Sei Investments Co. Takes $2.59 Million Position in Iridium Communications Inc. (NASDAQ:IRDM)

Sei Investments Co. acquired a new position in shares of Iridium Communications Inc. (NASDAQ:IRDM) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 97,381 shares of the technology company’s stock, valued at approximately $2,592,000.

A number of other institutional investors and hedge funds have also bought and sold shares of IRDM. Victory Capital Management Inc. grew its holdings in shares of Iridium Communications by 6,491.3% during the second quarter. Victory Capital Management Inc. now owns 1,598,532 shares of the technology company’s stock worth $42,553,000 after purchasing an additional 1,574,280 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. boosted its position in Iridium Communications by 18.5% during the 2nd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 2,475,472 shares of the technology company’s stock worth $65,897,000 after buying an additional 385,872 shares during the period. Nikko Asset Management Americas Inc. grew its holdings in Iridium Communications by 19.9% during the 1st quarter. Nikko Asset Management Americas Inc. now owns 2,089,600 shares of the technology company’s stock worth $54,664,000 after acquiring an additional 346,118 shares during the last quarter. Vanguard Group Inc. increased its position in Iridium Communications by 2.9% in the 1st quarter. Vanguard Group Inc. now owns 12,090,326 shares of the technology company’s stock valued at $316,283,000 after acquiring an additional 336,989 shares during the period. Finally, American Century Companies Inc. raised its stake in shares of Iridium Communications by 429.2% during the second quarter. American Century Companies Inc. now owns 334,396 shares of the technology company’s stock valued at $8,902,000 after acquiring an additional 271,203 shares during the last quarter. Institutional investors and hedge funds own 84.36% of the company’s stock.

Iridium Communications Trading Down 5.3 %

NASDAQ:IRDM opened at $29.95 on Friday. The firm has a market cap of $3.64 billion, a P/E ratio of 142.62 and a beta of 0.65. The company has a debt-to-equity ratio of 2.08, a quick ratio of 1.52 and a current ratio of 2.25. Iridium Communications Inc. has a 52 week low of $24.14 and a 52 week high of $45.07. The firm’s fifty day moving average is $27.77 and its 200-day moving average is $27.64.

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

Iridium Communications Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Friday, September 13th were paid a $0.14 dividend. This represents a $0.56 annualized dividend and a yield of 1.87%. The ex-dividend date was Friday, September 13th. Iridium Communications’s dividend payout ratio (DPR) is presently 266.67%.

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

Wall Street Analyst Weigh In

Several brokerages recently weighed in on IRDM. BWS Financial reissued a “neutral” rating and issued a $30.00 price objective on shares of Iridium Communications in a research note on Wednesday, July 24th. Barclays upped their price target on Iridium Communications from $44.00 to $45.00 and gave the company an “overweight” rating in a research report on Wednesday, July 24th. Three research analysts have rated the stock with a hold rating, one has given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $41.00.

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.