Millennium Management LLC Sells 879,963 Shares of Iridium Communications Inc. (NASDAQ:IRDM)

Millennium Management LLC decreased its holdings in shares of Iridium Communications Inc. (NASDAQ:IRDM) by 59.0% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 610,498 shares of the technology company’s stock after selling 879,963 shares during the quarter. Millennium Management LLC owned about 0.50% of Iridium Communications worth $16,251,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also recently made changes to their positions in IRDM. Allspring Global Investments Holdings LLC boosted its position in shares of Iridium Communications by 7,684.6% in the second quarter. Allspring Global Investments Holdings LLC now owns 1,012 shares of the technology company’s stock valued at $27,000 after acquiring an additional 999 shares during the period. Acadian Asset Management LLC bought a new position in Iridium Communications in the 1st quarter valued at $29,000. Mather Group LLC. purchased a new position in shares of Iridium Communications during the 2nd quarter valued at $32,000. Blue Trust Inc. increased its holdings in shares of Iridium Communications by 109.7% in the second quarter. Blue Trust Inc. now owns 1,491 shares of the technology company’s stock worth $39,000 after purchasing an additional 780 shares during the period. Finally, International Assets Investment Management LLC purchased a new stake in shares of Iridium Communications in the second quarter worth $45,000. Hedge funds and other institutional investors own 84.36% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have weighed in on the company. BWS Financial restated a “neutral” rating and issued a $30.00 target price on shares of Iridium Communications in a research note on Wednesday, July 24th. Barclays upped their price objective on shares of Iridium Communications from $44.00 to $45.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 24th. Two research analysts have rated the stock with a hold rating, one has given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Iridium Communications has a consensus rating of “Moderate Buy” and a consensus target price of $41.00.

Iridium Communications Stock Down 5.3 %

Shares of IRDM opened at $29.95 on Friday. Iridium Communications Inc. has a 1 year low of $24.14 and a 1 year high of $45.07. The company has a debt-to-equity ratio of 2.08, a current ratio of 2.25 and a quick ratio of 1.52. The stock has a 50 day simple moving average of $27.79 and a two-hundred day simple moving average of $27.68. The firm has a market cap of $3.64 billion, a P/E ratio of 142.62 and a beta of 0.65.

Iridium Communications (NASDAQ:IRDM) last announced its quarterly earnings data on Tuesday, July 23rd. The technology company reported $0.27 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.17 by $0.10. The company had revenue of $201.07 million during the quarter, compared to analysts’ expectations of $204.01 million. Iridium Communications had a net margin of 11.08% and a return on equity of 10.23%. The firm’s revenue was up 4.1% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.24) EPS. On average, analysts forecast that Iridium Communications Inc. will post 0.81 earnings per share for the current fiscal year.

Iridium Communications Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Friday, September 13th were issued a $0.14 dividend. The ex-dividend date of this dividend was Friday, September 13th. This represents a $0.56 annualized dividend and a dividend yield of 1.87%. Iridium Communications’s dividend payout ratio is currently 266.67%.

Iridium Communications declared that its Board of Directors has approved a stock repurchase program on Thursday, September 19th that permits the company to repurchase $500.00 million in outstanding shares. This repurchase authorization permits the technology company to repurchase up to 14.2% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s leadership believes its shares are undervalued.

Iridium Communications Company Profile

Iridium Communications Inc provides mobile voice and data communications services and products to businesses, the United States and international governments, non-governmental organizations, and consumers worldwide. The company offers postpaid mobile voice and data satellite communications; prepaid mobile voice satellite communications; push-to-talk; broadband data; and Internet of Things (IoT) services.