Iridium Communications Inc. (NASDAQ:IRDM) Shares Sold by AQR Capital Management LLC

AQR Capital Management LLC cut its stake in shares of Iridium Communications Inc. (NASDAQ:IRDM - Free Report) by 17.6% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 940,771 shares of the technology company's stock after selling 200,271 shares during the period. AQR Capital Management LLC owned 0.83% of Iridium Communications worth $27,301,000 as of its most recent SEC filing.

Other large investors have also made changes to their positions in the company. Norges Bank acquired a new position in shares of Iridium Communications in the 4th quarter valued at about $28,240,000. American Century Companies Inc. grew its stake in Iridium Communications by 94.2% during the fourth quarter. American Century Companies Inc. now owns 1,735,842 shares of the technology company's stock worth $50,374,000 after buying an additional 841,951 shares during the period. Schroder Investment Management Group increased its position in shares of Iridium Communications by 44.7% in the fourth quarter. Schroder Investment Management Group now owns 2,213,512 shares of the technology company's stock worth $64,125,000 after acquiring an additional 683,777 shares in the last quarter. Raymond James Financial Inc. purchased a new position in shares of Iridium Communications in the 4th quarter valued at $17,613,000. Finally, Nikko Asset Management Americas Inc. lifted its holdings in shares of Iridium Communications by 13.2% during the 4th quarter. Nikko Asset Management Americas Inc. now owns 2,827,580 shares of the technology company's stock valued at $82,028,000 after acquiring an additional 329,915 shares in the last quarter. 84.36% of the stock is owned by hedge funds and other institutional investors.

Iridium Communications Stock Up 1.2 %

NASDAQ IRDM traded up $0.32 during trading hours on Friday, reaching $26.33. 313,694 shares of the company traded hands, compared to its average volume of 1,337,771. The company has a 50 day moving average of $26.01 and a two-hundred day moving average of $28.35. The stock has a market capitalization of $2.85 billion, a PE ratio of 27.72, a PEG ratio of 1.28 and a beta of 0.74. Iridium Communications Inc. has a 12 month low of $19.91 and a 12 month high of $35.85. The company has a current ratio of 1.73, a quick ratio of 1.25 and a debt-to-equity ratio of 3.05.

Iridium Communications (NASDAQ:IRDM - Get Free Report) last posted its quarterly earnings results on Tuesday, April 22nd. The technology company reported $0.27 EPS for the quarter, topping analysts' consensus estimates of $0.22 by $0.05. Iridium Communications had a return on equity of 15.66% and a net margin of 13.58%. The business had revenue of $214.88 million during the quarter, compared to the consensus estimate of $211.78 million. During the same period last year, the firm earned $0.17 earnings per share. As a group, equities analysts expect that Iridium Communications Inc. will post 0.89 earnings per share for the current year.

Iridium Communications Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Monday, March 17th were paid a dividend of $0.14 per share. The ex-dividend date of this dividend was Monday, March 17th. This represents a $0.56 annualized dividend and a yield of 2.13%. Iridium Communications's payout ratio is 52.83%.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on the company. Barclays decreased their target price on Iridium Communications from $45.00 to $38.00 and set an "overweight" rating for the company in a research report on Monday, March 10th. William Blair raised shares of Iridium Communications from a "market perform" rating to an "outperform" rating in a research report on Tuesday, April 22nd. Cantor Fitzgerald initiated coverage on shares of Iridium Communications in a research report on Friday, January 24th. They set an "overweight" rating and a $40.00 target price on the stock. BWS Financial decreased their target price on shares of Iridium Communications from $30.00 to $25.00 and set a "neutral" rating for the company in a research note on Wednesday, April 23rd. Finally, Oppenheimer started coverage on shares of Iridium Communications in a research note on Monday. They set an "outperform" rating and a $34.00 price target on the stock. Two analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $34.25.

About Iridium Communications

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.