Y Intercept Hong Kong Ltd Raises Stock Holdings in Iridium Communications Inc $IRDM

Y Intercept Hong Kong Ltd lifted its holdings in shares of Iridium Communications Inc (NASDAQ:IRDM) by 2,459.5% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 345,226 shares of the technology company’s stock after acquiring an additional 331,738 shares during the period. Y Intercept Hong Kong Ltd owned 0.33% of Iridium Communications worth $6,028,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of IRDM. Pacer Advisors Inc. boosted its stake in Iridium Communications by 74.5% during the 3rd quarter. Pacer Advisors Inc. now owns 1,744,095 shares of the technology company’s stock worth $30,452,000 after purchasing an additional 744,836 shares during the period. Synergy Asset Management LLC acquired a new position in Iridium Communications in the second quarter valued at $19,978,000. Norges Bank purchased a new stake in shares of Iridium Communications in the second quarter valued at about $16,297,000. Silver Heights Capital Management Inc boosted its stake in shares of Iridium Communications by 13.5% during the second quarter. Silver Heights Capital Management Inc now owns 4,228,263 shares of the technology company’s stock worth $127,567,000 after buying an additional 501,400 shares during the period. Finally, American Century Companies Inc. boosted its stake in shares of Iridium Communications by 20.1% during the second quarter. American Century Companies Inc. now owns 2,640,658 shares of the technology company’s stock worth $79,669,000 after buying an additional 442,315 shares during the period. 84.36% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several analysts have commented on IRDM shares. BWS Financial reaffirmed a “sell” rating and set a $16.00 price objective on shares of Iridium Communications in a research note on Friday, October 24th. Morgan Stanley reissued an “equal weight” rating and issued a $24.00 target price (down previously from $37.00) on shares of Iridium Communications in a report on Friday, January 16th. Barclays cut their price target on Iridium Communications from $31.00 to $25.00 and set an “overweight” rating for the company in a research note on Wednesday, October 1st. Finally, Weiss Ratings reiterated a “sell (d+)” rating on shares of Iridium Communications in a research report on Thursday. Four analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have given a Sell rating to the company. According to MarketBeat.com, Iridium Communications presently has an average rating of “Hold” and an average target price of $25.00.

Insider Transactions at Iridium Communications

In other news, CEO Matthew J. Desch bought 20,000 shares of the firm’s stock in a transaction on Thursday, October 30th. The shares were bought at an average cost of $17.33 per share, for a total transaction of $346,600.00. Following the completion of the transaction, the chief executive officer owned 1,127,019 shares in the company, valued at $19,531,239.27. This trade represents a 1.81% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Robert H. Niehaus acquired 30,000 shares of the business’s stock in a transaction that occurred on Tuesday, October 28th. The shares were bought at an average price of $17.49 per share, with a total value of $524,700.00. Following the completion of the transaction, the director directly owned 297,363 shares in the company, valued at approximately $5,200,878.87. The trade was a 11.22% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Insiders have sold 30,967 shares of company stock valued at $557,406 in the last quarter. 2.40% of the stock is currently owned by corporate insiders.

Iridium Communications Stock Down 0.1%

IRDM opened at $21.77 on Friday. The business has a 50 day simple moving average of $17.82 and a 200-day simple moving average of $20.56. Iridium Communications Inc has a 12 month low of $15.65 and a 12 month high of $34.45. The stock has a market capitalization of $2.28 billion, a P/E ratio of 19.27, a P/E/G ratio of 1.32 and a beta of 0.55. The company has a debt-to-equity ratio of 4.02, a current ratio of 2.67 and a quick ratio of 1.93.

Iridium Communications (NASDAQ:IRDM) last released its quarterly earnings data on Thursday, October 23rd. The technology company reported $0.35 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.26 by $0.09. The firm had revenue of $226.94 million during the quarter, compared to analysts’ expectations of $222.13 million. Iridium Communications had a return on equity of 24.93% and a net margin of 14.44%.Iridium Communications’s revenue was up 6.6% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.21 earnings per share. On average, equities analysts anticipate that Iridium Communications Inc will post 0.89 earnings per share for the current fiscal year.

Iridium Communications Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, December 31st. Stockholders of record on Monday, December 15th were given a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 2.8%. The ex-dividend date was Monday, December 15th. Iridium Communications’s dividend payout ratio (DPR) is presently 53.10%.

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.