Silver Heights Capital Management Inc Has $91.27 Million Stake in Iridium Communications Inc $IRDM

Silver Heights Capital Management Inc raised its position in Iridium Communications Inc (NASDAQ:IRDM) by 1.2% in the 4th quarter, HoldingsChannel reports. The fund owned 5,251,133 shares of the technology company’s stock after purchasing an additional 61,430 shares during the period. Iridium Communications makes up about 36.2% of Silver Heights Capital Management Inc’s investment portfolio, making the stock its biggest holding. Silver Heights Capital Management Inc owned about 0.05% of Iridium Communications worth $91,265,000 as of its most recent SEC filing.

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

Insider Activity at Iridium Communications

In other Iridium Communications news, CAO Timothy Kapalka sold 3,790 shares of the company’s stock in a transaction on Thursday, April 2nd. The shares were 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 in the company, valued at $1,480,684. The trade was a 7.35% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 2.70% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several brokerages have recently commented on IRDM. Oppenheimer lifted their price target on shares of Iridium Communications from $48.00 to $60.00 and gave the stock an “outperform” rating in a research report on Wednesday, June 3rd. New Street Research started coverage on shares of Iridium Communications in a report on Thursday, May 14th. They set a “neutral” rating and a $40.00 price objective for the company. Barclays lifted their price target on shares of Iridium Communications from $25.00 to $36.00 and gave the company an “overweight” rating in a research note on Thursday, April 9th. BWS Financial reaffirmed a “sell” rating and issued a $16.00 price target on shares of Iridium Communications in a research note on Monday, April 27th. Finally, Weiss Ratings upgraded shares of Iridium Communications from a “sell (d+)” rating to a “hold (c-)” rating in a report on Tuesday, March 10th. Two equities research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, Iridium Communications has a consensus rating of “Hold” and an average price target of $34.00.

Iridium Communications Stock Performance

NASDAQ IRDM opened at $45.39 on Tuesday. 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 firm’s fifty day moving average price is $42.67 and its two-hundred day moving average price is $28.73. Iridium Communications Inc has a 1 year low of $15.65 and a 1 year high of $53.83. The firm has a market capitalization of $4.80 billion, a P/E ratio of 45.85, a price-to-earnings-growth ratio of 3.19 and a beta of 0.88.

Iridium Communications (NASDAQ:IRDM) last released its quarterly earnings data 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 quarter in the prior year, the firm earned $0.27 earnings per share. Iridium Communications’s revenue for the quarter was up 2.0% on a year-over-year basis. As a group, research analysts anticipate that Iridium Communications Inc will post 1.05 EPS for the current year.

Iridium Communications Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 30th. Shareholders of record on Monday, June 15th will be issued a $0.15 dividend. This represents a $0.60 annualized dividend and a dividend yield of 1.3%. The ex-dividend date is Monday, June 15th. Iridium Communications’s payout ratio is currently 60.61%.

Iridium Communications 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.