Renaissance Technologies LLC Has $465,000 Position in Iridium Communications Inc. (NASDAQ:IRDM)

Renaissance Technologies LLC cut its stake in shares of Iridium Communications Inc. (NASDAQ:IRDM - Free Report) by 86.9% during the 4th quarter, according to its most recent filing with the SEC. The institutional investor owned 16,030 shares of the technology company's stock after selling 106,269 shares during the period. Renaissance Technologies LLC's holdings in Iridium Communications were worth $465,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently bought and sold shares of the business. Sumitomo Mitsui Trust Group Inc. lifted its position in shares of Iridium Communications by 12.8% during 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. lifted its position 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 purchasing an additional 329,915 shares during the last quarter. ARK Investment Management LLC increased its stake in shares of Iridium Communications by 5.7% in the fourth quarter. ARK Investment Management LLC now owns 2,507,715 shares of the technology company's stock valued at $72,774,000 after purchasing an additional 134,924 shares during the period. Schroder Investment Management Group raised its stake in Iridium Communications by 44.7% during 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 acquiring an additional 683,777 shares in the last quarter. Finally, American Century Companies Inc. raised its stake in shares of Iridium Communications by 94.2% during the fourth quarter. American Century Companies Inc. now owns 1,735,842 shares of the technology company's stock valued at $50,374,000 after purchasing an additional 841,951 shares in the last quarter. Institutional investors and hedge funds own 84.36% of the company's stock.

Iridium Communications Price Performance

Shares of IRDM traded up $0.37 during mid-day trading on Friday, reaching $26.38. The company had a trading volume of 226,065 shares, compared to its average volume of 1,136,427. The company has a market capitalization of $2.85 billion, a P/E ratio of 27.77, a P/E/G ratio of 1.28 and a beta of 0.74. The company's 50-day moving average is $26.01 and its 200-day moving average is $28.35. Iridium Communications Inc. has a twelve month low of $19.91 and a twelve month high of $35.85. 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 (NASDAQ:IRDM - Get Free Report) last announced its earnings results on Tuesday, April 22nd. The technology company reported $0.27 EPS for the quarter, topping the consensus estimate of $0.22 by $0.05. The company had revenue of $214.88 million for the quarter, compared to analysts' expectations of $211.78 million. Iridium Communications had a return on equity of 15.66% and a net margin of 13.58%. During the same quarter in the prior year, the business earned $0.17 earnings per share. On average, equities analysts anticipate that Iridium Communications Inc. will post 0.89 EPS for the current year.

Iridium Communications Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Monday, March 17th were given a $0.14 dividend. The ex-dividend date was Monday, March 17th. This represents a $0.56 dividend on an annualized basis and a yield of 2.12%. Iridium Communications's payout ratio is 52.83%.

Analyst Ratings Changes

IRDM has been the topic of a number of research analyst reports. StockNews.com downgraded Iridium Communications from a "buy" rating to a "hold" rating in a report on Thursday, May 1st. Cantor Fitzgerald initiated coverage on Iridium Communications in a research report on Friday, January 24th. They set an "overweight" rating and a $40.00 price objective for the company. Oppenheimer assumed coverage on shares of Iridium Communications in a research note on Monday. They issued an "outperform" rating and a $34.00 target price for the company. BWS Financial lowered their price target on Iridium Communications from $30.00 to $25.00 and set a "neutral" rating on the stock in a report on Wednesday, April 23rd. Finally, William Blair raised shares of 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. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $34.25.

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.