Pacer Advisors Inc. Sells 468,324 Shares of Iridium Communications Inc $IRDM

Pacer Advisors Inc. lessened its holdings in shares of Iridium Communications Inc (NASDAQ:IRDM) by 34.5% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 890,382 shares of the technology company’s stock after selling 468,324 shares during the quarter. Pacer Advisors Inc.’s holdings in Iridium Communications were worth $24,699,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently modified their holdings of the business. Millennium Management LLC increased its stake 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 purchasing an additional 2,208,857 shares in the last quarter. Gotham Asset Management LLC lifted its position in Iridium Communications by 651.1% during the fourth quarter. Gotham Asset Management LLC now owns 2,309,750 shares of the technology company’s stock valued at $40,143,000 after purchasing an additional 2,002,232 shares in the last quarter. Man Group plc lifted its position in Iridium Communications by 226.3% during the third quarter. Man Group plc now owns 2,012,077 shares of the technology company’s stock valued at $35,131,000 after purchasing an additional 1,395,485 shares in the last quarter. Bank of America Corp DE grew its holdings in Iridium Communications by 124.8% during the third quarter. Bank of America Corp DE now owns 1,581,142 shares of the technology company’s stock valued at $27,607,000 after purchasing an additional 877,760 shares during the period. Finally, State Street Corp increased its position in Iridium Communications by 18.0% in the fourth quarter. State Street Corp now owns 4,761,749 shares of the technology company’s stock worth $82,759,000 after buying an additional 725,856 shares in the last quarter. Institutional investors own 84.36% of the company’s stock.

Iridium Communications Stock Performance

NASDAQ IRDM opened at $48.32 on Tuesday. 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 Inc has a twelve month low of $15.65 and a twelve month high of $57.18. The business has a 50-day moving average price of $48.08 and a 200-day moving average price of $36.15. The firm has a market cap of $5.12 billion, a price-to-earnings ratio of 54.91, a price-to-earnings-growth ratio of 3.83 and a beta of 0.88.

Iridium Communications (NASDAQ:IRDM) last issued its earnings results 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). Iridium Communications had a net margin of 10.55% and a return on equity of 22.57%. The business had revenue of $225.24 million for the quarter, compared to the consensus estimate of $220.32 million. During the same period last year, the business posted $0.20 EPS. The firm’s revenue for the quarter was up 3.8% compared to the same quarter last year. As a group, equities research analysts predict that Iridium Communications Inc will post 0.95 EPS for the current fiscal year.

Iridium Communications Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, June 30th. Shareholders of record on Monday, June 15th were issued a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a yield of 1.2%. The ex-dividend date of this dividend was Monday, June 15th. Iridium Communications’s dividend payout ratio (DPR) is 68.18%.

Analysts Set New Price Targets

Several research analysts have recently commented 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 downgraded Iridium Communications from an “outperform” rating to a “hold” rating in a research note on Monday, June 29th. Morgan Stanley raised their target price on shares of Iridium Communications from $26.00 to $54.00 and gave the stock an “equal weight” rating in a research note on Tuesday, June 30th. Barclays lifted their price target on shares of Iridium Communications from $25.00 to $36.00 and gave the company an “overweight” rating in a report on Thursday, April 9th. Finally, Oppenheimer upped their price target on shares of Iridium Communications from $48.00 to $60.00 and gave the stock an “outperform” rating in a research report on Wednesday, June 3rd. Three analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, Iridium Communications currently has a consensus rating of “Hold” and an average target price of $38.67.

Iridium Communications Company 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.