Iridium Communications Inc $IRDM Position Boosted by Silver Heights Capital Management Inc

Silver Heights Capital Management Inc increased its holdings in shares of Iridium Communications Inc (NASDAQ:IRDM) by 22.7% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 5,189,703 shares of the technology company’s stock after purchasing an additional 961,440 shares during the period. Iridium Communications accounts for about 40.6% of Silver Heights Capital Management Inc’s holdings, making the stock its biggest holding. Silver Heights Capital Management Inc owned approximately 4.95% of Iridium Communications worth $90,612,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently made changes to their positions in the company. ARK Investment Management LLC grew its stake 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 valued at $113,317,000 after acquiring an additional 1,156,580 shares in the last quarter. Pacer Advisors Inc. boosted its stake in Iridium Communications by 74.5% during the 3rd quarter. Pacer Advisors Inc. now owns 1,744,095 shares of the technology company’s stock valued at $30,452,000 after acquiring an additional 744,836 shares during the last quarter. M&G PLC bought a new stake in shares of Iridium Communications in the 3rd quarter worth about $11,575,000. Synergy Asset Management LLC lifted its position in shares of Iridium Communications by 100.0% during the third quarter. Synergy Asset Management LLC now owns 1,324,366 shares of the technology company’s stock worth $23,123,000 after purchasing an additional 662,183 shares during the last quarter. Finally, Norges Bank bought a new stake in Iridium Communications in the second quarter valued at about $16,297,000. Hedge funds and other institutional investors own 84.36% of the company’s stock.

Analyst Ratings Changes

A number of research firms have commented on IRDM. BWS Financial reaffirmed a “sell” rating and issued a $16.00 price objective on shares of Iridium Communications in a report on Tuesday, February 17th. Morgan Stanley boosted their price target on shares of Iridium Communications from $24.00 to $26.00 and gave the company an “equal weight” rating in a report on Wednesday, February 18th. Finally, Weiss Ratings reiterated a “sell (d+)” rating on shares of Iridium Communications in a research report on Thursday, January 22nd. Four analysts have rated the stock with a Buy rating, one has assigned a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat.com, Iridium Communications presently has a consensus rating of “Hold” and a consensus price target of $25.40.

Iridium Communications Price Performance

IRDM stock opened at $24.24 on Tuesday. The company has a current ratio of 2.48, a quick ratio of 1.82 and a debt-to-equity ratio of 3.80. The firm has a market capitalization of $2.54 billion, a PE ratio of 22.87, a P/E/G ratio of 1.66 and a beta of 0.60. Iridium Communications Inc has a one year low of $15.65 and a one year high of $33.34. The firm has a 50-day moving average of $20.93 and a two-hundred day moving average of $19.43.

Iridium Communications (NASDAQ:IRDM) last announced its quarterly earnings data on Thursday, February 12th. The technology company reported $0.24 EPS for the quarter, topping analysts’ consensus estimates of $0.23 by $0.01. The firm had revenue of $212.94 million during the quarter, compared to analyst estimates of $219.14 million. Iridium Communications had a return on equity of 24.01% and a net margin of 13.12%.The business’s quarterly revenue was up .0% compared to the same quarter last year. During the same period last year, the company posted $0.32 EPS. On average, analysts forecast that Iridium Communications Inc will post 0.89 earnings per share for the current year.

Iridium Communications Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 31st. Stockholders of record on Monday, March 16th will be issued a dividend of $0.15 per share. The ex-dividend date of this dividend is Monday, March 16th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 2.5%. Iridium Communications’s dividend payout ratio is currently 56.60%.

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.