Pacer Advisors Inc. Has $23.61 Million Holdings in Iridium Communications Inc $IRDM

Pacer Advisors Inc. trimmed its stake in shares of Iridium Communications Inc (NASDAQ:IRDM) by 22.1% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 1,358,706 shares of the technology company’s stock after selling 385,389 shares during the period. Pacer Advisors Inc.’s holdings in Iridium Communications were worth $23,614,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also modified their holdings of the company. Quadrant Capital Group LLC raised its position in Iridium Communications by 107.5% in the 4th quarter. Quadrant Capital Group LLC now owns 1,430 shares of the technology company’s stock worth $25,000 after purchasing an additional 741 shares during the last quarter. Larson Financial Group LLC increased its stake in shares of Iridium Communications by 392.8% in the 3rd quarter. Larson Financial Group LLC now owns 1,508 shares of the technology company’s stock valued at $26,000 after buying an additional 1,202 shares during the period. Kestra Advisory Services LLC acquired a new stake in shares of Iridium Communications in the 4th quarter valued at $27,000. CIBC Private Wealth Group LLC bought a new stake in Iridium Communications during the 3rd quarter worth about $32,000. Finally, Caitong International Asset Management Co. Ltd raised its stake in shares of Iridium Communications by 10,363.2% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 1,988 shares of the technology company’s stock worth $35,000 after buying an additional 1,969 shares during the last quarter. Institutional investors and hedge funds own 84.36% of the company’s stock.

Iridium Communications Stock Performance

Shares of IRDM opened at $44.57 on Friday. The firm has a market cap of $4.71 billion, a P/E ratio of 45.02, a PEG ratio of 3.01 and a beta of 0.89. Iridium Communications Inc has a twelve month low of $15.65 and a twelve month high of $53.83. The company has a debt-to-equity ratio of 3.74, a quick ratio of 2.21 and a current ratio of 2.85. The firm’s 50 day moving average price is $43.55 and its two-hundred day moving average price is $29.42.

Iridium Communications (NASDAQ:IRDM) last issued its quarterly earnings data on Thursday, April 23rd. The technology company reported $0.20 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.27 by ($0.07). Iridium Communications had a return on equity of 22.76% and a net margin of 12.05%.The company had revenue of $219.06 million for the quarter, compared to the consensus estimate of $218.39 million. During the same period in the prior year, the company earned $0.27 EPS. The firm’s revenue was up 2.0% on a year-over-year basis. On average, analysts forecast that Iridium Communications Inc will post 1.05 EPS for the current fiscal year.

Iridium Communications Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, June 30th. Shareholders of record on Monday, June 15th will be issued a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a yield of 1.3%. The ex-dividend date is Monday, June 15th. Iridium Communications’s dividend payout ratio is 60.61%.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on the company. Raymond James Financial reissued a “market perform” rating on shares of Iridium Communications in a research note on Friday, April 24th. New Street Research assumed coverage on Iridium Communications in a research note on Thursday, May 14th. They set a “neutral” rating and a $40.00 price objective for the company. Barclays upped their price objective on Iridium Communications from $25.00 to $36.00 and gave the company an “overweight” rating in a report on Thursday, April 9th. BWS Financial restated a “sell” rating and set a $16.00 target price on shares of Iridium Communications in a report on Monday, April 27th. Finally, Weiss Ratings upgraded Iridium Communications from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Tuesday, March 10th. Two investment analysts have rated the stock with a Buy rating, four have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, Iridium Communications presently has a consensus rating of “Hold” and an average price target of $34.00.

Insider Activity

In other news, CAO Timothy Kapalka sold 2,043 shares of the business’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 directly owned 45,721 shares in the company, valued at $1,508,793. The trade was a 4.28% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 2.70% of the stock is owned by corporate 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.