Pallas Capital Advisors LLC Invests $887,000 in Iridium Communications Inc $IRDM

Pallas Capital Advisors LLC purchased a new stake in Iridium Communications Inc (NASDAQ:IRDM) in the 2nd quarter, Holdings Channel.com reports. The firm purchased 16,168 shares of the technology company’s stock, valued at approximately $887,000.

Other institutional investors have also modified their holdings of the company. Millennium Management LLC lifted its holdings in Iridium Communications by 265.8% in 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 last quarter. Gotham Asset Management LLC boosted its stake in Iridium Communications by 651.1% in the fourth quarter. Gotham Asset Management LLC now owns 2,309,750 shares of the technology company’s stock valued at $40,143,000 after acquiring an additional 2,002,232 shares during the period. Man Group plc grew its holdings in shares of Iridium Communications by 226.3% during the third 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 last quarter. Bank of New York Mellon Corp bought a new position in shares of Iridium Communications during the second quarter valued at approximately $62,751,000. Finally, Bank of America Corp DE raised its position in shares of Iridium Communications by 124.8% during the 3rd quarter. Bank of America Corp DE now owns 1,581,142 shares of the technology company’s stock worth $27,607,000 after purchasing an additional 877,760 shares during the period. Institutional investors own 84.36% of the company’s stock.

Iridium Communications Price Performance

NASDAQ IRDM opened at $49.03 on Wednesday. The company has a 50-day moving average price of $48.09 and a two-hundred day moving average price of $38.42. Iridium Communications Inc has a 52 week low of $15.65 and a 52 week high of $57.18. The stock has a market cap of $5.20 billion, a price-to-earnings ratio of 55.72, a price-to-earnings-growth ratio of 4.05 and a beta of 0.88. The company has a current ratio of 2.78, a quick ratio of 2.31 and a debt-to-equity ratio of 3.70.

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 business had revenue of $225.24 million for 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 business’s quarterly revenue was up 3.8% on a year-over-year basis. During the same period last year, the firm posted $0.20 EPS. Analysts forecast that Iridium Communications Inc will post 0.95 EPS for the current year.

Iridium Communications Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Investors of record on Tuesday, September 15th will be given a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 1.2%. The ex-dividend date is Tuesday, September 15th. Iridium Communications’s dividend payout ratio (DPR) is currently 68.18%.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on the company. New Street Research raised Iridium Communications from a “neutral” rating to a “buy” rating in a report on Wednesday, July 22nd. Oppenheimer upped their price objective on Iridium Communications from $48.00 to $60.00 and gave the stock an “outperform” rating in a research note on Wednesday, June 3rd. William Blair lowered Iridium Communications from an “outperform” rating to a “hold” rating in a research report on Monday, June 29th. Morgan Stanley raised their target price on Iridium Communications from $26.00 to $54.00 and gave the company an “equal weight” rating in a research note on Tuesday, June 30th. Finally, Raymond James Financial reiterated a “market perform” rating on shares of Iridium Communications in a research note on Friday, April 24th. 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 data from MarketBeat.com, the company currently has an average rating of “Hold” and an average 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.