Putnam Investments LLC Purchases 138,967 Shares of Iridium Communications Inc. (NASDAQ:IRDM)

Posted by Defense World Staff on Sep 15th, 2023

Putnam Investments LLC boosted its position in shares of Iridium Communications Inc. (NASDAQ:IRDM – Free Report) by 103.6% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 273,070 shares of the technology company’s stock after buying an additional 138,967 shares during the period. Putnam Investments LLC owned approximately 0.22% of Iridium Communications worth $16,911,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in IRDM. Advisor Partners II LLC lifted its stake in shares of Iridium Communications by 1.9% in the 1st quarter. Advisor Partners II LLC now owns 8,589 shares of the technology company’s stock valued at $532,000 after purchasing an additional 163 shares during the last quarter. O Shaughnessy Asset Management LLC lifted its stake in shares of Iridium Communications by 2.1% in the 1st quarter. O Shaughnessy Asset Management LLC now owns 9,371 shares of the technology company’s stock valued at $580,000 after purchasing an additional 192 shares during the last quarter. Allspring Global Investments Holdings LLC lifted its stake in shares of Iridium Communications by 4.0% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 5,751 shares of the technology company’s stock valued at $356,000 after purchasing an additional 223 shares during the last quarter. Envestnet Asset Management Inc. lifted its stake in shares of Iridium Communications by 1.7% in the 3rd quarter. Envestnet Asset Management Inc. now owns 13,582 shares of the technology company’s stock valued at $603,000 after purchasing an additional 223 shares during the last quarter. Finally, Dupont Capital Management Corp lifted its stake in shares of Iridium Communications by 37.5% in the 1st quarter. Dupont Capital Management Corp now owns 884 shares of the technology company’s stock valued at $55,000 after purchasing an additional 241 shares during the last quarter. 81.30% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on IRDM shares. Barclays raised Iridium Communications from an “equal weight” rating to an “overweight” rating and lowered their price objective for the company from $66.00 to $65.00 in a research note on Thursday, July 27th. StockNews.com initiated coverage on Iridium Communications in a report on Thursday, August 17th. They issued a “hold” rating on the stock. Raymond James reduced their price target on Iridium Communications from $68.00 to $67.00 and set a “strong-buy” rating on the stock in a report on Wednesday, August 23rd. William Blair reiterated an “outperform” rating on shares of Iridium Communications in a report on Monday. Finally, Deutsche Bank Aktiengesellschaft initiated coverage on Iridium Communications in a report on Thursday, June 22nd. They issued a “hold” rating and a $61.00 price target on the stock. Two research analysts have rated the stock with a hold rating, four have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, Iridium Communications presently has an average rating of “Moderate Buy” and a consensus target price of $68.00.

Get Our Latest Stock Report on Iridium Communications

Iridium Communications Trading Up 0.3 %

IRDM opened at $48.31 on Friday. The stock’s fifty day moving average is $52.10 and its two-hundred day moving average is $58.23. The company has a market capitalization of $6.04 billion, a P/E ratio of -322.07 and a beta of 1.03. Iridium Communications Inc. has a 52 week low of $43.00 and a 52 week high of $68.34. The company has a quick ratio of 1.71, a current ratio of 2.16 and a debt-to-equity ratio of 1.46.

Iridium Communications (NASDAQ:IRDM – Get Free Report) last released its quarterly earnings data on Tuesday, July 25th. The technology company reported ($0.24) EPS for the quarter, missing the consensus estimate of $0.04 by ($0.28). The firm had revenue of $193.10 million for the quarter, compared to analysts’ expectations of $198.42 million. Iridium Communications had a negative return on equity of 1.80% and a negative net margin of 2.53%. The company’s revenue for the quarter was up 10.4% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.04 earnings per share. Analysts forecast that Iridium Communications Inc. will post -0.1 earnings per share for the current year.

Iridium Communications declared that its Board of Directors has initiated a share buyback plan on Thursday, July 27th that authorizes the company to repurchase $400.00 million in outstanding shares. This repurchase authorization authorizes the technology company to repurchase up to 6.1% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s management believes its stock is undervalued.

Iridium Communications Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 29th. Shareholders of record on Friday, September 15th will be issued a dividend of $0.13 per share. The ex-dividend date is Thursday, September 14th. This represents a $0.52 annualized dividend and a yield of 1.08%. Iridium Communications’s payout ratio is currently -346.67%.

Iridium Communications Company Profile

(Free Report)

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.