WINTON GROUP Ltd Buys Shares of 41,300 Iridium Communications Inc $IRDM

WINTON GROUP Ltd bought a new stake in shares of Iridium Communications Inc (NASDAQ:IRDM) during the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund bought 41,300 shares of the technology company’s stock, valued at approximately $718,000.

Several other institutional investors and hedge funds also recently bought and sold shares of the business. Vanguard Group Inc. raised its holdings in shares of Iridium Communications by 7.1% during the fourth quarter. Vanguard Group Inc. now owns 10,157,227 shares of the technology company’s stock worth $176,533,000 after acquiring an additional 677,258 shares in the last quarter. ARK Investment Management LLC raised its holdings in shares of Iridium Communications by 21.7% during the third quarter. ARK Investment Management LLC now owns 6,490,108 shares of the technology company’s stock worth $113,317,000 after acquiring an additional 1,156,580 shares in the last quarter. Silver Heights Capital Management Inc raised its holdings in shares of Iridium Communications by 22.7% during the third quarter. Silver Heights Capital Management Inc now owns 5,189,703 shares of the technology company’s stock worth $90,612,000 after acquiring an additional 961,440 shares in the last quarter. Millennium Management LLC raised its holdings in shares of 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 in the last quarter. Finally, American Century Companies Inc. raised its holdings in shares of Iridium Communications by 9.0% during the third quarter. American Century Companies Inc. now owns 2,878,902 shares of the technology company’s stock worth $50,266,000 after acquiring an additional 238,244 shares in the last quarter. Hedge funds and other institutional investors own 84.36% of the company’s stock.

Insiders Place Their Bets

In related news, CAO Timothy Kapalka sold 2,043 shares of the business’s stock in a transaction that occurred on Monday, April 6th. The stock was sold at an average price of $33.00, for a total value of $67,419.00. Following the completion of the sale, the chief accounting officer directly owned 45,721 shares in the company, valued at approximately $1,508,793. The trade was a 4.28% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 2.70% of the company’s stock.

Iridium Communications Trading Up 1.1%

Shares of NASDAQ IRDM opened at $45.61 on Thursday. The stock has a market cap of $4.82 billion, a price-to-earnings ratio of 46.07, a PEG ratio of 3.04 and a beta of 0.89. The business has a 50 day simple moving average of $41.60 and a 200 day simple moving average of $28.07. Iridium Communications Inc has a 52 week low of $15.65 and a 52 week high of $53.83. The company has a debt-to-equity ratio of 3.74, a quick ratio of 2.21 and a current ratio of 2.85.

Iridium Communications (NASDAQ:IRDM) last posted its earnings results on Thursday, April 23rd. The technology company reported $0.20 earnings per share for the quarter, missing the consensus estimate of $0.27 by ($0.07). Iridium Communications had a return on equity of 22.76% and a net margin of 12.05%.The company had revenue of $219.06 million during the quarter, compared to analyst estimates of $218.39 million. During the same quarter last year, the firm posted $0.27 earnings per share. The firm’s revenue for the quarter was up 2.0% compared to the same quarter last year. On average, research analysts predict that Iridium Communications Inc will post 1.05 earnings per share for the current fiscal year.

Iridium Communications Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, June 30th. Investors of record on Monday, June 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 is Monday, June 15th. Iridium Communications’s payout ratio is 60.61%.

Analysts Set New Price Targets

IRDM has been the subject of several recent research reports. Barclays boosted their price target on Iridium Communications from $25.00 to $36.00 and gave the company an “overweight” rating in a research note on Thursday, April 9th. BWS Financial reissued a “sell” rating and issued a $16.00 price target on shares of Iridium Communications in a research note on Monday, April 27th. Weiss Ratings raised Iridium Communications from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Tuesday, March 10th. Oppenheimer boosted their price target on Iridium Communications from $48.00 to $60.00 and gave the company an “outperform” rating in a research note on Wednesday, June 3rd. Finally, Morgan Stanley boosted their price target on Iridium Communications from $24.00 to $26.00 and gave the company an “equal weight” rating in a research note on Wednesday, February 18th. Two research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $34.00.

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.