Millennium Management LLC Trims Stock Holdings in Iridium Communications Inc. (NASDAQ:IRDM)

Millennium Management LLC decreased its holdings in Iridium Communications Inc. (NASDAQ:IRDM - Free Report) by 20.6% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 794,688 shares of the technology company's stock after selling 205,695 shares during the period. Millennium Management LLC owned 0.70% of Iridium Communications worth $23,062,000 at the end of the most recent reporting period.

Several other large investors have also recently modified their holdings of the business. Plato Investment Management Ltd purchased a new position in Iridium Communications during the fourth quarter valued at approximately $32,000. SBI Securities Co. Ltd. purchased a new position in Iridium Communications in the 4th quarter worth approximately $37,000. Pinnacle Holdings LLC grew its stake in Iridium Communications by 45.4% in the 4th quarter. Pinnacle Holdings LLC now owns 1,528 shares of the technology company's stock worth $44,000 after buying an additional 477 shares in the last quarter. Fifth Third Bancorp grew its stake in Iridium Communications by 19.8% in the 4th quarter. Fifth Third Bancorp now owns 2,162 shares of the technology company's stock worth $63,000 after buying an additional 357 shares in the last quarter. Finally, Covestor Ltd grew its stake in Iridium Communications by 529.6% in the 4th quarter. Covestor Ltd now owns 2,512 shares of the technology company's stock worth $73,000 after buying an additional 2,113 shares in the last quarter. Hedge funds and other institutional investors own 84.36% of the company's stock.

Iridium Communications Trading Up 2.3%

Shares of IRDM opened at $25.82 on Wednesday. The firm has a 50 day moving average price of $25.45 and a 200-day moving average price of $28.14. Iridium Communications Inc. has a fifty-two week low of $19.91 and a fifty-two week high of $35.85. 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 firm has a market cap of $2.79 billion, a price-to-earnings ratio of 27.18, a PEG ratio of 1.28 and a beta of 0.74.

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

Iridium Communications Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Investors of record on Friday, June 13th will be issued a dividend of $0.14 per share. The ex-dividend date is Friday, June 13th. This represents a $0.56 dividend on an annualized basis and a yield of 2.17%. Iridium Communications's dividend payout ratio is currently 52.83%.

Wall Street Analyst Weigh In

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

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.

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