Pacer Advisors Inc. Sells 385,389 Shares of Iridium Communications Inc $IRDM

Pacer Advisors Inc. lowered its stake in shares of Iridium Communications Inc (NASDAQ:IRDM) by 22.1% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,358,706 shares of the technology company’s stock after selling 385,389 shares during the quarter. Pacer Advisors Inc. owned about 1.29% of Iridium Communications worth $23,614,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Quadrant Capital Group LLC boosted its holdings in Iridium Communications by 107.5% during the fourth quarter. Quadrant Capital Group LLC now owns 1,430 shares of the technology company’s stock valued at $25,000 after acquiring an additional 741 shares during the period. Larson Financial Group LLC lifted its position in shares of Iridium Communications by 392.8% during the 3rd quarter. Larson Financial Group LLC now owns 1,508 shares of the technology company’s stock worth $26,000 after purchasing an additional 1,202 shares during the last quarter. Kestra Advisory Services LLC bought a new stake in Iridium Communications during the 4th quarter valued at approximately $27,000. CIBC Private Wealth Group LLC acquired a new stake in Iridium Communications in the 3rd quarter valued at approximately $32,000. Finally, Caitong International Asset Management Co. Ltd increased its position in Iridium Communications by 10,363.2% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 1,988 shares of the technology company’s stock worth $35,000 after buying an additional 1,969 shares during the period. Institutional investors and hedge funds own 84.36% of the company’s stock.

Insider Activity

In other news, CAO Timothy Kapalka sold 3,790 shares of the business’s stock in a transaction that occurred on Thursday, April 2nd. The stock was sold at an average price of $31.00, for a total value of $117,490.00. Following the transaction, the chief accounting officer directly owned 47,764 shares of the company’s stock, valued at $1,480,684. The trade was a 7.35% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 2.70% of the company’s stock.

Analyst Ratings Changes

IRDM has been the subject of several research reports. Weiss Ratings raised Iridium Communications from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Tuesday, March 10th. BWS Financial restated a “sell” rating and issued a $16.00 price target on shares of Iridium Communications in a research report on Monday, April 27th. New Street Research initiated coverage on shares of Iridium Communications in a research report on Thursday, May 14th. They set a “neutral” rating and a $40.00 price objective for the company. Raymond James Financial reiterated a “market perform” rating on shares of Iridium Communications in a research note on Friday, April 24th. Finally, 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. Two 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, the stock has a consensus rating of “Hold” and a consensus target price of $34.00.

Iridium Communications Stock Performance

Shares of IRDM opened at $44.57 on Friday. Iridium Communications Inc has a 1 year low of $15.65 and a 1 year high of $53.83. The company has a current ratio of 2.85, a quick ratio of 2.21 and a debt-to-equity ratio of 3.74. The stock has a 50 day simple moving average of $43.55 and a 200-day simple moving average of $29.42. The stock has a market cap of $4.71 billion, a PE ratio of 45.02, a PEG ratio of 3.01 and a beta of 0.89.

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

Iridium Communications Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 30th. Stockholders of record on Monday, June 15th will be issued a dividend of $0.15 per share. The ex-dividend date of this dividend is Monday, June 15th. This represents a $0.60 annualized dividend and a dividend yield of 1.3%. Iridium Communications’s dividend payout ratio (DPR) is presently 60.61%.

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.