Two Sigma Securities LLC Purchases New Position in Iridium Communications Inc $IRDM

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

Other institutional investors also recently bought and sold shares of the company. BlackRock Inc. bought a new stake in Iridium Communications during the 2nd quarter valued at $737,587,000. Vanguard Group Inc. grew its position in shares of 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 in the last quarter. Silver Heights Capital Management Inc increased its stake in shares of Iridium Communications by 1.2% during 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 period. State Street Corp increased its stake in shares of Iridium Communications by 18.0% during the fourth quarter. State Street Corp now owns 4,761,749 shares of the technology company’s stock valued at $82,759,000 after buying an additional 725,856 shares during the period. Finally, Millennium Management LLC raised its holdings in shares of Iridium Communications by 265.8% in the third quarter. Millennium Management LLC now owns 3,039,731 shares of the technology company’s stock valued at $53,074,000 after acquiring an additional 2,208,857 shares in the last quarter. 84.36% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other 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 transaction of $1,671,217.20. Following the transaction, the insider directly owned 124,871 shares of the company’s stock, valued at approximately $6,287,254.85. This represents a 21.00% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CAO Timothy Kapalka sold 13,473 shares of the stock in a transaction on Monday, August 17th. The shares were sold at an average price of $50.51, for a total value of $680,521.23. Following the sale, the chief accounting officer 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 disclosure for this sale is available in the SEC filing. In the last ninety days, insiders sold 375,919 shares of company stock valued at $18,878,997. 2.70% of the stock is currently owned by company insiders.

Iridium Communications Stock Performance

Shares of Iridium Communications stock opened at $46.72 on Wednesday. The company has a market capitalization of $4.95 billion, a PE ratio of 53.09, a P/E/G ratio of 3.79 and a beta of 0.88. The company has a 50-day simple moving average of $48.54 and a two-hundred day simple moving average of $40.37. Iridium Communications Inc has a one year low of $15.65 and a one year high of $57.18. 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 (NASDAQ:IRDM) last released its quarterly earnings results on Wednesday, July 22nd. The technology company reported $0.09 earnings per share 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 the consensus estimate of $220.32 million. Iridium Communications had a net margin of 10.55% and a return on equity of 22.57%. The firm’s quarterly revenue was up 3.8% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.20 earnings per share. Research analysts expect that Iridium Communications Inc will post 0.95 EPS for the current fiscal year.

Iridium Communications Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Tuesday, September 15th will be issued a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 1.3%. The ex-dividend date of this dividend is Tuesday, September 15th. Iridium Communications’s payout ratio is currently 68.18%.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on IRDM. Oppenheimer upped their price objective 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. Morgan Stanley raised their target price on shares of Iridium Communications from $26.00 to $54.00 and gave the company an “equal weight” rating in a research report on Tuesday, June 30th. Weiss Ratings restated a “hold (c)” rating on shares of Iridium Communications in a report on Friday, July 10th. New Street Research raised shares of Iridium Communications from a “neutral” rating to a “buy” rating in a research report on Wednesday, July 22nd. Finally, William Blair downgraded shares of Iridium Communications from an “outperform” rating to a “hold” rating in a research note on Monday, June 29th. Three equities research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, Iridium Communications has an average rating of “Hold” and a consensus 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.