Iridium Communications Inc. (NASDAQ:IRDM) Shares Sold by Cubist Systematic Strategies LLC

Cubist Systematic Strategies LLC lowered its position in Iridium Communications Inc. (NASDAQ:IRDM - Free Report) by 50.7% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 104,596 shares of the technology company's stock after selling 107,460 shares during the period. Cubist Systematic Strategies LLC owned approximately 0.09% of Iridium Communications worth $3,035,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also added to or reduced their stakes in the company. Sumitomo Mitsui Trust Group Inc. lifted its stake in Iridium Communications by 12.8% in the fourth quarter. Sumitomo Mitsui Trust Group Inc. now owns 2,829,052 shares of the technology company's stock worth $82,099,000 after purchasing an additional 320,506 shares during the last quarter. Nikko Asset Management Americas Inc. increased its position in shares of Iridium Communications by 13.2% during the fourth quarter. Nikko Asset Management Americas Inc. now owns 2,827,580 shares of the technology company's stock worth $82,028,000 after acquiring an additional 329,915 shares during the period. ARK Investment Management LLC increased its position in shares of Iridium Communications by 5.7% during the fourth quarter. ARK Investment Management LLC now owns 2,507,715 shares of the technology company's stock worth $72,774,000 after acquiring an additional 134,924 shares during the period. Schroder Investment Management Group increased its position in shares of Iridium Communications by 44.7% during the fourth quarter. Schroder Investment Management Group now owns 2,213,512 shares of the technology company's stock worth $64,125,000 after acquiring an additional 683,777 shares during the period. Finally, ArrowMark Colorado Holdings LLC increased its position in shares of Iridium Communications by 37.3% during the fourth quarter. ArrowMark Colorado Holdings LLC now owns 2,088,053 shares of the technology company's stock worth $60,595,000 after acquiring an additional 567,164 shares during the period. Institutional investors own 84.36% of the company's stock.

Iridium Communications Stock Up 0.2%

NASDAQ IRDM traded up $0.05 on Friday, hitting $25.70. The stock had a trading volume of 237,146 shares, compared to its average volume of 1,146,395. The business's fifty day moving average price is $25.59 and its 200 day moving average price is $28.24. The company has a debt-to-equity ratio of 3.05, a current ratio of 1.73 and a quick ratio of 1.25. Iridium Communications Inc. has a 52-week low of $19.91 and a 52-week high of $35.85. The stock has a market cap of $2.78 billion, a price-to-earnings ratio of 27.05, a price-to-earnings-growth ratio of 1.28 and a beta of 0.74.

Iridium Communications (NASDAQ:IRDM - Get Free Report) last released 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 business had revenue of $214.88 million for the quarter, compared to analyst estimates of $211.78 million. During the same period in the previous year, the company earned $0.17 earnings per share. Equities research analysts anticipate that Iridium Communications Inc. will post 0.89 earnings per share for the current year.

Iridium Communications Announces Dividend

The business also recently disclosed 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 2.18%. Iridium Communications's payout ratio is currently 52.83%.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on the stock. BWS Financial reduced their target price on shares of Iridium Communications from $30.00 to $25.00 and set a "neutral" rating on the stock in a research report on Wednesday, April 23rd. Cantor Fitzgerald started coverage on shares of Iridium Communications in a report on Friday, January 24th. They set an "overweight" rating and a $40.00 price objective 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. Barclays cut their price objective on shares of Iridium Communications from $45.00 to $38.00 and set an "overweight" rating on the stock in a report on Monday, March 10th. Finally, StockNews.com lowered shares of 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 issued a buy rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $34.25.

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.