Two Sigma Securities LLC Takes $681,000 Position in Iridium Communications Inc $IRDM

Two Sigma Securities LLC purchased a new position in Iridium Communications Inc (NASDAQ:IRDM) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 12,417 shares of the technology company’s stock, valued at approximately $681,000.

Several other large investors also recently bought and sold shares of IRDM. BlackRock Inc. bought a new position in Iridium Communications during the second quarter valued at $737,587,000. Millennium Management LLC increased its holdings in shares of Iridium Communications by 265.8% in the 3rd quarter. Millennium Management LLC now owns 3,039,731 shares of the technology company’s stock worth $53,074,000 after buying an additional 2,208,857 shares during the last quarter. Gotham Asset Management LLC increased its holdings in shares of Iridium Communications by 651.1% in the 4th quarter. Gotham Asset Management LLC now owns 2,309,750 shares of the technology company’s stock worth $40,143,000 after buying an additional 2,002,232 shares during the last quarter. Man Group plc raised its position in shares of Iridium Communications by 226.3% during the 3rd quarter. Man Group plc now owns 2,012,077 shares of the technology company’s stock valued at $35,131,000 after buying an additional 1,395,485 shares in the last quarter. Finally, Bank of New York Mellon Corp purchased a new stake in shares of Iridium Communications during the 2nd quarter valued at about $62,751,000. Institutional investors own 84.36% of the company’s stock.

Wall Street Analysts Forecast Growth

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

Iridium Communications Stock Performance

Shares of NASDAQ:IRDM opened at $46.72 on Wednesday. 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 Inc has a 12 month low of $15.65 and a 12 month high of $57.18. The company has a market capitalization of $4.95 billion, a price-to-earnings ratio of 53.09, a PEG ratio of 3.79 and a beta of 0.88. The firm’s 50-day moving average is $48.54 and its 200 day moving average is $40.37.

Iridium Communications (NASDAQ:IRDM) last announced its quarterly earnings data on Wednesday, July 22nd. The technology company reported $0.09 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.28 by ($0.19). The firm had revenue of $225.24 million during the quarter, compared to the consensus estimate 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% on a year-over-year basis. During the same period in the previous year, the business earned $0.20 EPS. Research analysts predict that Iridium Communications Inc will post 0.95 EPS for the current 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 dividend of $0.15 per share. The ex-dividend date is Tuesday, September 15th. This represents a $0.60 dividend on an annualized basis and a yield of 1.3%. Iridium Communications’s payout ratio is presently 68.18%.

Insider Activity at Iridium Communications

In other Iridium Communications news, insider Kathleen A. Morgan sold 33,192 shares of the company’s stock in a transaction on Monday, August 17th. The stock was sold at an average price of $50.35, for a total value of $1,671,217.20. Following the transaction, the insider owned 124,871 shares of the company’s stock, valued at $6,287,254.85. This represents a 21.00% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Thomas Fitzpatrick sold 209,233 shares of the stock in a transaction on Monday, August 17th. The stock was sold at an average price of $50.22, for a total value of $10,507,681.26. Following the completion of the sale, the director owned 58,306 shares in the company, valued at approximately $2,928,127.32. The trade was a 78.21% 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 over the last quarter. 2.70% 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.