Iridium Communications Inc $IRDM is Silver Heights Capital Management Inc’s Largest Position

Silver Heights Capital Management Inc boosted its stake in Iridium Communications Inc (NASDAQ:IRDM) by 1.2% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 5,251,133 shares of the technology company’s stock after buying an additional 61,430 shares during the quarter. Iridium Communications makes up about 36.2% of Silver Heights Capital Management Inc’s holdings, making the stock its biggest position. Silver Heights Capital Management Inc owned approximately 5.00% of Iridium Communications worth $91,265,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its position in Iridium Communications by 7.1% in the 4th quarter. Vanguard Group Inc. now owns 10,157,227 shares of the technology company’s stock worth $176,533,000 after buying an additional 677,258 shares in the last quarter. Citigroup Inc. increased its stake in shares of Iridium Communications by 323.8% during the 3rd quarter. Citigroup Inc. now owns 310,797 shares of the technology company’s stock worth $5,427,000 after purchasing an additional 237,456 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. increased its stake in shares of Iridium Communications by 130.2% during the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 396,642 shares of the technology company’s stock worth $7,044,000 after purchasing an additional 224,322 shares during the last quarter. JPMorgan Chase & Co. increased its stake in shares of Iridium Communications by 8.9% during the 3rd quarter. JPMorgan Chase & Co. now owns 612,610 shares of the technology company’s stock worth $10,696,000 after purchasing an additional 50,239 shares during the last quarter. Finally, Maxi Investments CY Ltd acquired a new position in shares of Iridium Communications during the 4th quarter worth $7,369,000. Hedge funds and other institutional investors own 84.36% of the company’s stock.

Insider Transactions at Iridium Communications

In related news, CAO Timothy Kapalka sold 3,790 shares of the firm’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 approximately $1,480,684. This trade represents a 7.35% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 2.70% of the company’s stock.

Iridium Communications Stock Performance

NASDAQ:IRDM opened at $45.39 on Tuesday. Iridium Communications Inc has a 1 year low of $15.65 and a 1 year high of $53.83. The firm’s fifty day simple moving average is $42.67 and its 200 day simple moving average is $28.73. 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 has a market capitalization of $4.80 billion, a PE ratio of 45.85, a PEG ratio of 3.19 and a beta of 0.88.

Iridium Communications (NASDAQ:IRDM) last posted its earnings results on Thursday, April 23rd. The technology company reported $0.20 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.27 by ($0.07). Iridium Communications had a net margin of 12.05% and a return on equity of 22.76%. The firm had revenue of $219.06 million during the quarter, compared to analyst estimates of $218.39 million. During the same quarter in the previous year, the business posted $0.27 earnings per share. The business’s quarterly revenue was up 2.0% compared to the same quarter last year. On average, sell-side analysts anticipate that Iridium Communications Inc will post 1.05 EPS for the current year.

Iridium Communications Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, June 30th. Investors of record on Monday, June 15th will be paid a $0.15 dividend. The ex-dividend date is Monday, June 15th. This represents a $0.60 dividend on an annualized basis and a yield of 1.3%. Iridium Communications’s dividend payout ratio (DPR) is presently 60.61%.

Analysts Set New Price Targets

Several brokerages have recently commented on IRDM. New Street Research began coverage on shares of Iridium Communications in a research note on Thursday, May 14th. They set a “neutral” rating and a $40.00 price target on the stock. Weiss Ratings upgraded shares of Iridium Communications from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Tuesday, March 10th. Raymond James Financial restated a “market perform” rating on shares of Iridium Communications in a research note on Friday, April 24th. Oppenheimer increased their price target on shares of Iridium Communications from $48.00 to $60.00 and gave the stock an “outperform” rating in a research note on Wednesday, June 3rd. Finally, BWS Financial restated a “sell” rating and set a $16.00 price target on shares of Iridium Communications in a research note on Monday, April 27th. 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 MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $34.00.

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.