Arrowstreet Capital Limited Partnership Has $30.55 Million Stock Position in Iridium Communications Inc $IRDM

Arrowstreet Capital Limited Partnership lessened its stake in shares of Iridium Communications Inc (NASDAQ:IRDM - Free Report) by 4.7% during the first quarter, according to the company in its most recent disclosure with the SEC. The fund owned 1,101,231 shares of the technology company's stock after selling 54,236 shares during the quarter. Arrowstreet Capital Limited Partnership owned approximately 1.04% of Iridium Communications worth $30,548,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. Millennium Management LLC increased its holdings in Iridium Communications by 265.8% in the 3rd quarter. Millennium Management LLC now owns 3,039,731 shares of the technology company's stock worth $53,074,000 after purchasing an additional 2,208,857 shares in the last quarter. Gotham Asset Management LLC boosted its stake in shares of Iridium Communications by 651.1% during the fourth quarter. Gotham Asset Management LLC now owns 2,309,750 shares of the technology company's stock valued at $40,143,000 after purchasing an additional 2,002,232 shares in the last quarter. Man Group plc boosted its stake in shares of Iridium Communications by 226.3% during the third quarter. Man Group plc now owns 2,012,077 shares of the technology company's stock valued at $35,131,000 after purchasing an additional 1,395,485 shares in the last quarter. Bank of America Corp DE grew its holdings in shares of Iridium Communications by 124.8% during the third quarter. Bank of America Corp DE now owns 1,581,142 shares of the technology company's stock worth $27,607,000 after purchasing an additional 877,760 shares during the last quarter. Finally, State Street Corp increased its stake in shares of Iridium Communications by 18.0% in the fourth quarter. State Street Corp now owns 4,761,749 shares of the technology company's stock valued at $82,759,000 after buying an additional 725,856 shares during the period. 84.36% of the stock is currently owned by institutional investors.

Iridium Communications Price Performance

Shares of NASDAQ IRDM opened at $45.44 on Wednesday. The company has a market capitalization of $4.81 billion, a PE ratio of 51.64, a P/E/G ratio of 3.63 and a beta of 0.87. The company has a quick ratio of 2.31, a current ratio of 2.78 and a debt-to-equity ratio of 3.70. Iridium Communications Inc has a twelve month low of $15.65 and a twelve month high of $57.18. The firm has a fifty day simple moving average of $48.10 and a 200 day simple moving average of $35.37.

Iridium Communications (NASDAQ:IRDM - Get Free Report) last issued its quarterly earnings results on Wednesday, July 22nd. The technology company reported $0.09 earnings per share for the quarter, missing analysts' consensus estimates of $0.28 by ($0.19). The business had revenue of $225.24 million for the quarter, compared to analyst estimates of $220.32 million. Iridium Communications had a return on equity of 22.57% and a net margin of 10.55%.The business's revenue was up 3.8% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.20 earnings per share. On average, sell-side analysts forecast that Iridium Communications Inc will post 0.97 EPS for the current year.

Iridium Communications Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, June 30th. Shareholders of record on Monday, June 15th were issued a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 1.3%. The ex-dividend date was Monday, June 15th. Iridium Communications's payout ratio is presently 68.18%.

Analyst Ratings Changes

A number of brokerages recently issued reports on IRDM. Weiss Ratings reiterated a "hold (c)" rating on shares of Iridium Communications in a report on Friday, July 10th. Morgan Stanley raised their price target on shares of Iridium Communications from $26.00 to $54.00 and gave the company an "equal weight" rating in a research note on Tuesday, June 30th. William Blair lowered shares of Iridium Communications from an "outperform" rating to a "hold" rating in a report on Monday, June 29th. Oppenheimer boosted their price objective on shares of Iridium Communications from $48.00 to $60.00 and gave the stock an "outperform" rating in a research note on Wednesday, June 3rd. Finally, Raymond James Financial reaffirmed a "market perform" rating on shares of Iridium Communications in a research report on Friday, April 24th. Three equities research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company currently has an average rating of "Hold" and a consensus target price of $38.67.

Iridium Communications Profile

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.

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