GAMMA Investing LLC Reduces Holdings in Iridium Communications Inc $IRDM

GAMMA Investing LLC decreased its position in shares of Iridium Communications Inc (NASDAQ:IRDM) by 66.3% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 1,335 shares of the technology company’s stock after selling 2,626 shares during the quarter. GAMMA Investing LLC’s holdings in Iridium Communications were worth $40,000 as of its most recent filing with the SEC.

Other hedge funds also recently made changes to their positions in the company. Harbour Capital Advisors LLC purchased a new position in shares of Iridium Communications during the second quarter worth about $350,000. Financiere des Professionnels Fonds d investissement inc. purchased a new position in shares of Iridium Communications during the second quarter worth about $156,000. Diversified Trust Co purchased a new position in shares of Iridium Communications during the second quarter worth about $426,000. Goldman Sachs Group Inc. grew its holdings in shares of Iridium Communications by 16.7% during the first quarter. Goldman Sachs Group Inc. now owns 232,231 shares of the technology company’s stock worth $6,345,000 after buying an additional 33,191 shares during the last quarter. Finally, Voya Investment Management LLC grew its holdings in shares of Iridium Communications by 47.3% during the first quarter. Voya Investment Management LLC now owns 633,796 shares of the technology company’s stock worth $17,315,000 after buying an additional 203,523 shares during the last quarter. Hedge funds and other institutional investors own 84.36% of the company’s stock.

Iridium Communications Trading Up 0.6%

Shares of Iridium Communications stock opened at $18.76 on Friday. The business has a 50 day moving average price of $22.06 and a 200 day moving average price of $25.39. The company has a debt-to-equity ratio of 3.82, a current ratio of 2.51 and a quick ratio of 1.75. The company has a market capitalization of $1.99 billion, a P/E ratio of 18.95, a P/E/G ratio of 0.69 and a beta of 0.70. Iridium Communications Inc has a 1 year low of $17.08 and a 1 year high of $35.85.

Iridium Communications (NASDAQ:IRDM) last issued its quarterly earnings results on Thursday, July 24th. The technology company reported $0.20 earnings per share for the quarter, missing the consensus estimate of $0.23 by ($0.03). The business had revenue of $216.91 million during the quarter, compared to analyst estimates of $214.73 million. Iridium Communications had a net margin of 13.20% and a return on equity of 20.28%. The company’s revenue was up 7.9% on a year-over-year basis. During the same quarter last year, the firm posted $0.27 earnings per share. Sell-side analysts anticipate that Iridium Communications Inc will post 0.89 EPS for the current fiscal year.

Iridium Communications Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, September 30th. Shareholders of record on Monday, September 15th were issued a $0.15 dividend. This is a boost from Iridium Communications’s previous quarterly dividend of $0.14. The ex-dividend date was Monday, September 15th. This represents a $0.60 annualized dividend and a yield of 3.2%. Iridium Communications’s payout ratio is presently 60.61%.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on IRDM. Weiss Ratings reissued a “hold (c-)” rating on shares of Iridium Communications in a report on Saturday, September 27th. BWS Financial lowered Iridium Communications from a “neutral” rating to a “sell” rating and lowered their price target for the stock from $25.00 to $16.00 in a report on Tuesday, September 9th. Barclays lowered their price target on Iridium Communications from $31.00 to $25.00 and set an “overweight” rating on the stock in a report on Wednesday. Morgan Stanley lowered their price target on Iridium Communications from $40.00 to $37.00 and set an “overweight” rating on the stock in a report on Friday, August 1st. Finally, Raymond James Financial lowered Iridium Communications from a “strong-buy” rating to an “outperform” rating and lowered their price objective for the company from $39.00 to $26.00 in a report on Thursday, September 11th. Six research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, Iridium Communications currently has a consensus rating of “Moderate Buy” and an average price target of $29.67.

About Iridium Communications

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.