Pacer Advisors Inc. Increases Holdings in Iridium Communications Inc $IRDM

Pacer Advisors Inc. boosted its stake in Iridium Communications Inc (NASDAQ:IRDM) by 74.5% in the 3rd quarter, Holdings Channel reports. The firm owned 1,744,095 shares of the technology company’s stock after buying an additional 744,836 shares during the quarter. Pacer Advisors Inc.’s holdings in Iridium Communications were worth $30,452,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. SVB Wealth LLC purchased a new stake in shares of Iridium Communications in the first quarter worth about $30,000. Johnson Financial Group Inc. acquired a new position in Iridium Communications during the 2nd quarter worth approximately $70,000. Carolina Wealth Advisors LLC purchased a new position in Iridium Communications in the 2nd quarter worth approximately $76,000. Financiere des Professionnels Fonds d investissement inc. purchased a new position in Iridium Communications in the 2nd quarter worth approximately $156,000. Finally, Bayforest Capital Ltd grew its position in Iridium Communications by 527.7% in the first quarter. Bayforest Capital Ltd now owns 6,202 shares of the technology company’s stock valued at $169,000 after acquiring an additional 5,214 shares in the last quarter. 84.36% of the stock is owned by hedge funds and other institutional investors.

Iridium Communications Stock Performance

Shares of Iridium Communications stock opened at $17.21 on Friday. The company has a debt-to-equity ratio of 4.02, a quick ratio of 1.93 and a current ratio of 2.67. Iridium Communications Inc has a 1 year low of $15.65 and a 1 year high of $34.45. The firm’s 50-day simple moving average is $17.33 and its 200-day simple moving average is $22.13. The firm has a market cap of $1.80 billion, a PE ratio of 15.23, a price-to-earnings-growth ratio of 1.11 and a beta of 0.61.

Iridium Communications (NASDAQ:IRDM) last announced its quarterly earnings data on Thursday, October 23rd. The technology company reported $0.35 earnings per share for the quarter, beating the consensus estimate of $0.26 by $0.09. Iridium Communications had a return on equity of 24.93% and a net margin of 14.44%.The firm had revenue of $226.94 million during the quarter, compared to analyst estimates of $222.13 million. During the same period in the previous year, the company earned $0.21 earnings per share. Iridium Communications’s quarterly revenue was up 6.6% on a year-over-year basis. Equities analysts forecast that Iridium Communications Inc will post 0.89 earnings per share for the current fiscal year.

Iridium Communications Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, December 31st. Investors of record on Monday, December 15th will be given a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a dividend yield of 3.5%. The ex-dividend date of this dividend is Monday, December 15th. Iridium Communications’s dividend payout ratio is currently 53.10%.

Analyst Ratings Changes

A number of research firms have recently commented on IRDM. Weiss Ratings cut shares of Iridium Communications from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Saturday, October 25th. BWS Financial restated a “sell” rating and set a $16.00 target price on shares of Iridium Communications in a research note on Friday, October 24th. Barclays dropped their target price on Iridium Communications from $31.00 to $25.00 and set an “overweight” rating on the stock in a research report on Wednesday, October 1st. Finally, Raymond James Financial downgraded Iridium Communications from a “strong-buy” rating to an “outperform” rating and reduced their price target for the company from $39.00 to $26.00 in a report on Thursday, September 11th. Six equities research analysts have rated the stock with a Buy rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, Iridium Communications presently has an average rating of “Moderate Buy” and a consensus price target of $29.67.

Insider Buying and Selling

In other Iridium Communications news, Director Robert H. Niehaus acquired 30,000 shares of the stock in a transaction that occurred on Tuesday, October 28th. The stock was acquired at an average price of $17.49 per share, with a total value of $524,700.00. Following the transaction, the director directly owned 297,363 shares in the company, valued at approximately $5,200,878.87. This represents a 11.22% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Matthew J. Desch acquired 20,000 shares of the company’s stock in a transaction that occurred on Thursday, October 30th. The shares were acquired at an average price of $17.33 per share, for a total transaction of $346,600.00. Following the purchase, the chief executive officer owned 1,127,019 shares of the company’s stock, valued at $19,531,239.27. This trade represents a 1.81% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Insiders have sold 30,967 shares of company stock worth $557,406 over the last ninety days. 2.40% of the stock is owned by 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.