Sei Investments Co. Buys 49,034 Shares of Iridium Communications Inc $IRDM

Sei Investments Co. grew its position in shares of Iridium Communications Inc (NASDAQ:IRDM) by 123.3% in the 1st quarter, Holdings Channel reports. The firm owned 88,790 shares of the technology company’s stock after acquiring an additional 49,034 shares during the quarter. Sei Investments Co.’s holdings in Iridium Communications were worth $2,463,000 at the end of the most recent quarter.

Several other large investors also recently modified their holdings of the company. First Citizens Bank & Trust Co. bought a new position in Iridium Communications during the first quarter worth $714,000. PNC Financial Services Group Inc. grew its holdings in Iridium Communications by 40.2% during the 1st quarter. PNC Financial Services Group Inc. now owns 6,406 shares of the technology company’s stock worth $178,000 after acquiring an additional 1,838 shares during the period. Summit Global Investments bought a new position in shares of Iridium Communications in the 1st quarter worth about $234,000. Dimensional Fund Advisors LP lifted its stake in shares of Iridium Communications by 3.2% in the 1st quarter. Dimensional Fund Advisors LP now owns 2,159,061 shares of the technology company’s stock valued at $59,884,000 after purchasing an additional 65,937 shares during the period. Finally, Parallel Advisors LLC boosted its position in shares of Iridium Communications by 789.1% during the 1st quarter. Parallel Advisors LLC now owns 7,042 shares of the technology company’s stock valued at $195,000 after purchasing an additional 6,250 shares in the last quarter. 84.36% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of brokerages have weighed in on IRDM. BWS Financial reiterated a “sell” rating and issued a $16.00 target price on shares of Iridium Communications in a report on Monday, April 27th. Oppenheimer increased their target price on shares of 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 cut shares of Iridium Communications from an “outperform” rating to a “hold” rating in a research report on Monday, June 29th. Weiss Ratings restated a “hold (c)” rating on shares of Iridium Communications in a research note on Friday, July 10th. Finally, Morgan Stanley upped their price target on Iridium Communications from $26.00 to $54.00 and gave the stock 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. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $38.67.

Iridium Communications Stock Up 3.4%

Iridium Communications stock opened at $49.93 on Friday. The firm has a market capitalization of $5.29 billion, a price-to-earnings ratio of 56.74, a price-to-earnings-growth ratio of 4.04 and a beta of 0.88. The firm’s fifty day moving average price is $47.91 and its two-hundred day moving average price is $36.87. Iridium Communications Inc has a 1-year low of $15.65 and a 1-year 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 earnings results on Wednesday, July 22nd. The technology company reported $0.09 EPS for the quarter, missing the consensus estimate of $0.28 by ($0.19). Iridium Communications had a return on equity of 22.57% and a net margin of 10.55%.The business had revenue of $225.24 million for the quarter, compared to the consensus estimate of $220.32 million. During the same period in the previous year, the firm earned $0.20 earnings per share. The company’s revenue was up 3.8% on a year-over-year basis. On average, equities research analysts predict that Iridium Communications Inc will post 0.95 earnings per share for the current fiscal year.

Iridium Communications Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, June 30th. Stockholders of record on Monday, June 15th were issued a $0.15 dividend. The ex-dividend date was Monday, June 15th. This represents a $0.60 annualized dividend and a dividend yield of 1.2%. Iridium Communications’s dividend payout ratio is currently 68.18%.

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.