Point72 Asset Management L.P. Raises Holdings in Iridium Communications Inc. (NASDAQ:IRDM)

Point72 Asset Management L.P. increased its stake in shares of Iridium Communications Inc. (NASDAQ:IRDM - Free Report) by 277.8% in the 4th quarter, according to 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 purchasing an additional 198,788 shares during the quarter. Point72 Asset Management L.P. owned 0.24% of Iridium Communications worth $7,845,000 at the end of the most recent quarter.

Other large investors also recently bought and sold shares of the company. Barclays PLC grew its position in shares of Iridium Communications by 19.2% during the third quarter. Barclays PLC now owns 856,901 shares of the technology company's stock worth $26,093,000 after buying an additional 137,924 shares in the last quarter. Ballentine Partners LLC lifted its stake in Iridium Communications by 6.8% in the fourth quarter. Ballentine Partners LLC now owns 11,731 shares of the technology company's stock worth $340,000 after acquiring an additional 750 shares during the last quarter. Crossmark Global Holdings Inc. grew its holdings in Iridium Communications by 420.5% during the 4th quarter. Crossmark Global Holdings Inc. now owns 39,597 shares of the technology company's stock worth $1,149,000 after acquiring an additional 31,990 shares in the last quarter. SG Americas Securities LLC purchased a new stake in shares of Iridium Communications in the 4th quarter valued at approximately $186,000. Finally, Inspire Investing LLC raised its holdings in shares of Iridium Communications by 185.7% in the 4th quarter. Inspire Investing LLC now owns 43,265 shares of the technology company's stock valued at $1,256,000 after purchasing an additional 28,119 shares in the last quarter. Hedge funds and other institutional investors own 84.36% of the company's stock.

Analyst Ratings Changes

A number of equities analysts recently commented on IRDM shares. William Blair upgraded shares of Iridium Communications from a "market perform" rating to an "outperform" rating in a research note on Tuesday, April 22nd. Oppenheimer started coverage on Iridium Communications in a research report on Monday, May 5th. They set an "outperform" rating and a $34.00 price objective for the company. Cantor Fitzgerald initiated coverage on Iridium Communications in a report on Friday, January 24th. They issued an "overweight" rating and a $40.00 price objective on the stock. BWS Financial decreased their target price on Iridium Communications from $30.00 to $25.00 and set a "neutral" rating for the company in a research note on Wednesday, April 23rd. Finally, Wall Street Zen downgraded Iridium Communications from a "buy" rating to a "hold" rating in a report on Thursday, May 1st. Two equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat, Iridium Communications presently has a consensus rating of "Moderate Buy" and an average price target of $34.25.

Iridium Communications Stock Up 0.9%

NASDAQ:IRDM traded up $0.22 during midday trading on Thursday, hitting $25.53. 916,897 shares of the company were exchanged, compared to its average volume of 1,154,106. 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 market capitalization of $2.76 billion, a PE ratio of 26.87, a price-to-earnings-growth 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. The company has a fifty day simple moving average of $25.40 and a 200 day simple moving average of $28.13.

Iridium Communications (NASDAQ:IRDM - Get Free Report) last posted its earnings results on Tuesday, April 22nd. The technology company reported $0.27 EPS for the quarter, topping analysts' consensus estimates 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 for the quarter, compared to analysts' expectations of $211.78 million. During the same quarter in the previous year, the firm earned $0.17 earnings per share. As a group, equities analysts anticipate that Iridium Communications Inc. will post 0.89 earnings per share for the current fiscal year.

Iridium Communications Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Friday, June 13th will be given a dividend of $0.14 per share. This represents a $0.56 annualized dividend and a yield of 2.19%. The ex-dividend date is Friday, June 13th. Iridium Communications's dividend payout ratio (DPR) is 52.83%.

Iridium Communications Company 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.