Point72 Asia Singapore Pte. Ltd. lowered its holdings in Iridium Communications Inc. (NASDAQ:IRDM - Free Report) by 79.4% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 3,894 shares of the technology company's stock after selling 15,042 shares during the period. Point72 Asia Singapore Pte. Ltd.'s holdings in Iridium Communications were worth $113,000 as of its most recent SEC filing.
Several other large investors also recently made changes to their positions in the business. Plato Investment Management Ltd purchased a new stake in shares of Iridium Communications during the 4th quarter valued at about $32,000. SBI Securities Co. Ltd. acquired a new stake in Iridium Communications in the fourth quarter valued at approximately $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 during the period. Fifth Third Bancorp lifted its position in shares of Iridium Communications by 19.8% during 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 in the last quarter. Finally, Covestor Ltd lifted its position in shares of Iridium Communications by 529.6% during the fourth quarter. Covestor Ltd now owns 2,512 shares of the technology company's stock worth $73,000 after purchasing an additional 2,113 shares in the last quarter. Institutional investors and hedge funds own 84.36% of the company's stock.
Iridium Communications Stock Down 2.1%
NASDAQ IRDM traded down $0.55 during trading hours on Friday, reaching $24.99. 208,381 shares of the company traded hands, compared to its average volume of 1,152,245. The stock has a market capitalization of $2.70 billion, a PE ratio of 26.30, a PEG ratio of 1.28 and a beta of 0.74. The company has a current ratio of 1.73, a quick ratio of 1.25 and a debt-to-equity ratio of 3.05. Iridium Communications Inc. has a 12 month low of $19.91 and a 12 month high of $35.85. The company has a 50 day moving average of $25.36 and a two-hundred day moving average of $28.10.
Iridium Communications (NASDAQ:IRDM - Get Free Report) last issued its quarterly earnings results on Tuesday, April 22nd. The technology company reported $0.27 EPS for the quarter, topping the consensus estimate of $0.22 by $0.05. The business had revenue of $214.88 million for the quarter, compared to analysts' expectations 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 last year, the company posted $0.17 earnings per share. As a group, equities analysts expect that Iridium Communications Inc. will post 0.89 earnings per share for the current year.
Iridium Communications Dividend Announcement
The company also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Friday, June 13th will be given a $0.14 dividend. The ex-dividend date is Friday, June 13th. This represents a $0.56 annualized dividend and a dividend yield of 2.24%. Iridium Communications's payout ratio is 52.83%.
Analyst Ratings Changes
A number of equities research analysts recently weighed in on the stock. William Blair raised shares of Iridium Communications from a "market perform" rating to an "outperform" rating in a report on Tuesday, April 22nd. Oppenheimer initiated coverage on Iridium Communications in a research report on Monday, May 5th. They set an "outperform" rating and a $34.00 target price on the stock. Wall Street Zen cut Iridium Communications from a "buy" rating to a "hold" rating in a research note on Thursday, May 1st. Cantor Fitzgerald assumed coverage on Iridium Communications in a report on Friday, January 24th. They issued an "overweight" rating and a $40.00 price target for the company. Finally, Barclays dropped their price objective on Iridium Communications from $45.00 to $38.00 and set an "overweight" rating on the stock in a report on Monday, March 10th. Two equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company's stock. Based on data from MarketBeat.com, Iridium Communications presently has a consensus rating of "Moderate Buy" and an average price target of $34.25.
Get Our Latest Analysis on Iridium Communications
Iridium Communications Company Profile
(
Free Report)
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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