Silver Heights Capital Management Inc Has $127.57 Million Holdings in Iridium Communications Inc $IRDM

Silver Heights Capital Management Inc increased its position in Iridium Communications Inc (NASDAQ:IRDM) by 13.5% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 4,228,263 shares of the technology company’s stock after acquiring an additional 501,400 shares during the quarter. Iridium Communications comprises approximately 48.7% of Silver Heights Capital Management Inc’s holdings, making the stock its biggest position. Silver Heights Capital Management Inc owned about 3.98% of Iridium Communications worth $127,567,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in the stock. Man Group plc grew its stake in shares of Iridium Communications by 120.9% in the 2nd quarter. Man Group plc now owns 616,592 shares of the technology company’s stock worth $18,603,000 after buying an additional 337,470 shares in the last quarter. HRT Financial LP grew its stake in Iridium Communications by 33.0% in the 2nd quarter. HRT Financial LP now owns 202,938 shares of the technology company’s stock worth $6,122,000 after acquiring an additional 50,315 shares in the last quarter. Brevan Howard Capital Management LP purchased a new position in Iridium Communications during the 2nd quarter worth $932,000. Bank of America Corp DE raised its holdings in shares of Iridium Communications by 3.7% in the 2nd quarter. Bank of America Corp DE now owns 703,382 shares of the technology company’s stock valued at $21,221,000 after purchasing an additional 24,923 shares in the last quarter. Finally, Anchor Capital Management Company LLC lifted its position in shares of Iridium Communications by 14.8% during the second quarter. Anchor Capital Management Company LLC now owns 890,917 shares of the technology company’s stock valued at $26,879,000 after buying an additional 115,000 shares during the last quarter. 84.36% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Iridium Communications

In other news, CEO Matthew J. Desch bought 20,000 shares of the business’s stock in a transaction on Thursday, October 30th. The shares were bought at an average cost of $17.33 per share, for a total transaction of $346,600.00. Following the completion of the acquisition, the chief executive officer owned 1,127,019 shares in the company, valued at approximately $19,531,239.27. This trade represents a 1.81% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Robert H. Niehaus bought 30,000 shares of the stock in a transaction that occurred on Tuesday, October 28th. The shares were acquired at an average cost of $17.49 per share, with a total value of $524,700.00. Following the completion of the purchase, the director owned 297,363 shares in the company, valued at $5,200,878.87. This represents a 11.22% increase in their position. The SEC filing for this purchase provides additional information. Over the last three months, insiders have sold 30,967 shares of company stock worth $557,406. Corporate insiders own 2.40% of the company’s stock.

Analysts Set New Price Targets

IRDM has been the topic of a number of recent research reports. BWS Financial reiterated a “sell” rating and issued a $16.00 target price on shares of Iridium Communications in a research report on Friday, October 24th. Weiss Ratings lowered Iridium Communications from a “hold (c-)” rating to a “sell (d+)” rating in a report on Saturday, October 25th. Barclays reduced their target price on shares of Iridium Communications from $31.00 to $25.00 and set an “overweight” rating on the stock in a report on Wednesday, October 1st. Finally, Raymond James Financial lowered Iridium Communications from a “strong-buy” rating to an “outperform” rating and dropped their price objective for the stock from $39.00 to $26.00 in a report on Thursday, September 11th. Six analysts have rated the stock with a Buy rating and two have given a Sell rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $29.67.

Iridium Communications Price Performance

IRDM opened at $17.74 on Friday. The company has a quick ratio of 1.93, a current ratio of 2.67 and a debt-to-equity ratio of 4.02. Iridium Communications Inc has a 12-month low of $15.65 and a 12-month high of $34.45. The stock has a fifty day moving average of $17.67 and a 200-day moving average of $23.01. The firm has a market capitalization of $1.86 billion, a P/E ratio of 15.70, a PEG ratio of 1.12 and a beta of 0.61.

Iridium Communications (NASDAQ:IRDM) last posted its earnings results on Thursday, October 23rd. The technology company reported $0.35 earnings per share for the quarter, topping the consensus estimate of $0.26 by $0.09. Iridium Communications had a net margin of 14.44% and a return on equity of 24.93%. The business had revenue of $226.94 million for the quarter, compared to analyst estimates of $222.13 million. During the same quarter in the prior year, the firm earned $0.21 EPS. The firm’s quarterly revenue was up 6.6% compared to the same quarter last year. Equities analysts forecast that Iridium Communications Inc will post 0.89 EPS for the current fiscal year.

Iridium Communications Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, December 31st. Shareholders of record on Monday, December 15th will be paid a $0.15 dividend. The ex-dividend date of this dividend is Monday, December 15th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 3.4%. Iridium Communications’s payout ratio is currently 53.10%.

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.