Intech Investment Management LLC Has $1.62 Million Stock Position in Iridium Communications Inc $IRDM

Intech Investment Management LLC lifted its holdings in shares of Iridium Communications Inc (NASDAQ:IRDM) by 23.1% in the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 92,900 shares of the technology company’s stock after buying an additional 17,432 shares during the period. Intech Investment Management LLC owned about 0.09% of Iridium Communications worth $1,615,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also bought and sold shares of the company. Geode Capital Management LLC increased its holdings in Iridium Communications by 12.0% in the 4th quarter. Geode Capital Management LLC now owns 1,907,797 shares of the technology company’s stock worth $33,165,000 after purchasing an additional 203,820 shares in the last quarter. Legal & General Group Plc increased its holdings in Iridium Communications by 26.9% in the 4th quarter. Legal & General Group Plc now owns 410,893 shares of the technology company’s stock worth $7,141,000 after purchasing an additional 87,164 shares in the last quarter. Hantz Financial Services Inc. increased its holdings in Iridium Communications by 69.2% in the 4th quarter. Hantz Financial Services Inc. now owns 2,548 shares of the technology company’s stock worth $44,000 after purchasing an additional 1,042 shares in the last quarter. Leonteq Securities AG acquired a new position in Iridium Communications in the 4th quarter worth about $334,000. Finally, Covestor Ltd increased its holdings in Iridium Communications by 86.6% in the 4th quarter. Covestor Ltd now owns 5,345 shares of the technology company’s stock worth $93,000 after purchasing an additional 2,481 shares in the last quarter. Institutional investors and hedge funds own 84.36% of the company’s stock.

Insider Activity at Iridium Communications

In other Iridium Communications news, CAO Timothy Kapalka sold 2,043 shares of the company’s stock in a transaction dated Monday, April 6th. The stock was sold at an average price of $33.00, for a total value of $67,419.00. Following the sale, the chief accounting officer owned 45,721 shares in the company, valued at approximately $1,508,793. The trade was a 4.28% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 2.70% of the company’s stock.

Iridium Communications Trading Up 6.3%

NASDAQ IRDM opened at $52.07 on Friday. The business’s 50-day moving average price is $40.15 and its two-hundred day moving average price is $27.21. Iridium Communications Inc has a 12 month low of $15.65 and a 12 month high of $53.83. The firm has a market capitalization of $5.51 billion, a PE ratio of 52.60, a price-to-earnings-growth ratio of 3.34 and a beta of 0.89. The company has a current ratio of 2.85, a quick ratio of 2.21 and a debt-to-equity ratio of 3.74.

Iridium Communications (NASDAQ:IRDM) last released its quarterly earnings results on Thursday, April 23rd. The technology company reported $0.20 EPS for the quarter, missing analysts’ consensus estimates of $0.27 by ($0.07). Iridium Communications had a net margin of 12.05% and a return on equity of 22.76%. The company had revenue of $219.06 million during the quarter, compared to the consensus estimate of $218.39 million. During the same quarter last year, the firm posted $0.27 EPS. The company’s quarterly revenue was up 2.0% on a year-over-year basis. On average, analysts expect that Iridium Communications Inc will post 1.04 EPS for the current year.

Iridium Communications Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, June 30th. Shareholders of record on Monday, June 15th will be given a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.2%. The ex-dividend date is Monday, June 15th. Iridium Communications’s payout ratio is 60.61%.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on IRDM. Weiss Ratings raised Iridium Communications from a “sell (d+)” rating to a “hold (c-)” rating in a report on Tuesday, March 10th. Barclays upped their target price on Iridium Communications from $25.00 to $36.00 and gave the stock an “overweight” rating in a report on Thursday, April 9th. Raymond James Financial reaffirmed a “market perform” rating on shares of Iridium Communications in a report on Friday, April 24th. Morgan Stanley upped their target price on Iridium Communications from $24.00 to $26.00 and gave the stock an “equal weight” rating in a report on Wednesday, February 18th. Finally, Oppenheimer upped their target price on Iridium Communications from $48.00 to $60.00 and gave the stock an “outperform” rating in a report on Wednesday. Two equities research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $34.00.

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.