Man Group plc Sells 191,979 Shares of Iridium Communications Inc. (NASDAQ:IRDM)

Man Group plc lessened its holdings in shares of Iridium Communications Inc. (NASDAQ:IRDM - Free Report) by 51.1% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 183,391 shares of the technology company's stock after selling 191,979 shares during the period. Man Group plc owned 0.16% of Iridium Communications worth $5,322,000 as of its most recent filing with the Securities and Exchange Commission.

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

Iridium Communications Price Performance

Shares of NASDAQ IRDM traded down $0.31 during trading on Monday, hitting $25.22. The company had a trading volume of 742,698 shares, compared to its average volume of 1,158,923. Iridium Communications Inc. has a 52 week low of $19.91 and a 52 week high of $35.85. The business's 50-day moving average is $25.32 and its 200 day moving average is $28.04. The company has a market cap of $2.73 billion, a P/E ratio of 26.55, a PEG ratio of 1.28 and a beta of 0.74. The company has a debt-to-equity ratio of 3.05, a quick ratio of 1.25 and a current ratio of 1.73.

Iridium Communications (NASDAQ:IRDM - Get Free Report) last announced its earnings results on Tuesday, April 22nd. The technology company reported $0.27 EPS for the quarter, beating 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 business had revenue of $214.88 million during the quarter, compared to the consensus estimate of $211.78 million. During the same period in the prior year, the business posted $0.17 earnings per share. Equities research analysts predict that Iridium Communications Inc. will post 0.89 earnings per share for the current fiscal year.

Iridium Communications Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Friday, June 13th will be issued a $0.14 dividend. This represents a $0.56 annualized dividend and a dividend yield of 2.22%. The ex-dividend date is Friday, June 13th. Iridium Communications's payout ratio is 52.83%.

Analyst Ratings Changes

A number of brokerages have recently weighed in on IRDM. Wall Street Zen lowered shares of Iridium Communications from a "buy" rating to a "hold" rating in a research note on Thursday, May 1st. Oppenheimer initiated coverage on Iridium Communications in a research report on Monday, May 5th. They issued an "outperform" rating and a $34.00 target price for the company. Barclays lowered their price target on Iridium Communications from $45.00 to $38.00 and set an "overweight" rating on the stock in a research report on Monday, March 10th. BWS Financial cut their price objective on Iridium Communications from $30.00 to $25.00 and set a "neutral" rating for the company in a report on Wednesday, April 23rd. Finally, William Blair raised Iridium Communications from a "market perform" rating to an "outperform" rating in a research note on Tuesday, April 22nd. Two equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price 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.