Versor Investments LP Raises Stock Holdings in Iridium Communications Inc $IRDM

Key Points

• Versor Investments LP significantly increased its holdings in Iridium Communications by 242.1% in Q1, now owning 43,802 shares valued at approximately $1.2 million.
• Multiple hedge funds have also increased their stakes in the company, indicating strong institutional interest, with 84.36% of the stock held by institutional investors.
• Recent analyst reports show a mixed outlook on Iridium Communications, with price targets being lowered and the stock receiving a consensus rating of "Moderate Buy".

Versor Investments LP increased its stake in shares of Iridium Communications Inc (NASDAQ:IRDM - Free Report) by 242.1% in the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 43,802 shares of the technology company's stock after buying an additional 31,000 shares during the period. Versor Investments LP's holdings in Iridium Communications were worth $1,197,000 as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in the stock. SBI Securities Co. Ltd. lifted its stake in Iridium Communications by 37.2% in the 1st quarter. SBI Securities Co. Ltd. now owns 1,757 shares of the technology company's stock worth $48,000 after purchasing an additional 476 shares in the last quarter. IFM Investors Pty Ltd lifted its stake in Iridium Communications by 3.7% in the 1st quarter. IFM Investors Pty Ltd now owns 13,402 shares of the technology company's stock worth $366,000 after purchasing an additional 480 shares in the last quarter. GAMMA Investing LLC lifted its stake in Iridium Communications by 14.1% in the 1st quarter. GAMMA Investing LLC now owns 3,961 shares of the technology company's stock worth $108,000 after purchasing an additional 488 shares in the last quarter. Two Sigma Advisers LP lifted its stake in Iridium Communications by 6.6% in the 4th quarter. Two Sigma Advisers LP now owns 8,100 shares of the technology company's stock worth $235,000 after purchasing an additional 500 shares in the last quarter. Finally, Natixis Advisors LLC lifted its stake in Iridium Communications by 3.8% in the 1st quarter. Natixis Advisors LLC now owns 14,750 shares of the technology company's stock worth $403,000 after purchasing an additional 546 shares in the last quarter. Hedge funds and other institutional investors own 84.36% of the company's stock.

Iridium Communications Trading Up 3.5%

Shares of NASDAQ:IRDM traded up $0.84 during midday trading on Friday, hitting $24.98. 1,682,047 shares of the stock traded hands, compared to its average volume of 1,402,193. The stock has a market capitalization of $2.65 billion, a PE ratio of 25.23, a P/E/G ratio of 0.88 and a beta of 0.76. The business's 50 day moving average is $28.09 and its two-hundred day moving average is $27.42. The company has a quick ratio of 1.75, a current ratio of 2.51 and a debt-to-equity ratio of 3.82. Iridium Communications Inc has a one year low of $19.91 and a one year high of $35.85.

Iridium Communications (NASDAQ:IRDM - Get Free Report) last issued its quarterly earnings data on Thursday, July 24th. The technology company reported $0.20 EPS for the quarter, missing the consensus estimate of $0.23 by ($0.03). The firm had revenue of $216.91 million for the quarter, compared to the consensus estimate of $214.73 million. Iridium Communications had a net margin of 13.20% and a return on equity of 20.28%. The business's revenue was up 7.9% on a year-over-year basis. During the same period last year, the company posted $0.27 earnings per share. As a group, research analysts forecast 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 will be paid on Tuesday, September 30th. Investors of record on Monday, September 15th will be issued 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 dividend yield of 2.4%. The ex-dividend date is Monday, September 15th. Iridium Communications's dividend payout ratio is currently 60.61%.

Analysts Set New Price Targets

Several analysts have issued reports on the stock. Wall Street Zen cut shares of Iridium Communications from a "buy" rating to a "hold" rating in a research note on Thursday, May 1st. Barclays decreased their price objective on shares of Iridium Communications from $38.00 to $31.00 and set an "overweight" rating on the stock in a research report on Monday, July 28th. Morgan Stanley decreased their price objective on shares of Iridium Communications from $40.00 to $37.00 and set an "overweight" rating on the stock in a research report on Friday, August 1st. Oppenheimer began coverage on shares of Iridium Communications in a research report on Monday, May 5th. They issued an "outperform" rating and a $34.00 price objective on the stock. Finally, Raymond James Financial restated a "strong-buy" rating and issued a $39.00 price objective (down from $47.00) on shares of Iridium Communications in a research report on Friday, July 25th. One equities research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Buy" and an average price target of $34.33.

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.