Balyasny Asset Management L.P. Purchases Shares of 206,774 Iridium Communications Inc. (NASDAQ:IRDM)

Balyasny Asset Management L.P. bought a new stake in shares of Iridium Communications Inc. (NASDAQ:IRDM - Free Report) in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 206,774 shares of the technology company's stock, valued at approximately $6,001,000. Balyasny Asset Management L.P. owned 0.18% of Iridium Communications at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in the stock. Plato Investment Management Ltd bought a new stake in Iridium Communications during the 4th quarter valued at about $32,000. SBI Securities Co. Ltd. bought a new stake in Iridium Communications during the 4th quarter valued at about $37,000. Pinnacle Holdings LLC lifted its holdings in Iridium Communications by 45.4% during the 4th quarter. Pinnacle Holdings LLC now owns 1,528 shares of the technology company's stock valued at $44,000 after buying an additional 477 shares in the last quarter. Fifth Third Bancorp lifted its holdings in Iridium Communications by 19.8% during the 4th quarter. Fifth Third Bancorp now owns 2,162 shares of the technology company's stock valued at $63,000 after buying an additional 357 shares in the last quarter. Finally, Covestor Ltd raised its position in Iridium Communications by 529.6% during the 4th quarter. Covestor Ltd now owns 2,512 shares of the technology company's stock valued at $73,000 after purchasing an additional 2,113 shares in the last quarter. 84.36% of the stock is currently owned by institutional investors.

Iridium Communications Stock Down 4.9%

IRDM stock traded down $1.32 on Tuesday, hitting $25.66. 1,821,731 shares of the company's stock were exchanged, compared to its average volume of 1,145,099. Iridium Communications Inc. has a 12-month low of $19.91 and a 12-month high of $35.85. The firm has a 50 day moving average price of $25.87 and a two-hundred day moving average price of $28.30. The company has a debt-to-equity ratio of 3.05, a quick ratio of 1.25 and a current ratio of 1.73. The stock has a market cap of $2.78 billion, a P/E ratio of 27.01, a price-to-earnings-growth ratio of 1.28 and a beta of 0.74.

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

Iridium Communications Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, March 31st. Investors 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 2.18%. Iridium Communications's dividend payout ratio (DPR) is 52.83%.

Analyst Ratings Changes

Several analysts recently weighed in on the company. Barclays decreased their price objective on Iridium Communications from $45.00 to $38.00 and set an "overweight" rating for the company in a report on Monday, March 10th. Cantor Fitzgerald began coverage on shares of Iridium Communications in a report on Friday, January 24th. They set an "overweight" rating and a $40.00 price objective on the stock. William Blair upgraded Iridium Communications from a "market perform" rating to an "outperform" rating in a report on Tuesday, April 22nd. BWS Financial cut their price target on Iridium Communications from $30.00 to $25.00 and set a "neutral" rating on the stock in a report on Wednesday, April 23rd. Finally, StockNews.com lowered Iridium Communications from a "buy" rating to a "hold" rating in a research report on Thursday, May 1st. Two equities research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $34.25.

Iridium Communications 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.