Capital Fund Management S.A. Trims Stock Position in Iridium Communications Inc. (NASDAQ:IRDM)

Capital Fund Management S.A. cut its holdings in Iridium Communications Inc. (NASDAQ:IRDM) by 59.9% during the fourth quarter, HoldingsChannel reports. The fund owned 82,089 shares of the technology company’s stock after selling 122,377 shares during the period. Capital Fund Management S.A.’s holdings in Iridium Communications were worth $2,382,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in the business. Sumitomo Mitsui Trust Group Inc. lifted its stake in shares of Iridium Communications by 12.8% in the 4th quarter. Sumitomo Mitsui Trust Group Inc. now owns 2,829,052 shares of the technology company’s stock valued at $82,099,000 after purchasing an additional 320,506 shares during the last quarter. Nikko Asset Management Americas Inc. boosted its stake in Iridium Communications by 13.2% during the fourth quarter. Nikko Asset Management Americas Inc. now owns 2,827,580 shares of the technology company’s stock worth $82,028,000 after buying an additional 329,915 shares during the period. ARK Investment Management LLC increased its position in shares of Iridium Communications by 5.7% during 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 acquiring an additional 134,924 shares during the last quarter. Schroder Investment Management Group raised its stake in shares of Iridium Communications by 44.7% in 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 during the period. Finally, American Century Companies Inc. raised its stake in shares of Iridium Communications by 94.2% in the 4th quarter. American Century Companies Inc. now owns 1,735,842 shares of the technology company’s stock valued at $50,374,000 after acquiring an additional 841,951 shares during the period. 84.36% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on the stock. Cantor Fitzgerald initiated coverage on shares of Iridium Communications in a report on Friday, January 24th. They issued an “overweight” rating and a $40.00 target price for the company. StockNews.com upgraded Iridium Communications from a “hold” rating to a “buy” rating in a report on Sunday, April 6th. Finally, Barclays lowered their target price on Iridium Communications from $45.00 to $38.00 and set an “overweight” rating for the company in a report on Monday, March 10th.

Iridium Communications Stock Up 0.2 %

Shares of NASDAQ IRDM opened at $24.32 on Tuesday. The stock has a market cap of $2.64 billion, a P/E ratio of 25.60, a PEG ratio of 1.28 and a beta of 0.66. The business’s fifty day simple moving average is $28.40 and its 200-day simple moving average is $29.12. Iridium Communications Inc. has a 12-month low of $22.18 and a 12-month 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) last posted its quarterly 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 return on equity of 15.66% and a net margin of 13.58%. The company had revenue of $212.99 million for the quarter, compared to analyst estimates of $203.78 million. As a group, equities analysts predict that Iridium Communications Inc. will post 0.89 EPS for the current fiscal year.

Iridium Communications Dividend Announcement

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. This represents a $0.56 dividend on an annualized basis and a dividend yield of 2.30%. The ex-dividend date of this dividend was Monday, March 17th. Iridium Communications’s dividend payout ratio is presently 58.95%.

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.