Iridium Communications Inc. (NASDAQ:IRDM) Holdings Lowered by The Manufacturers Life Insurance Company

The Manufacturers Life Insurance Company trimmed its stake in shares of Iridium Communications Inc. (NASDAQ:IRDM) by 3.9% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 102,788 shares of the technology company’s stock after selling 4,125 shares during the period. The Manufacturers Life Insurance Company owned about 0.08% of Iridium Communications worth $2,736,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of the business. Dark Forest Capital Management LP purchased a new stake in Iridium Communications in the 2nd quarter worth about $519,000. Anchor Capital Management Company LLC lifted its stake in Iridium Communications by 11.4% in the 2nd quarter. Anchor Capital Management Company LLC now owns 695,170 shares of the technology company’s stock worth $18,505,000 after acquiring an additional 71,229 shares in the last quarter. Point72 Asia Singapore Pte. Ltd. lifted its stake in Iridium Communications by 6.2% in the 2nd quarter. Point72 Asia Singapore Pte. Ltd. now owns 11,480 shares of the technology company’s stock worth $306,000 after acquiring an additional 671 shares in the last quarter. Marshall Wace LLP purchased a new stake in Iridium Communications in the 2nd quarter worth about $218,000. Finally, Magnetar Financial LLC purchased a new stake in Iridium Communications in the 2nd quarter worth about $279,000. 84.36% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on IRDM shares. Barclays increased their price objective on Iridium Communications from $44.00 to $45.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 24th. BWS Financial reaffirmed a “neutral” rating and set a $30.00 price target on shares of Iridium Communications in a research note on Wednesday, July 24th. Two research analysts have rated the stock with a hold rating, one has issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $41.00.

Iridium Communications Stock Up 0.0 %

IRDM opened at $29.52 on Wednesday. Iridium Communications Inc. has a fifty-two week low of $24.14 and a fifty-two week high of $44.94. The business has a 50-day moving average of $27.82 and a 200-day moving average of $27.74. 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 company has a market capitalization of $3.58 billion, a PE ratio of 140.57 and a beta of 0.65.

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

Iridium Communications Dividend Announcement

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 dividend of $0.14 per share. This represents a $0.56 dividend on an annualized basis and a dividend yield of 1.90%. The ex-dividend date was Friday, September 13th. Iridium Communications’s dividend payout ratio is 266.67%.

Iridium Communications declared that its Board of Directors has approved a share buyback plan on Thursday, September 19th that authorizes the company to buyback $500.00 million in outstanding shares. This buyback authorization authorizes the technology company to buy up to 14.2% of its shares through open market purchases. Shares buyback plans are often an indication that the company’s board believes its stock is undervalued.

Iridium Communications 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.