Centiva Capital LP Takes $634,000 Position in Iridium Communications Inc. (NASDAQ:IRDM)

Centiva Capital LP purchased a new position 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 and Exchange Commission (SEC). The fund purchased 21,831 shares of the technology company's stock, valued at approximately $634,000.

Other large investors have also bought and sold shares of the company. Sumitomo Mitsui Trust Group Inc. boosted its stake in Iridium Communications by 12.8% during the 4th quarter. Sumitomo Mitsui Trust Group Inc. now owns 2,829,052 shares of the technology company's stock worth $82,099,000 after acquiring an additional 320,506 shares during the last quarter. Nikko Asset Management Americas Inc. raised its holdings in Iridium Communications by 13.2% in the fourth quarter. Nikko Asset Management Americas Inc. now owns 2,827,580 shares of the technology company's stock worth $82,028,000 after purchasing an additional 329,915 shares during the period. ARK Investment Management LLC boosted its position in shares of Iridium Communications by 5.7% during the fourth quarter. ARK Investment Management LLC now owns 2,507,715 shares of the technology company's stock worth $72,774,000 after purchasing an additional 134,924 shares in the last quarter. Schroder Investment Management Group boosted its position in shares of Iridium Communications by 44.7% during the fourth quarter. Schroder Investment Management Group now owns 2,213,512 shares of the technology company's stock worth $64,125,000 after purchasing an additional 683,777 shares in the last quarter. Finally, ArrowMark Colorado Holdings LLC grew its holdings in shares of Iridium Communications by 37.3% in the 4th quarter. ArrowMark Colorado Holdings LLC now owns 2,088,053 shares of the technology company's stock valued at $60,595,000 after buying an additional 567,164 shares during the period. 84.36% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research analysts have weighed in on IRDM shares. Barclays reduced their target price on Iridium Communications from $45.00 to $38.00 and set an "overweight" rating on the stock in a report on Monday, March 10th. William Blair upgraded Iridium Communications from a "market perform" rating to an "outperform" rating in a report on Tuesday, April 22nd. Oppenheimer began coverage on Iridium Communications in a research report on Monday, May 5th. They issued an "outperform" rating and a $34.00 price objective for the company. StockNews.com downgraded shares of Iridium Communications from a "buy" rating to a "hold" rating in a report on Thursday, May 1st. Finally, Cantor Fitzgerald started coverage on shares of Iridium Communications in a research note on Friday, January 24th. They issued an "overweight" rating and a $40.00 price target on the stock. Two equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company's stock. According to MarketBeat.com, Iridium Communications currently has a consensus rating of "Moderate Buy" and an average target price of $34.25.

Iridium Communications Stock Up 1.4%

Shares of Iridium Communications stock traded up $0.35 during trading on Thursday, reaching $25.68. The stock had a trading volume of 343,283 shares, compared to its average volume of 1,144,692. The company has a current ratio of 1.73, a quick ratio of 1.25 and a debt-to-equity ratio of 3.05. The company has a market capitalization of $2.78 billion, a price-to-earnings ratio of 27.06, a P/E/G ratio of 1.28 and a beta of 0.74. The stock has a fifty day moving average price of $25.67 and a two-hundred day moving average price of $28.26. Iridium Communications Inc. has a 52 week low of $19.91 and a 52 week high of $35.85.

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

Iridium Communications Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Monday, March 17th were given a $0.14 dividend. This represents a $0.56 dividend on an annualized basis and a dividend yield of 2.18%. The ex-dividend date of this dividend was Monday, March 17th. Iridium Communications's dividend payout ratio is currently 52.83%.

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.