Point72 Asset Management L.P. Boosts Position in Iridium Communications Inc. (NASDAQ:IRDM)

Point72 Asset Management L.P. boosted its holdings in shares of Iridium Communications Inc. (NASDAQ:IRDM - Free Report) by 277.8% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 270,341 shares of the technology company's stock after acquiring an additional 198,788 shares during the period. Point72 Asset Management L.P. owned about 0.24% of Iridium Communications worth $7,845,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Fifth Third Bancorp grew its holdings in Iridium Communications by 19.8% during the 4th quarter. Fifth Third Bancorp now owns 2,162 shares of the technology company's stock worth $63,000 after acquiring an additional 357 shares in the last quarter. Pinnacle Holdings LLC grew its holdings in Iridium Communications by 45.4% during the 4th quarter. Pinnacle Holdings LLC now owns 1,528 shares of the technology company's stock worth $44,000 after acquiring an additional 477 shares in the last quarter. EntryPoint Capital LLC grew its holdings in Iridium Communications by 4.1% during the 4th quarter. EntryPoint Capital LLC now owns 15,330 shares of the technology company's stock worth $445,000 after acquiring an additional 600 shares in the last quarter. Commonwealth Equity Services LLC grew its holdings in Iridium Communications by 4.0% during the 4th quarter. Commonwealth Equity Services LLC now owns 19,060 shares of the technology company's stock worth $553,000 after acquiring an additional 729 shares in the last quarter. Finally, Ballentine Partners LLC grew its holdings in Iridium Communications by 6.8% during the 4th quarter. Ballentine Partners LLC now owns 11,731 shares of the technology company's stock worth $340,000 after acquiring an additional 750 shares in the last quarter. 84.36% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several analysts have commented on the stock. William Blair raised shares of Iridium Communications from a "market perform" rating to an "outperform" rating in a research report on Tuesday, April 22nd. Wall Street Zen lowered shares of Iridium Communications from a "buy" rating to a "hold" rating in a research report on Thursday, May 1st. Cantor Fitzgerald assumed coverage on shares of Iridium Communications in a research report on Friday, January 24th. They set an "overweight" rating and a $40.00 price target for the company. Barclays decreased their price target on shares of Iridium Communications from $45.00 to $38.00 and set an "overweight" rating for the company in a research report on Monday, March 10th. Finally, BWS Financial decreased their price target on shares of Iridium Communications from $30.00 to $25.00 and set a "neutral" rating for the company in a research report on Wednesday, April 23rd. Two investment analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $34.25.

Iridium Communications Stock Performance

Shares of Iridium Communications stock traded down $0.31 during midday trading on Friday, hitting $25.22. The company had a trading volume of 742,698 shares, compared to its average volume of 1,158,923. The stock has a market cap of $2.73 billion, a price-to-earnings ratio of 26.55, a PEG ratio of 1.28 and a beta of 0.74. The company has a quick ratio of 1.25, a current ratio of 1.73 and a debt-to-equity ratio of 3.05. The company has a fifty day simple moving average of $25.32 and a 200 day simple moving average of $28.05. Iridium Communications Inc. has a 12-month low of $19.91 and a 12-month high of $35.85.

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

Iridium Communications Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 30th. Investors of record on Friday, June 13th will be given 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 currently 52.83%.

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.