Corient Private Wealth LP Invests $1.44 Million in Iridium Communications Inc $IRDM

Corient Private Wealth LP acquired a new stake in Iridium Communications Inc (NASDAQ:IRDM) in the second quarter, Holdings Channel reports. The institutional investor acquired 26,211 shares of the technology company’s stock, valued at approximately $1,438,000.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. Quantinno Capital Management LP raised its position in Iridium Communications by 3.1% in the 2nd quarter. Quantinno Capital Management LP now owns 15,199 shares of the technology company’s stock worth $459,000 after purchasing an additional 461 shares during the period. Empowered Funds LLC boosted its position in Iridium Communications by 4.4% during the fourth quarter. Empowered Funds LLC now owns 11,350 shares of the technology company’s stock valued at $197,000 after buying an additional 478 shares during the period. GAMMA Investing LLC grew its stake in shares of Iridium Communications by 19.4% during the second quarter. GAMMA Investing LLC now owns 3,023 shares of the technology company’s stock valued at $166,000 after buying an additional 491 shares during the last quarter. Allworth Financial LP grew its stake in shares of Iridium Communications by 11.2% during the fourth quarter. Allworth Financial LP now owns 5,677 shares of the technology company’s stock valued at $99,000 after buying an additional 572 shares during the last quarter. Finally, Quadrant Capital Group LLC grew its stake in shares of Iridium Communications by 107.5% during the fourth quarter. Quadrant Capital Group LLC now owns 1,430 shares of the technology company’s stock valued at $25,000 after buying an additional 741 shares during the last quarter. Institutional investors own 84.36% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on IRDM shares. New Street Research raised Iridium Communications from a “neutral” rating to a “buy” rating in a research note on Wednesday, July 22nd. William Blair lowered Iridium Communications from an “outperform” rating to a “hold” rating in a research report on Monday, June 29th. Morgan Stanley lifted 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. Weiss Ratings reiterated a “hold (c)” rating on shares of Iridium Communications in a research report on Friday, July 10th. Finally, Oppenheimer increased their price objective on Iridium Communications from $48.00 to $60.00 and gave the company an “outperform” rating in a research note on Wednesday, June 3rd. Three analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $38.67.

Insider Buying and Selling

In other Iridium Communications news, CAO Timothy Kapalka sold 13,473 shares of the firm’s stock in a transaction dated Monday, August 17th. The shares were sold at an average price of $50.51, for a total value of $680,521.23. Following the completion of the sale, the chief accounting officer directly owned 35,731 shares in the company, valued at $1,804,772.81. This trade represents a 27.38% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director Thomas Fitzpatrick sold 209,233 shares of Iridium Communications stock in a transaction that occurred on Monday, August 17th. The shares were sold at an average price of $50.22, for a total value of $10,507,681.26. Following the sale, the director directly owned 58,306 shares in the company, valued at approximately $2,928,127.32. The trade was a 78.21% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 375,919 shares of company stock valued at $18,878,997 over the last quarter. 2.70% of the stock is currently owned by insiders.

Iridium Communications Stock Performance

NASDAQ:IRDM opened at $46.95 on Friday. The stock has a market cap of $4.98 billion, a P/E ratio of 53.35, a price-to-earnings-growth ratio of 3.79 and a beta of 0.87. The firm’s fifty day simple moving average is $48.74 and its 200 day simple moving average is $40.71. Iridium Communications Inc has a twelve month low of $15.65 and a twelve month high of $57.18. The company has a quick ratio of 2.31, a current ratio of 2.78 and a debt-to-equity ratio of 3.70.

Iridium Communications (NASDAQ:IRDM) last issued its quarterly earnings data on Wednesday, July 22nd. The technology company reported $0.09 EPS for the quarter, missing the consensus estimate 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 the consensus estimate of $220.32 million. During the same quarter last year, the company posted $0.20 earnings per share. The firm’s revenue for the quarter was up 3.8% compared to the same quarter last year. As a group, research analysts predict that Iridium Communications Inc will post 0.95 EPS for the current year.

Iridium Communications Dividend Announcement

The business also recently declared 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. The ex-dividend date is Tuesday, September 15th. This represents a $0.60 annualized dividend and a dividend yield of 1.3%. Iridium Communications’s payout ratio is currently 68.18%.

About Iridium Communications

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.