Versor Investments LP Sells 37,000 Shares of Iridium Communications Inc. (NASDAQ:IRDM)

Versor Investments LP decreased its position in shares of Iridium Communications Inc. (NASDAQ:IRDM - Free Report) by 74.3% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 12,802 shares of the technology company's stock after selling 37,000 shares during the quarter. Versor Investments LP's holdings in Iridium Communications were worth $372,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of the company. State Street Corp raised its stake in shares of Iridium Communications by 0.9% during the third quarter. State Street Corp now owns 4,269,883 shares of the technology company's stock valued at $130,018,000 after acquiring an additional 36,851 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. raised its position in Iridium Communications by 12.8% during the 4th 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. ARK Investment Management LLC lifted its holdings in Iridium Communications by 5.7% during the 4th quarter. ARK Investment Management LLC now owns 2,507,715 shares of the technology company's stock worth $72,774,000 after buying an additional 134,924 shares during the period. Victory Capital Management Inc. grew its position in shares of Iridium Communications by 0.7% in the 3rd quarter. Victory Capital Management Inc. now owns 1,609,649 shares of the technology company's stock valued at $49,014,000 after buying an additional 11,117 shares during the last quarter. Finally, Bank of New York Mellon Corp grew its position in shares of Iridium Communications by 27.0% in the 4th quarter. Bank of New York Mellon Corp now owns 1,297,676 shares of the technology company's stock valued at $37,659,000 after buying an additional 275,775 shares during the last quarter. Institutional investors own 84.36% of the company's stock.

Analyst Ratings Changes

A number of equities analysts recently weighed in on IRDM shares. StockNews.com raised shares of Iridium Communications from a "hold" rating to a "buy" rating in a research note on Thursday, February 27th. Cantor Fitzgerald initiated 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.

Iridium Communications Stock Performance

Shares of Iridium Communications stock traded up $0.55 on Wednesday, reaching $30.59. 949,801 shares of the company traded hands, compared to its average volume of 1,186,554. Iridium Communications Inc. has a 52 week low of $24.14 and a 52 week 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. The company has a 50 day moving average of $29.59 and a 200 day moving average of $29.22. The firm has a market capitalization of $3.33 billion, a PE ratio of 32.20, a PEG ratio of 1.28 and a beta of 0.65.

Iridium Communications (NASDAQ:IRDM - Get Free Report) last announced its quarterly earnings data on Thursday, February 13th. The technology company reported $0.31 earnings per share for the quarter, topping the consensus estimate of $0.15 by $0.16. The company had revenue of $212.99 million during the quarter, compared to analyst estimates of $203.78 million. Iridium Communications had a return on equity of 15.66% and a net margin of 13.58%. Equities analysts forecast that Iridium Communications Inc. will post 0.89 earnings per share for the current year.

Iridium Communications Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, December 31st. Stockholders of record on Monday, December 16th were given a $0.14 dividend. This represents a $0.56 annualized dividend and a dividend yield of 1.83%. The ex-dividend date of this dividend was Monday, December 16th. Iridium Communications's dividend payout ratio (DPR) is presently 58.95%.

Insider Activity at Iridium Communications

In other news, Director Thomas Fitzpatrick sold 12,500 shares of the firm's stock in a transaction that occurred on Friday, January 10th. The shares were 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 directly owns 241,030 shares in the company, valued at approximately $6,876,585.90. This trade represents a 4.93 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 2.00% of the stock is currently owned by corporate insiders.

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.