Graham Capital Management L.P. Has $681,000 Holdings in Iridium Communications Inc. (NASDAQ:IRDM)

Graham Capital Management L.P. lessened its holdings in Iridium Communications Inc. (NASDAQ:IRDM - Free Report) by 59.4% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 23,453 shares of the technology company's stock after selling 34,326 shares during the period. Graham Capital Management L.P.'s holdings in Iridium Communications were worth $681,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently made changes to their positions in the business. Sumitomo Mitsui Trust Group Inc. raised its holdings in shares of Iridium Communications by 12.8% in the 4th quarter. Sumitomo Mitsui Trust Group Inc. now owns 2,829,052 shares of the technology company's stock worth $82,099,000 after acquiring an additional 320,506 shares during the last quarter. Nikko Asset Management Americas Inc. increased its stake in Iridium Communications by 13.2% in the 4th quarter. Nikko Asset Management Americas Inc. now owns 2,827,580 shares of the technology company's stock valued at $82,028,000 after buying an additional 329,915 shares during the last quarter. ARK Investment Management LLC increased its stake in Iridium Communications by 5.7% in the 4th quarter. ARK Investment Management LLC now owns 2,507,715 shares of the technology company's stock valued at $72,774,000 after buying an additional 134,924 shares during the last quarter. Schroder Investment Management Group increased its stake in Iridium Communications by 44.7% in the 4th quarter. Schroder Investment Management Group now owns 2,213,512 shares of the technology company's stock valued at $64,125,000 after buying an additional 683,777 shares during the last quarter. Finally, ArrowMark Colorado Holdings LLC increased its stake in Iridium Communications by 37.3% in the 4th quarter. ArrowMark Colorado Holdings LLC now owns 2,088,053 shares of the technology company's stock valued at $60,595,000 after buying an additional 567,164 shares during the last quarter. Institutional investors and hedge funds own 84.36% of the company's stock.

Wall Street Analysts Forecast Growth

IRDM has been the subject of several analyst reports. BWS Financial decreased their price objective on shares of Iridium Communications from $30.00 to $25.00 and set a "neutral" rating for the company in a research note on Wednesday, April 23rd. Cantor Fitzgerald initiated coverage on shares of Iridium Communications in a research note on Friday, January 24th. They issued an "overweight" rating and a $40.00 price objective for the company. StockNews.com lowered shares of Iridium Communications from a "buy" rating to a "hold" rating in a research note on Thursday, May 1st. William Blair upgraded shares of Iridium Communications from a "market perform" rating to an "outperform" rating in a research note on Tuesday, April 22nd. Finally, Barclays decreased their price objective on shares of Iridium Communications from $45.00 to $38.00 and set an "overweight" rating for the company in a research note on Monday, March 10th. Two research analysts have rated the stock with a hold rating and four have given a buy rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $34.25.

Iridium Communications Trading Down 1.3%

Shares of IRDM stock opened at $25.33 on Thursday. The company has a 50 day moving average of $25.67 and a 200-day moving average of $28.26. The company has a quick ratio of 1.25, a current ratio of 1.73 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 firm has a market cap of $2.74 billion, a P/E ratio of 26.66, a PEG ratio of 1.28 and a beta of 0.74.

Iridium Communications (NASDAQ:IRDM - Get Free Report) last issued its quarterly earnings results on Tuesday, April 22nd. The technology company reported $0.27 earnings per share (EPS) for the quarter, topping the consensus estimate 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 quarter last year, the business posted $0.17 EPS. Sell-side analysts anticipate that Iridium Communications Inc. will post 0.89 earnings per share for the current year.

Iridium Communications Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Monday, March 17th were paid a dividend of $0.14 per share. The ex-dividend date of this dividend was Monday, March 17th. This represents a $0.56 annualized dividend and a dividend yield of 2.21%. 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.

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