Pacer Advisors Inc. Sells 468,324 Shares of Iridium Communications Inc $IRDM

Pacer Advisors Inc. lessened its stake in Iridium Communications Inc (NASDAQ:IRDM) by 34.5% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 890,382 shares of the technology company’s stock after selling 468,324 shares during the quarter. Pacer Advisors Inc. owned 0.84% of Iridium Communications worth $24,699,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently bought and sold shares of the company. Vanguard Group Inc. increased its stake in Iridium Communications by 7.1% during the 4th quarter. Vanguard Group Inc. now owns 10,157,227 shares of the technology company’s stock valued at $176,533,000 after purchasing an additional 677,258 shares in the last quarter. Silver Heights Capital Management Inc lifted its stake in shares of Iridium Communications by 1.2% in the fourth quarter. Silver Heights Capital Management Inc now owns 5,251,133 shares of the technology company’s stock worth $91,265,000 after buying an additional 61,430 shares in the last quarter. State Street Corp grew its holdings in shares of Iridium Communications by 18.0% during the fourth quarter. State Street Corp now owns 4,761,749 shares of the technology company’s stock valued at $82,759,000 after buying an additional 725,856 shares during the last quarter. Millennium Management LLC lifted its position in Iridium Communications by 265.8% in the 3rd quarter. Millennium Management LLC now owns 3,039,731 shares of the technology company’s stock valued at $53,074,000 after acquiring an additional 2,208,857 shares in the last quarter. Finally, Goldman Sachs Group Inc. boosted its stake in Iridium Communications by 21.4% during the 4th quarter. Goldman Sachs Group Inc. now owns 2,323,170 shares of the technology company’s stock valued at $40,377,000 after purchasing an additional 408,903 shares during the last quarter. Institutional investors own 84.36% of the company’s stock.

Iridium Communications Stock Performance

IRDM stock opened at $48.32 on Tuesday. The company has a debt-to-equity ratio of 3.70, a current ratio of 2.78 and a quick ratio of 2.31. Iridium Communications Inc has a 1 year low of $15.65 and a 1 year high of $57.18. The company has a market cap of $5.12 billion, a P/E ratio of 54.91, a price-to-earnings-growth ratio of 3.83 and a beta of 0.88. The stock’s fifty day moving average price is $48.08 and its 200-day moving average price is $36.15.

Iridium Communications (NASDAQ:IRDM) last posted its quarterly earnings data on Wednesday, July 22nd. The technology company reported $0.09 EPS for the quarter, missing analysts’ consensus estimates of $0.28 by ($0.19). Iridium Communications had a net margin of 10.55% and a return on equity of 22.57%. The firm had revenue of $225.24 million for the quarter, compared to analysts’ expectations of $220.32 million. During the same quarter last year, the company posted $0.20 EPS. The firm’s revenue was up 3.8% compared to the same quarter last year. On average, equities analysts forecast that Iridium Communications Inc will post 0.95 earnings per share for the current year.

Iridium Communications Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, June 30th. Stockholders of record on Monday, June 15th were given a dividend of $0.15 per share. The ex-dividend date of this dividend was Monday, June 15th. This represents a $0.60 annualized dividend and a dividend yield of 1.2%. Iridium Communications’s dividend payout ratio is presently 68.18%.

Wall Street Analyst Weigh In

A number of analysts have commented on the company. New Street Research raised Iridium Communications from a “neutral” rating to a “buy” rating in a report on Wednesday, July 22nd. Morgan Stanley increased their price objective on Iridium Communications from $26.00 to $54.00 and gave the company an “equal weight” rating in a research report on Tuesday, June 30th. William Blair downgraded Iridium Communications from an “outperform” rating to a “hold” rating in a report on Monday, June 29th. Oppenheimer boosted their target price on Iridium Communications from $48.00 to $60.00 and gave the stock an “outperform” rating in a research report on Wednesday, June 3rd. Finally, Weiss Ratings restated a “hold (c)” rating on shares of Iridium Communications in a research note on Friday, July 10th. Three analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus 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.