Dark Forest Capital Management LP Trims Stock Position in Iridium Communications Inc. (NASDAQ:IRDM)

Dark Forest Capital Management LP cut its holdings in shares of Iridium Communications Inc. (NASDAQ:IRDM) by 35.2% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 10,813 shares of the technology company’s stock after selling 5,873 shares during the quarter. Dark Forest Capital Management LP’s holdings in Iridium Communications were worth $314,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently added to or reduced their stakes in IRDM. Barclays PLC grew its holdings in shares of Iridium Communications by 19.2% during the 3rd quarter. Barclays PLC now owns 856,901 shares of the technology company’s stock worth $26,093,000 after purchasing an additional 137,924 shares during the period. Franklin Resources Inc. lifted its position in Iridium Communications by 18.0% during the third quarter. Franklin Resources Inc. now owns 143,049 shares of the technology company’s stock valued at $4,296,000 after buying an additional 21,857 shares in the last quarter. GAMMA Investing LLC lifted its position in Iridium Communications by 44.8% during the fourth quarter. GAMMA Investing LLC now owns 3,473 shares of the technology company’s stock valued at $101,000 after buying an additional 1,074 shares in the last quarter. Nordea Investment Management AB lifted its position in Iridium Communications by 30.2% during the fourth quarter. Nordea Investment Management AB now owns 248,602 shares of the technology company’s stock valued at $7,264,000 after buying an additional 57,690 shares in the last quarter. Finally, Ballentine Partners LLC lifted its position in Iridium Communications by 6.8% during the fourth quarter. Ballentine Partners LLC now owns 11,731 shares of the technology company’s stock valued at $340,000 after buying an additional 750 shares in the last quarter. 84.36% of the stock is currently owned by hedge funds and other institutional investors.

Iridium Communications Trading Up 4.3 %

IRDM opened at $24.16 on Tuesday. The stock has a market capitalization of $2.61 billion, a PE ratio of 25.43, a P/E/G ratio of 1.28 and a beta of 0.66. The firm’s fifty day moving average price is $27.03 and its 200 day moving average price is $28.63. 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 Inc. has a 12-month low of $19.91 and a 12-month high of $35.85.

Iridium Communications (NASDAQ:IRDM) last posted its quarterly earnings results on Tuesday, April 22nd. The technology company reported $0.27 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.22 by $0.05. The firm had revenue of $214.88 million for the quarter, compared to analysts’ expectations of $211.78 million. Iridium Communications had a net margin of 13.58% and a return on equity of 15.66%. During the same period in the prior year, the company posted $0.17 earnings per share. As a group, research analysts expect that Iridium Communications Inc. will post 0.89 EPS for the current fiscal year.

Iridium Communications Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Monday, March 17th were issued a $0.14 dividend. The ex-dividend date of this dividend was Monday, March 17th. This represents a $0.56 annualized dividend and a yield of 2.32%. Iridium Communications’s dividend payout ratio is presently 52.83%.

Analyst Upgrades and Downgrades

IRDM has been the topic of a number of recent research reports. Barclays reduced their price target on shares of Iridium Communications from $45.00 to $38.00 and set an “overweight” rating on the stock in a research report on Monday, March 10th. BWS Financial reduced their price target on shares of Iridium Communications from $30.00 to $25.00 and set a “neutral” rating on the stock in a research report on Wednesday, April 23rd. William Blair raised shares of Iridium Communications from a “market perform” rating to an “outperform” rating in a research report on Tuesday, April 22nd. StockNews.com cut shares of Iridium Communications from a “buy” rating to a “hold” rating in a research report on Tuesday, April 22nd. Finally, Cantor Fitzgerald began coverage on shares of Iridium Communications in a research report on Friday, January 24th. They set an “overweight” rating and a $40.00 target price on the stock. Two investment analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $34.33.

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.