UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC Sells 18,659 Shares of Iridium Communications Inc $IRDM

UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC reduced its holdings in Iridium Communications Inc (NASDAQ:IRDM) by 5.2% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 340,871 shares of the technology company’s stock after selling 18,659 shares during the quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC’s holdings in Iridium Communications were worth $18,697,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently added to or reduced their stakes in IRDM. BlackRock Inc. bought a new position in Iridium Communications in the 2nd quarter worth approximately $737,587,000. Millennium Management LLC increased its position in Iridium Communications by 265.8% during the third quarter. Millennium Management LLC now owns 3,039,731 shares of the technology company’s stock worth $53,074,000 after acquiring an additional 2,208,857 shares during the period. Gotham Asset Management LLC raised its stake in Iridium Communications by 651.1% during the 4th 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 during the last quarter. Man Group plc boosted its holdings in Iridium Communications by 226.3% in the 3rd 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 during the period. Finally, Bank of New York Mellon Corp acquired a new stake in Iridium Communications in the 2nd quarter worth $62,751,000. Institutional investors own 84.36% of the company’s stock.

Insider Buying and Selling

In other news, CAO Timothy Kapalka sold 13,473 shares of the company’s stock in a transaction that occurred on Monday, August 17th. The shares were sold at an average price of $50.51, for a total transaction of $680,521.23. Following the transaction, the chief accounting officer directly owned 35,731 shares in the company, valued at approximately $1,804,772.81. This represents a 27.38% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Thomas Fitzpatrick sold 209,233 shares of the stock in a transaction that occurred on Monday, August 17th. The shares were sold at an average price of $50.22, for a total transaction of $10,507,681.26. Following the sale, the director directly owned 58,306 shares in the company, valued at $2,928,127.32. This trade represents a 78.21% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders sold 375,919 shares of company stock valued at $18,878,997. Insiders own 2.70% of the company’s stock.

Analysts Set New Price Targets

IRDM has been the subject of a number of research analyst reports. Morgan Stanley upped their price objective 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. New Street Research raised Iridium Communications from a “neutral” rating to a “buy” rating in a report on Wednesday, July 22nd. Oppenheimer lifted their price objective on Iridium Communications from $48.00 to $60.00 and gave the stock an “outperform” rating in a report on Wednesday, June 3rd. Weiss Ratings restated a “hold (c)” rating on shares of Iridium Communications in a research report on Friday, July 10th. Finally, William Blair lowered Iridium Communications from an “outperform” rating to a “hold” rating in a research note on Monday, June 29th. Three research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $38.67.

Iridium Communications Stock Performance

Shares of NASDAQ:IRDM opened at $47.21 on Friday. 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’s fifty day moving average price is $48.81 and its two-hundred day moving average price is $40.76. Iridium Communications Inc has a fifty-two week low of $15.65 and a fifty-two week high of $57.18. The stock has a market capitalization of $5.00 billion, a price-to-earnings ratio of 53.65, a price-to-earnings-growth ratio of 3.79 and a beta of 0.87.

Iridium Communications (NASDAQ:IRDM) last announced its earnings results on Wednesday, July 22nd. The technology company reported $0.09 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.28 by ($0.19). The firm had revenue of $225.24 million for 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 company’s revenue for the quarter was up 3.8% compared to the same quarter last year. During the same quarter last year, the business earned $0.20 EPS. As a group, analysts predict that Iridium Communications Inc will post 0.95 EPS for the current fiscal year.

Iridium Communications Announces Dividend

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