PDT Partners LLC Makes New Investment in Iridium Communications Inc $IRDM

PDT Partners LLC acquired a new stake in shares of Iridium Communications Inc (NASDAQ:IRDM) during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm acquired 138,207 shares of the technology company’s stock, valued at approximately $7,581,000.

Several other institutional investors and hedge funds have also made changes to their positions in IRDM. Vanguard Group Inc. increased its stake in Iridium Communications by 7.1% during the 4th quarter. Vanguard Group Inc. now owns 10,157,227 shares of the technology company’s stock worth $176,533,000 after buying an additional 677,258 shares during the period. Silver Heights Capital Management Inc boosted its position in Iridium Communications by 1.2% in the 4th 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. boosted its position in Iridium Communications by 130.2% in the 4th 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 last quarter. Maxi Investments CY Ltd acquired a new stake in shares of Iridium Communications during the fourth quarter valued at about $7,369,000. Finally, Edgestream Partners L.P. acquired a new stake in shares of Iridium Communications during the first quarter valued at about $2,083,000. 84.36% of the stock is currently owned by hedge funds and other institutional investors.

Iridium Communications Stock Performance

Shares of Iridium Communications stock opened at $47.10 on Wednesday. The company has a debt-to-equity ratio of 3.70, a quick ratio of 2.31 and a current ratio of 2.78. Iridium Communications Inc has a 1 year low of $15.65 and a 1 year high of $57.18. The firm’s 50-day simple moving average is $48.27 and its 200-day simple moving average is $39.41. The firm has a market cap of $4.99 billion, a PE ratio of 53.52, a price-to-earnings-growth ratio of 3.82 and a beta of 0.88.

Iridium Communications (NASDAQ:IRDM) last posted its quarterly earnings results on Wednesday, July 22nd. The technology company reported $0.09 EPS for the quarter, missing analysts’ consensus estimates of $0.28 by ($0.19). The firm had revenue of $225.24 million during the quarter, compared to analyst estimates 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 quarter last year, the business posted $0.20 earnings per share. Equities analysts forecast that Iridium Communications Inc will post 0.95 earnings per share for the current fiscal year.

Iridium Communications Dividend Announcement

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

Insider Buying and Selling

In related news, CAO Timothy Kapalka sold 13,473 shares of the company’s stock in a transaction that occurred on Monday, August 17th. The stock was sold at an average price of $50.51, for a total transaction of $680,521.23. Following the sale, the chief accounting officer directly owned 35,731 shares of the company’s stock, valued at approximately $1,804,772.81. This represents a 27.38% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP Timothy James Last sold 19,521 shares of the firm’s stock in a transaction on Monday, August 17th. The stock was sold at an average price of $50.34, for a total value 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 trade represents a 17.29% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last quarter, insiders have sold 375,919 shares of company stock worth $18,878,997. 2.70% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several research firms recently commented on IRDM. Oppenheimer boosted 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. William Blair lowered Iridium Communications from an “outperform” rating to a “hold” rating in a research note on Monday, June 29th. New Street Research upgraded Iridium Communications from a “neutral” rating to a “buy” rating in a report on Wednesday, July 22nd. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Iridium Communications in a research report on Friday, July 10th. Finally, Morgan Stanley increased their target price 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. Three investment analysts have rated the stock with a Buy rating, four have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, Iridium Communications currently has an average rating of “Hold” and an average price target 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.