes New $1.35 Million Investment in Iridium Communications Inc $IRDM

Key Points

• The Manufacturers Life Insurance Company initiated a $1.35 million position in Iridium Communications, buying 24,688 shares. Institutional investors collectively own 84.36% of the company.
• Analyst sentiment remains mixed: three analysts rate IRDM a Buy, four a Hold, and one a Sell, resulting in an average “Hold” rating and a $38.67 price target.
• Iridium reported quarterly EPS of $0.09, below the $0.28 consensus estimate, although revenue of $225.24 million exceeded expectations and rose 3.8% year over year. The company also announced a quarterly dividend of $0.15 per share, while insiders sold nearly $18.9 million of stock over the prior 90 days.

The Manufacturers Life Insurance Company bought a new position in Iridium Communications Inc (NASDAQ:IRDM - Free Report) in the 2nd quarter, according to its most recent disclosure with the SEC. The firm bought 24,688 shares of the technology company's stock, valued at approximately $1,354,000.

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. Royal Bank of Canada raised its stake in Iridium Communications by 33.0% in the first quarter. Royal Bank of Canada now owns 48,325 shares of the technology company's stock worth $1,320,000 after buying an additional 11,985 shares in the last quarter. Amundi boosted its position in Iridium Communications by 1,243.0% during the 1st quarter. Amundi now owns 40,479 shares of the technology company's stock valued at $1,035,000 after acquiring an additional 37,465 shares in the last quarter. Goldman Sachs Group Inc. boosted its position in Iridium Communications by 16.7% during the 1st quarter. Goldman Sachs Group Inc. now owns 232,231 shares of the technology company's stock valued at $6,345,000 after acquiring an additional 33,191 shares in the last quarter. United Services Automobile Association purchased a new position in shares of Iridium Communications during the 1st quarter worth approximately $218,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in shares of Iridium Communications by 16.2% in 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 acquiring an additional 75,060 shares in the last quarter. Hedge funds and other institutional investors own 84.36% of the company's stock.

Wall Street Analyst Weigh In

IRDM has been the subject of a number of research analyst reports. Oppenheimer raised their target price on Iridium Communications from $48.00 to $60.00 and gave the company an "outperform" rating in a research note on Wednesday, June 3rd. Morgan Stanley upped their price target 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. New Street Research raised Iridium Communications from a "neutral" rating to a "buy" rating in a research report on Wednesday, July 22nd. William Blair cut shares of Iridium Communications from an "outperform" rating to a "hold" rating in a report on Monday, June 29th. Finally, Weiss Ratings restated a "hold (c)" rating on shares of Iridium Communications in a report on Friday, July 10th. Three equities research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Hold" and an average price target of $38.67.

Insider Activity at Iridium Communications

In other news, insider Suzanne Mcbride sold 85,454 shares of the company's stock in a transaction that occurred on Monday, August 17th. The shares were sold at an average price of $50.28, for a total value of $4,296,627.12. Following the transaction, the insider owned 282,017 shares in the company, valued at approximately $14,179,814.76. This represents a 23.25% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Thomas Fitzpatrick sold 15,046 shares of the stock in a transaction that occurred on Tuesday, August 18th. The shares were sold at an average price of $49.20, for a total transaction of $740,263.20. Following the sale, the director owned 43,260 shares in the company, valued at approximately $2,128,392. The trade was a 25.81% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 375,919 shares of company stock worth $18,878,997 in the last ninety days. 2.70% of the stock is currently owned by company insiders.

Iridium Communications Stock Up 0.6%

Shares of NASDAQ:IRDM opened at $47.21 on Friday. The stock has a fifty day simple moving average of $48.81 and a two-hundred day simple moving average of $40.76. The stock has a market capitalization of $5.00 billion, a price-to-earnings ratio of 53.65, a PEG ratio of 3.79 and a beta of 0.87. Iridium Communications Inc has a 12-month low of $15.65 and a 12-month high of $57.18. The company has a current ratio of 2.78, a quick ratio of 2.31 and a debt-to-equity ratio of 3.70.

Iridium Communications (NASDAQ:IRDM - Get Free Report) last released its earnings results on Wednesday, July 22nd. The technology company reported $0.09 EPS for the quarter, missing analysts' consensus estimates of $0.28 by ($0.19). Iridium Communications had a return on equity of 22.57% and a net margin of 10.55%.The company had revenue of $225.24 million during the quarter, compared to analysts' expectations of $220.32 million. During the same period in the prior year, the company posted $0.20 earnings per share. The company's revenue was up 3.8% on a year-over-year basis. On average, research analysts anticipate that Iridium Communications Inc will post 0.95 earnings per share for the current fiscal year.

Iridium Communications Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 30th. Investors of record on Tuesday, September 15th will be given a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a yield of 1.3%. The ex-dividend date of this dividend is Tuesday, September 15th. Iridium Communications's dividend payout ratio is 68.18%.

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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