Renaissance Technologies LLC Makes New $3.55 Million Investment in Iridium Communications Inc $IRDM

Renaissance Technologies LLC acquired a new position in Iridium Communications Inc (NASDAQ:IRDM - Free Report) during the first quarter, according to its most recent 13F filing with the SEC. The firm acquired 128,100 shares of the technology company's stock, valued at approximately $3,553,000. Renaissance Technologies LLC owned 0.12% of Iridium Communications at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also modified their holdings of the company. Root Financial Partners LLC raised its holdings in Iridium Communications by 1,750.0% in the first quarter. Root Financial Partners LLC now owns 1,332 shares of the technology company's stock valued at $37,000 after buying an additional 1,260 shares during the period. Quadrant Capital Group LLC grew its stake in Iridium Communications by 107.5% during the fourth quarter. Quadrant Capital Group LLC now owns 1,430 shares of the technology company's stock worth $25,000 after buying an additional 741 shares during the period. Larson Financial Group LLC increased its position in shares of Iridium Communications by 392.8% in the third quarter. Larson Financial Group LLC now owns 1,508 shares of the technology company's stock worth $26,000 after acquiring an additional 1,202 shares in the last quarter. Kestra Advisory Services LLC acquired a new stake in shares of Iridium Communications in the fourth quarter worth $27,000. Finally, CIBC Private Wealth Group LLC purchased a new position in shares of Iridium Communications in the 3rd quarter valued at $32,000. 84.36% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research firms recently weighed in on IRDM. Raymond James Financial restated a "market perform" rating on shares of Iridium Communications in a report on Friday, April 24th. Oppenheimer increased their price target on Iridium Communications from $48.00 to $60.00 and gave the company an "outperform" rating in a report on Wednesday, June 3rd. Morgan Stanley raised their price objective on Iridium Communications from $26.00 to $54.00 and gave the company an "equal weight" rating in a research report on Tuesday, June 30th. William Blair downgraded Iridium Communications from an "outperform" rating to a "hold" rating in a research report on Monday, June 29th. Finally, Weiss Ratings reiterated a "hold (c)" rating on shares of Iridium Communications in a research note on Friday, July 10th. Three analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Hold" and a consensus price target of $38.67.

Iridium Communications Trading Up 3.4%

NASDAQ IRDM opened at $49.93 on Friday. The company has a market capitalization of $5.29 billion, a price-to-earnings ratio of 56.74, a price-to-earnings-growth ratio of 3.91 and a beta of 0.88. The company has a debt-to-equity ratio of 3.70, a current ratio of 2.78 and a quick ratio of 2.31. Iridium Communications Inc has a 12 month low of $15.65 and a 12 month high of $57.18. The company's fifty day moving average price is $47.91 and its two-hundred day moving average price is $36.87.

Iridium Communications (NASDAQ:IRDM - Get Free Report) last issued its earnings results on Wednesday, July 22nd. The technology company reported $0.09 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.28 by ($0.19). Iridium Communications had a net margin of 10.55% and a return on equity of 22.57%. The company had revenue of $225.24 million during the quarter, compared to analyst estimates of $220.32 million. During the same quarter last year, the company posted $0.20 EPS. The business's revenue for the quarter was up 3.8% compared to the same quarter last year. As a group, research analysts predict that Iridium Communications Inc will post 0.95 earnings per share for the current fiscal year.

Iridium Communications Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, June 30th. Investors of record on Monday, June 15th were issued a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 1.2%. The ex-dividend date of this dividend was Monday, June 15th. Iridium Communications's payout ratio is currently 68.18%.

Iridium Communications Profile

Iridium Communications Inc operates a global satellite communications network that delivers voice and data services across land, sea and air. The company's unique architecture relies on a constellation of 66 low-Earth orbit satellites, enabling real-time connectivity in regions beyond the reach of terrestrial wireless networks. Iridium's core offerings include satellite voice and messaging services, broadband data terminals, push-to-talk (PTT) interoperability and machine-to-machine (M2M) solutions for the Internet of Things (IoT).

Iridium serves a diverse range of markets, including maritime shipping, aviation, government and defense, energy, and enterprise.

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