Redwood Investment Management LLC Makes New $2.27 Million Investment in Iridium Communications Inc $IRDM

Redwood Investment Management LLC acquired a new position in Iridium Communications Inc (NASDAQ:IRDM) in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 41,295 shares of the technology company’s stock, valued at approximately $2,265,000.

A number of other institutional investors also recently made changes to their positions in the business. Quantinno Capital Management LP raised its position in Iridium Communications by 3.1% in the 2nd quarter. Quantinno Capital Management LP now owns 15,199 shares of the technology company’s stock worth $459,000 after purchasing an additional 461 shares during the period. Empowered Funds LLC increased its holdings in shares of Iridium Communications by 4.4% in the fourth quarter. Empowered Funds LLC now owns 11,350 shares of the technology company’s stock worth $197,000 after buying an additional 478 shares during the period. GAMMA Investing LLC lifted its stake in shares of Iridium Communications by 19.4% in the 2nd quarter. GAMMA Investing LLC now owns 3,023 shares of the technology company’s stock valued at $166,000 after acquiring an additional 491 shares during the last quarter. Allworth Financial LP lifted its stake in shares of Iridium Communications by 11.2% in the 4th quarter. Allworth Financial LP now owns 5,677 shares of the technology company’s stock valued at $99,000 after acquiring an additional 572 shares during the last quarter. Finally, Quadrant Capital Group LLC boosted its holdings in Iridium Communications by 107.5% during the 4th 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. Hedge funds and other institutional investors own 84.36% of the company’s stock.

Insider Activity at Iridium Communications

In other Iridium Communications news, Director Thomas Fitzpatrick sold 15,046 shares of the firm’s stock in a transaction on Tuesday, August 18th. The stock was sold at an average price of $49.20, for a total transaction of $740,263.20. Following the completion of the transaction, the director owned 43,260 shares of the company’s stock, valued at approximately $2,128,392. This trade represents a 25.81% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Kathleen A. Morgan sold 33,192 shares of the business’s stock in a transaction on Monday, August 17th. The shares were sold at an average price of $50.35, for a total transaction of $1,671,217.20. Following the sale, the insider owned 124,871 shares in the company, valued at approximately $6,287,254.85. This trade represents a 21.00% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 375,919 shares of company stock valued at $18,878,997 over the last ninety days. Insiders own 2.70% of the company’s stock.

Analyst Ratings Changes

Several brokerages have weighed in on IRDM. Morgan Stanley boosted 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. Weiss Ratings restated a “hold (c)” rating on shares of Iridium Communications in a report on Friday, July 10th. New Street Research raised shares of Iridium Communications from a “neutral” rating to a “buy” rating in a research note on Wednesday, July 22nd. William Blair lowered shares of Iridium Communications from an “outperform” rating to a “hold” rating in a report on Monday, June 29th. Finally, Oppenheimer increased their price target on shares of Iridium Communications from $48.00 to $60.00 and gave the company an “outperform” rating in a research report on Wednesday, June 3rd. Three analysts have rated the stock with a Buy rating, four have given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, Iridium Communications currently has a consensus rating of “Hold” and a consensus target price of $38.67.

Iridium Communications Price Performance

IRDM stock opened at $47.20 on Thursday. 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 $5.00 billion, a P/E ratio of 53.64, a PEG ratio of 3.80 and a beta of 0.88. The firm has a 50-day moving average of $48.31 and a 200 day moving average of $39.60. 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 (NASDAQ:IRDM) last posted its quarterly earnings data on Wednesday, July 22nd. The technology company reported $0.09 earnings per share for the quarter, missing the consensus estimate 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 the consensus estimate of $220.32 million. During the same period in the previous year, the firm posted $0.20 earnings per share. The business’s revenue was up 3.8% compared to the same quarter last year. On average, sell-side analysts forecast that Iridium Communications Inc will post 0.95 EPS for the current year.

Iridium Communications Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Tuesday, September 15th will be paid a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.3%. The ex-dividend date is Tuesday, September 15th. Iridium Communications’s dividend payout ratio (DPR) is presently 68.18%.

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.