Childress Capital Advisors LLC Buys New Position in Iridium Communications Inc $IRDM

Childress Capital Advisors LLC bought a new stake in shares of Iridium Communications Inc (NASDAQ:IRDM) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 13,500 shares of the technology company’s stock, valued at approximately $235,000.

A number of other hedge funds have also modified their holdings of IRDM. Millennium Management LLC increased its holdings in shares of Iridium Communications by 265.8% in the third quarter. Millennium Management LLC now owns 3,039,731 shares of the technology company’s stock valued at $53,074,000 after purchasing an additional 2,208,857 shares during the period. Man Group plc increased its holdings in shares of Iridium Communications by 226.3% in the third quarter. Man Group plc now owns 2,012,077 shares of the technology company’s stock valued at $35,131,000 after purchasing an additional 1,395,485 shares during the period. ARK Investment Management LLC increased its holdings in shares of Iridium Communications by 21.7% in the third quarter. ARK Investment Management LLC now owns 6,490,108 shares of the technology company’s stock valued at $113,317,000 after purchasing an additional 1,156,580 shares during the period. Silver Heights Capital Management Inc increased its holdings in shares of Iridium Communications by 22.7% in the third quarter. Silver Heights Capital Management Inc now owns 5,189,703 shares of the technology company’s stock valued at $90,612,000 after purchasing an additional 961,440 shares during the period. Finally, Bank of America Corp DE increased its holdings in shares of Iridium Communications by 124.8% in the third quarter. Bank of America Corp DE now owns 1,581,142 shares of the technology company’s stock valued at $27,607,000 after purchasing an additional 877,760 shares during the period. 84.36% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several analysts recently commented on IRDM shares. Morgan Stanley raised their target price on Iridium Communications from $24.00 to $26.00 and gave the stock an “equal weight” rating in a report on Wednesday, February 18th. BWS Financial reaffirmed a “sell” rating and set a $16.00 target price on shares of Iridium Communications in a report on Wednesday. Weiss Ratings raised Iridium Communications from a “sell (d+)” rating to a “hold (c-)” rating in a report on Tuesday, March 10th. Finally, Barclays raised their target price on Iridium Communications from $25.00 to $36.00 and gave the stock an “overweight” rating in a report on Thursday, April 9th. Four research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, Iridium Communications presently has a consensus rating of “Hold” and a consensus price target of $27.60.

Insider Buying and Selling at Iridium Communications

In other news, CAO Timothy Kapalka sold 3,790 shares of the firm’s stock in a transaction that occurred on Thursday, April 2nd. The stock was sold at an average price of $31.00, for a total value of $117,490.00. Following the transaction, the chief accounting officer owned 47,764 shares in the company, valued at $1,480,684. This trade represents a 7.35% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 2.70% of the stock is currently owned by company insiders.

Iridium Communications Stock Down 3.6%

Iridium Communications stock opened at $41.85 on Friday. The firm has a market cap of $4.42 billion, a price-to-earnings ratio of 39.48, a price-to-earnings-growth ratio of 2.94 and a beta of 0.48. The business’s 50-day moving average price is $27.27 and its 200 day moving average price is $21.35. The company has a quick ratio of 1.82, a current ratio of 2.48 and a debt-to-equity ratio of 3.80. Iridium Communications Inc has a 52 week low of $15.65 and a 52 week high of $44.36.

Iridium Communications (NASDAQ:IRDM) last issued its quarterly earnings results on Thursday, February 12th. The technology company reported $0.24 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.23 by $0.01. The company had revenue of $212.94 million for the quarter, compared to the consensus estimate of $219.14 million. Iridium Communications had a return on equity of 24.01% and a net margin of 13.12%.Iridium Communications’s revenue for the quarter was up .0% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.32 earnings per share. As a group, sell-side analysts anticipate that Iridium Communications Inc will post 0.89 earnings per share for the current year.

Iridium Communications Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, March 31st. Shareholders of record on Monday, March 16th were given a dividend of $0.15 per share. The ex-dividend date was Monday, March 16th. This represents a $0.60 dividend on an annualized basis and a yield of 1.4%. Iridium Communications’s dividend payout ratio is currently 56.60%.

About Iridium Communications

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.