Schonfeld Strategic Advisors LLC Acquires 67,120 Shares of Iridium Communications Inc. (NASDAQ:IRDM)

Schonfeld Strategic Advisors LLC increased its position in Iridium Communications Inc. (NASDAQ:IRDM - Free Report) by 584.4% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 78,605 shares of the technology company's stock after buying an additional 67,120 shares during the period. Schonfeld Strategic Advisors LLC owned about 0.07% of Iridium Communications worth $2,281,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. Plato Investment Management Ltd purchased a new stake in shares of Iridium Communications in the fourth quarter worth about $32,000. SBI Securities Co. Ltd. bought a new stake in shares of Iridium Communications in the fourth quarter worth $37,000. Pinnacle Holdings LLC boosted its stake in Iridium Communications by 45.4% during the 4th quarter. Pinnacle Holdings LLC now owns 1,528 shares of the technology company's stock valued at $44,000 after acquiring an additional 477 shares during the last quarter. Fifth Third Bancorp increased its position in shares of Iridium Communications by 19.8% in the 4th quarter. Fifth Third Bancorp now owns 2,162 shares of the technology company's stock worth $63,000 after purchasing an additional 357 shares during the last quarter. Finally, Covestor Ltd grew its stake in Iridium Communications by 529.6% in the fourth quarter. Covestor Ltd now owns 2,512 shares of the technology company's stock worth $73,000 after purchasing an additional 2,113 shares in the last quarter. Institutional investors and hedge funds own 84.36% of the company's stock.

Analysts Set New Price Targets

IRDM has been the topic of several research reports. William Blair raised Iridium Communications from a "market perform" rating to an "outperform" rating in a research report on Tuesday, April 22nd. Barclays reduced their price objective on shares of Iridium Communications from $45.00 to $38.00 and set an "overweight" rating for the company in a report on Monday, March 10th. 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 target for the company. BWS Financial cut their target price on Iridium Communications from $30.00 to $25.00 and set a "neutral" rating for the company in a research report on Wednesday, April 23rd. Finally, StockNews.com downgraded Iridium Communications from a "buy" rating to a "hold" rating in a research note 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.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $34.25.

Iridium Communications Trading Down 1.0 %

Shares of NASDAQ:IRDM traded down $0.28 during midday trading on Thursday, reaching $26.04. The company had a trading volume of 1,013,711 shares, compared to its average volume of 1,139,936. The company has a debt-to-equity ratio of 3.05, a quick ratio of 1.25 and a current ratio of 1.73. Iridium Communications Inc. has a 1-year low of $19.91 and a 1-year high of $35.85. The firm has a market cap of $2.82 billion, a price-to-earnings ratio of 27.41, a price-to-earnings-growth ratio of 1.28 and a beta of 0.74. The company has a fifty day simple moving average of $26.11 and a two-hundred day simple moving average of $28.37.

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

Iridium Communications Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Monday, March 17th were paid a $0.14 dividend. The ex-dividend date of this dividend was Monday, March 17th. This represents a $0.56 dividend on an annualized basis and a yield of 2.15%. Iridium Communications's dividend payout ratio (DPR) 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.