PDT Partners LLC Buys Shares of 138,207 Iridium Communications Inc $IRDM

PDT Partners LLC purchased a new position in shares of Iridium Communications Inc (NASDAQ:IRDM) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 138,207 shares of the technology company’s stock, valued at approximately $7,581,000. PDT Partners LLC owned approximately 0.13% of Iridium Communications as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors also recently made changes to their positions in the company. Vanguard Group Inc. raised its stake in Iridium Communications by 7.1% in the 4th quarter. Vanguard Group Inc. now owns 10,157,227 shares of the technology company’s stock valued at $176,533,000 after purchasing an additional 677,258 shares during the last quarter. Silver Heights Capital Management Inc raised its position in shares of Iridium Communications by 1.2% in the fourth quarter. Silver Heights Capital Management Inc now owns 5,251,133 shares of the technology company’s stock valued at $91,265,000 after buying an additional 61,430 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. lifted its stake in shares of Iridium Communications by 130.2% during the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 396,642 shares of the technology company’s stock valued at $7,044,000 after buying an additional 224,322 shares during the period. Maxi Investments CY Ltd purchased a new position in shares of Iridium Communications during the fourth quarter valued at approximately $7,369,000. Finally, Edgestream Partners L.P. acquired a new stake in Iridium Communications during the first quarter worth approximately $2,083,000. 84.36% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

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

Insider Activity at Iridium Communications

In related news, EVP Timothy James Last sold 19,521 shares of Iridium Communications stock in a transaction on 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 approximately $4,702,410.42. The trade was a 17.29% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Kathleen A. Morgan sold 33,192 shares of Iridium Communications stock in a transaction on Monday, August 17th. The shares were sold at an average price of $50.35, for a total transaction of $1,671,217.20. Following the transaction, the insider owned 124,871 shares in the company, valued at $6,287,254.85. The trade was a 21.00% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 375,919 shares of company stock valued at $18,878,997 over the last quarter. Company insiders own 2.70% of the company’s stock.

Iridium Communications Stock Performance

Shares of NASDAQ:IRDM opened at $47.10 on Wednesday. The firm has a market capitalization of $4.99 billion, a PE ratio of 53.52, a P/E/G ratio of 3.82 and a beta of 0.88. The company has a debt-to-equity ratio of 3.70, a current ratio of 2.78 and a quick ratio of 2.31. The business has a 50-day moving average of $48.27 and a two-hundred day moving average of $39.41. Iridium Communications Inc has a 12 month low of $15.65 and a 12 month high of $57.18.

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

Iridium Communications Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Tuesday, September 15th will be given 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 of this dividend is Tuesday, September 15th. Iridium Communications’s payout ratio is 68.18%.

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.