Redwood Investment Management LLC Buys Shares of 41,295 Iridium Communications Inc $IRDM

Redwood Investment Management LLC bought a new stake in shares of Iridium Communications Inc (NASDAQ:IRDM) in the 2nd quarter, Holdings Channel reports. The firm bought 41,295 shares of the technology company’s stock, valued at approximately $2,265,000.

A number of other hedge funds have also recently made changes to their positions in IRDM. Corient Private Wealth LP bought a new position in Iridium Communications during the 2nd quarter valued at approximately $1,438,000. Bank of America Corp DE purchased a new position in Iridium Communications during the second quarter valued at $13,446,000. Magnolia Capital Advisors LLC bought a new stake in Iridium Communications in the second quarter worth $372,000. Caisse de depot et placement du Quebec bought a new stake in Iridium Communications in the second quarter worth $2,008,000. Finally, Sculptor Capital LP purchased a new stake in shares of Iridium Communications in the second quarter worth $25,725,000. 84.36% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other Iridium Communications news, CAO Timothy Kapalka sold 13,473 shares of the business’s stock in a transaction dated Monday, August 17th. The stock was sold at an average price of $50.51, for a total value of $680,521.23. Following the completion of the transaction, the chief accounting officer owned 35,731 shares of the company’s stock, valued at approximately $1,804,772.81. The trade was a 27.38% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Timothy James Last sold 19,521 shares of the company’s stock in a transaction dated Monday, August 17th. The shares were sold at an average price of $50.34, for a total transaction of $982,687.14. Following the transaction, the executive vice president owned 93,413 shares in the company, valued at $4,702,410.42. This represents a 17.29% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 375,919 shares of company stock worth $18,878,997 in the last quarter. Insiders own 2.70% of the company’s stock.

Iridium Communications Stock Performance

Shares of IRDM opened at $47.20 on Thursday. The company has a market cap of $5.00 billion, a price-to-earnings ratio of 53.64, a P/E/G ratio of 3.80 and a beta of 0.88. The business’s fifty day simple moving average is $48.31 and its two-hundred day simple moving average is $39.60. Iridium Communications Inc has a 12 month low of $15.65 and a 12 month high of $57.18. The company has a current ratio of 2.78, a quick ratio of 2.31 and a debt-to-equity ratio of 3.70.

Iridium Communications (NASDAQ:IRDM) last posted its quarterly earnings results on Wednesday, July 22nd. The technology company reported $0.09 earnings per share for the quarter, missing the consensus estimate of $0.28 by ($0.19). The business had revenue of $225.24 million during the quarter, compared to analysts’ expectations of $220.32 million. Iridium Communications had a return on equity of 22.57% and a net margin of 10.55%.The firm’s revenue for the quarter was up 3.8% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.20 EPS. Research analysts anticipate that Iridium Communications Inc will post 0.95 earnings per share for the current fiscal year.

Iridium Communications Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 30th. Investors of record on Tuesday, September 15th will be issued a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 1.3%. The ex-dividend date is Tuesday, September 15th. Iridium Communications’s dividend payout ratio (DPR) is presently 68.18%.

Wall Street Analyst Weigh In

IRDM has been the subject of several analyst reports. William Blair downgraded Iridium Communications from an “outperform” rating to a “hold” rating in a report on Monday, June 29th. New Street Research upgraded shares of Iridium Communications from a “neutral” rating to a “buy” rating in a research note on Wednesday, July 22nd. Weiss Ratings reissued a “hold (c)” rating on shares of Iridium Communications in a research report on Friday, July 10th. Oppenheimer raised their price objective on shares of Iridium Communications from $48.00 to $60.00 and gave the company an “outperform” rating in a research note on Wednesday, June 3rd. Finally, Morgan Stanley lifted their target price on shares of Iridium Communications from $26.00 to $54.00 and gave the stock an “equal weight” rating in a report on Tuesday, June 30th. 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 stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $38.67.

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.