Silver Heights Capital Management Inc Has $90.61 Million Stock Position in Iridium Communications Inc $IRDM

Silver Heights Capital Management Inc raised its position in Iridium Communications Inc (NASDAQ:IRDM) by 22.7% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 5,189,703 shares of the technology company’s stock after acquiring an additional 961,440 shares during the period. Iridium Communications comprises approximately 40.6% of Silver Heights Capital Management Inc’s holdings, making the stock its largest holding. Silver Heights Capital Management Inc’s holdings in Iridium Communications were worth $90,612,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently bought and sold shares of IRDM. Hantz Financial Services Inc. grew its stake in shares of Iridium Communications by 184.7% in the 3rd quarter. Hantz Financial Services Inc. now owns 1,506 shares of the technology company’s stock valued at $26,000 after purchasing an additional 977 shares during the period. Johnson Financial Group Inc. bought a new position in Iridium Communications in the 2nd quarter valued at $70,000. Aster Capital Management DIFC Ltd bought a new position in shares of Iridium Communications in the third quarter valued at about $46,000. Jones Financial Companies Lllp raised its stake in shares of Iridium Communications by 36.2% in the third quarter. Jones Financial Companies Lllp now owns 3,053 shares of the technology company’s stock worth $54,000 after acquiring an additional 812 shares during the last quarter. Finally, SBI Securities Co. Ltd. raised its position in Iridium Communications by 147.0% in the 3rd quarter. SBI Securities Co. Ltd. now owns 3,485 shares of the technology company’s stock worth $61,000 after purchasing an additional 2,074 shares during the last quarter. Institutional investors own 84.36% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on the stock. Weiss Ratings restated a “sell (d+)” rating on shares of Iridium Communications in a report on Thursday, January 22nd. Morgan Stanley boosted their target price on Iridium Communications from $24.00 to $26.00 and gave the company an “equal weight” rating in a research note on Wednesday, February 18th. Finally, BWS Financial restated a “sell” rating and set a $16.00 price objective on shares of Iridium Communications in a report on Tuesday, February 17th. Four equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $25.40.

Iridium Communications Stock Performance

Shares of NASDAQ IRDM opened at $24.24 on Tuesday. Iridium Communications Inc has a 12 month low of $15.65 and a 12 month high of $33.34. The company has a market capitalization of $2.54 billion, a P/E ratio of 22.87, a P/E/G ratio of 1.66 and a beta of 0.60. The stock has a 50 day moving average of $20.93 and a 200-day moving average of $19.43. The company has a current ratio of 2.48, a quick ratio of 1.82 and a debt-to-equity ratio of 3.80.

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

Iridium Communications Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 31st. Investors of record on Monday, March 16th will be paid a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 2.5%. The ex-dividend date of this dividend is Monday, March 16th. Iridium Communications’s dividend payout ratio (DPR) is 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.