Pallas Capital Advisors LLC Takes Position in Iridium Communications Inc $IRDM

Pallas Capital Advisors LLC acquired a new stake in shares of Iridium Communications Inc (NASDAQ:IRDM) during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm acquired 16,168 shares of the technology company’s stock, valued at approximately $887,000.

A number of other institutional investors have also made changes to their positions in the company. Royal Bank of Canada increased its stake in Iridium Communications by 33.0% during the 1st quarter. Royal Bank of Canada now owns 48,325 shares of the technology company’s stock worth $1,320,000 after buying an additional 11,985 shares during the period. Amundi boosted its position in Iridium Communications by 1,243.0% in the 1st quarter. Amundi now owns 40,479 shares of the technology company’s stock valued at $1,035,000 after buying an additional 37,465 shares during the last quarter. Goldman Sachs Group Inc. grew its stake 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 valued at $6,345,000 after acquiring an additional 33,191 shares in the last quarter. United Services Automobile Association acquired a new stake in shares of Iridium Communications during the first quarter valued at about $218,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in shares of Iridium Communications by 16.2% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 539,566 shares of the technology company’s stock worth $14,741,000 after acquiring an additional 75,060 shares during the last quarter. 84.36% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

IRDM has been the topic of several recent analyst reports. BWS Financial reiterated a “sell” rating and issued a $16.00 price target on shares of Iridium Communications in a research note on Monday, April 27th. Raymond James Financial restated a “market perform” rating on shares of Iridium Communications in a research note on Friday, April 24th. William Blair downgraded Iridium Communications from an “outperform” rating to a “hold” rating in a report on Monday, June 29th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Iridium Communications in a research report on Friday, July 10th. Finally, Morgan Stanley increased their target price on Iridium Communications from $26.00 to $54.00 and gave the company an “equal weight” rating in a research note on Tuesday, June 30th. Three research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $38.67.

Iridium Communications Stock Performance

Shares of IRDM stock opened at $49.03 on Wednesday. The company has a debt-to-equity ratio of 3.70, a quick ratio of 2.31 and a current ratio of 2.78. Iridium Communications Inc has a one year low of $15.65 and a one year high of $57.18. The company’s 50-day simple moving average is $48.09 and its 200-day simple moving average is $38.42. The stock has a market capitalization of $5.20 billion, a price-to-earnings ratio of 55.72, a PEG ratio of 4.05 and a beta of 0.88.

Iridium Communications (NASDAQ:IRDM) last posted its quarterly earnings results on Wednesday, July 22nd. The technology company reported $0.09 EPS for the quarter, missing analysts’ consensus estimates of $0.28 by ($0.19). Iridium Communications had a return on equity of 22.57% and a net margin of 10.55%.The firm had revenue of $225.24 million during the quarter, compared to analyst estimates of $220.32 million. During the same quarter last year, the business posted $0.20 earnings per share. The firm’s revenue for the quarter was up 3.8% on a year-over-year basis. Equities analysts anticipate that Iridium Communications Inc will post 0.95 earnings per share for the current fiscal year.

Iridium Communications Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Tuesday, September 15th will be given a $0.15 dividend. The ex-dividend date is Tuesday, September 15th. This represents a $0.60 annualized dividend and a dividend yield of 1.2%. Iridium Communications’s dividend payout ratio (DPR) is presently 68.18%.

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.