39,395 Shares in Iridium Communications Inc. (NASDAQ:IRDM) Purchased by Point72 Hong Kong Ltd

Point72 Hong Kong Ltd purchased a new stake in Iridium Communications Inc. (NASDAQ:IRDM - Free Report) in the 4th quarter, according to its most recent Form 13F filing with the SEC. The firm purchased 39,395 shares of the technology company's stock, valued at approximately $1,143,000.

Several other hedge funds have also modified their holdings of IRDM. JPMorgan Chase & Co. raised its holdings in Iridium Communications by 1.6% during the fourth quarter. JPMorgan Chase & Co. now owns 631,852 shares of the technology company's stock worth $18,336,000 after purchasing an additional 10,195 shares during the last quarter. Teacher Retirement System of Texas raised its holdings in Iridium Communications by 369.5% during the fourth quarter. Teacher Retirement System of Texas now owns 69,562 shares of the technology company's stock worth $2,019,000 after purchasing an additional 54,747 shares during the last quarter. Steward Partners Investment Advisory LLC raised its holdings in Iridium Communications by 376.3% during the fourth quarter. Steward Partners Investment Advisory LLC now owns 4,858 shares of the technology company's stock worth $141,000 after purchasing an additional 3,838 shares during the last quarter. Raymond James Financial Inc. acquired a new position in Iridium Communications during the fourth quarter worth $17,613,000. Finally, SBI Securities Co. Ltd. acquired a new position in Iridium Communications during the fourth quarter worth $37,000. 84.36% of the stock is owned by institutional investors and hedge funds.

Iridium Communications Stock Down 0.9%

Shares of IRDM traded down $0.24 during midday trading on Wednesday, reaching $25.58. 249,284 shares of the company were exchanged, compared to its average volume of 1,150,519. The stock has a 50-day moving average price of $25.45 and a 200-day moving average price of $28.14. The company has a market cap of $2.77 billion, a price-to-earnings ratio of 26.93, a P/E/G ratio of 1.28 and a beta of 0.74. Iridium Communications Inc. has a 1-year low of $19.91 and a 1-year high of $35.85. The company has a current ratio of 1.73, a quick ratio of 1.25 and a debt-to-equity ratio of 3.05.

Iridium Communications (NASDAQ:IRDM - Get Free Report) last issued its quarterly earnings data 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 company 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 posted $0.17 earnings per share. Research analysts expect that Iridium Communications Inc. will post 0.89 earnings per share for the current year.

Iridium Communications Dividend Announcement

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

Wall Street Analyst Weigh In

Several brokerages recently issued reports on IRDM. BWS Financial reduced their price objective on Iridium Communications from $30.00 to $25.00 and set a "neutral" rating for the company in a report on Wednesday, April 23rd. Oppenheimer began coverage on Iridium Communications in a research report on Monday, May 5th. They issued an "outperform" rating and a $34.00 price objective for the company. Cantor Fitzgerald began coverage on Iridium Communications in a report on Friday, January 24th. They issued an "overweight" rating and a $40.00 target price on the stock. StockNews.com cut Iridium Communications from a "buy" rating to a "hold" rating in a report on Thursday, May 1st. Finally, William Blair upgraded Iridium Communications from a "market perform" rating to an "outperform" rating in a report on Tuesday, April 22nd. Two 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.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $34.25.

About Iridium Communications

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.