Iridium Communications Inc. (NASDAQ:IRDM) Stake Lifted by Trexquant Investment LP

Trexquant Investment LP grew its stake in Iridium Communications Inc. (NASDAQ:IRDM - Free Report) by 142.0% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 441,183 shares of the technology company's stock after purchasing an additional 258,892 shares during the quarter. Trexquant Investment LP owned approximately 0.39% of Iridium Communications worth $12,803,000 as of its most recent filing with the SEC.

Other large investors have also modified their holdings of the company. Plato Investment Management Ltd bought a new stake in Iridium Communications in the fourth quarter valued at about $32,000. SBI Securities Co. Ltd. bought a new stake in shares of Iridium Communications in the 4th quarter valued at approximately $37,000. Fifth Third Bancorp increased its holdings 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 valued at $63,000 after acquiring an additional 357 shares during the last quarter. GAMMA Investing LLC raised its position in shares of Iridium Communications by 44.8% during the 4th quarter. GAMMA Investing LLC now owns 3,473 shares of the technology company's stock valued at $101,000 after acquiring an additional 1,074 shares in the last quarter. Finally, Millstone Evans Group LLC bought a new position in Iridium Communications during the fourth quarter worth $131,000. Institutional investors own 84.36% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on IRDM. Barclays lowered their target price 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. StockNews.com lowered shares of Iridium Communications from a "buy" rating to a "hold" rating in a research note on Saturday, March 29th. Finally, Cantor Fitzgerald started coverage on Iridium Communications in a research note on Friday, January 24th. They issued an "overweight" rating and a $40.00 target price for the company.

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Insider Activity at Iridium Communications

In other news, Director Thomas Fitzpatrick sold 12,500 shares of the stock in a transaction on Friday, January 10th. The stock was sold at an average price of $28.53, for a total value of $356,625.00. Following the completion of the transaction, the director now owns 241,030 shares of the company's stock, valued at approximately $6,876,585.90. This represents a 4.93 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. 2.00% of the stock is owned by insiders.

Iridium Communications Stock Performance

Shares of Iridium Communications stock traded down $0.99 during trading on Friday, hitting $24.59. 1,549,300 shares of the stock were exchanged, compared to its average volume of 1,115,497. 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 12 month low of $24.13 and a 12 month high of $35.85. The stock's fifty day moving average is $29.34 and its 200 day moving average is $29.44. The stock has a market cap of $2.67 billion, a PE ratio of 25.88, a P/E/G ratio of 1.28 and a beta of 0.66.

Iridium Communications (NASDAQ:IRDM - Get Free Report) last posted its earnings results on Thursday, February 13th. The technology company reported $0.31 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.15 by $0.16. Iridium Communications had a net margin of 13.58% and a return on equity of 15.66%. The firm had revenue of $212.99 million during the quarter, compared to analyst estimates of $203.78 million. As a group, sell-side analysts anticipate that Iridium Communications Inc. will post 0.89 EPS for the current year.

Iridium Communications Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Monday, March 17th were given a $0.14 dividend. This represents a $0.56 annualized dividend and a yield of 2.28%. The ex-dividend date was Monday, March 17th. Iridium Communications's dividend payout ratio is currently 58.95%.

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.