Cubist Systematic Strategies LLC Boosts Holdings in Iridium Communications Inc $IRDM

Key Points

• Cubist Systematic Strategies LLC increased its stake in Iridium Communications by 385.1% in the first quarter, owning 507,355 shares valued at approximately $13.86 million.
• Iridium Communications reported $0.20 earnings per share for the recent quarter, missing the consensus estimate of $0.23 while recording a revenue of $216.91 million, above expectations.
• The company announced a quarterly dividend increase to $0.15 per share, which will be paid on September 30th, reflecting an annualized yield of 2.4%.

Cubist Systematic Strategies LLC grew its holdings in Iridium Communications Inc (NASDAQ:IRDM - Free Report) by 385.1% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 507,355 shares of the technology company's stock after acquiring an additional 402,759 shares during the period. Cubist Systematic Strategies LLC owned about 0.47% of Iridium Communications worth $13,861,000 at the end of the most recent quarter.

Several other large investors have also made changes to their positions in IRDM. Mariner LLC boosted its holdings in shares of Iridium Communications by 20.8% in the 4th quarter. Mariner LLC now owns 11,005 shares of the technology company's stock valued at $319,000 after acquiring an additional 1,897 shares during the last quarter. Marshall Wace LLP boosted its holdings in Iridium Communications by 25.6% during the fourth quarter. Marshall Wace LLP now owns 12,576 shares of the technology company's stock worth $365,000 after buying an additional 2,565 shares in the last quarter. Tower Research Capital LLC TRC boosted its holdings in Iridium Communications by 89.4% during the fourth quarter. Tower Research Capital LLC TRC now owns 8,365 shares of the technology company's stock worth $243,000 after buying an additional 3,949 shares in the last quarter. Stifel Financial Corp boosted its holdings in Iridium Communications by 9.8% during the fourth quarter. Stifel Financial Corp now owns 16,785 shares of the technology company's stock worth $487,000 after buying an additional 1,495 shares in the last quarter. Finally, Northern Trust Corp boosted its holdings in Iridium Communications by 18.1% during the fourth quarter. Northern Trust Corp now owns 1,827,411 shares of the technology company's stock worth $53,031,000 after buying an additional 280,269 shares in the last quarter. 84.36% of the stock is owned by hedge funds and other institutional investors.

Iridium Communications Trading Up 2.0%

IRDM stock traded up $0.50 during mid-day trading on Friday, hitting $25.12. 1,799,708 shares of the company were exchanged, compared to its average volume of 1,401,906. The business has a fifty day simple moving average of $27.18 and a 200-day simple moving average of $27.05. The company has a quick ratio of 1.75, a current ratio of 2.51 and a debt-to-equity ratio of 3.82. Iridium Communications Inc has a 12-month low of $19.91 and a 12-month high of $35.85. The firm has a market capitalization of $2.67 billion, a P/E ratio of 25.37, a PEG ratio of 0.90 and a beta of 0.78.

Iridium Communications (NASDAQ:IRDM - Get Free Report) last posted its quarterly earnings data on Thursday, July 24th. The technology company reported $0.20 EPS for the quarter, missing the consensus estimate of $0.23 by ($0.03). Iridium Communications had a net margin of 13.20% and a return on equity of 20.28%. The business had revenue of $216.91 million during the quarter, compared to analysts' expectations of $214.73 million. During the same period in the previous year, the business posted $0.27 EPS. The company's revenue for the quarter was up 7.9% compared to the same quarter last year. On average, equities research analysts predict that Iridium Communications Inc will post 0.89 earnings per share for the current fiscal year.

Iridium Communications Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Monday, September 15th will be paid a $0.15 dividend. The ex-dividend date of this dividend is Monday, September 15th. This is a positive change from Iridium Communications's previous quarterly dividend of $0.14. This represents a $0.60 annualized dividend and a dividend yield of 2.4%. Iridium Communications's payout ratio is 60.61%.

Analysts Set New Price Targets

A number of analysts recently issued reports on IRDM shares. Barclays lowered their price target on shares of Iridium Communications from $38.00 to $31.00 and set an "overweight" rating on the stock in a report on Monday, July 28th. Raymond James Financial reissued a "strong-buy" rating and set a $39.00 price target (down from $47.00) on shares of Iridium Communications in a report on Friday, July 25th. Finally, Morgan Stanley lowered their price target on shares of Iridium Communications from $40.00 to $37.00 and set an "overweight" rating on the stock in a report on Friday, August 1st. One equities research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat, Iridium Communications has an average rating of "Buy" and a consensus price target of $34.33.

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.