AlphaQuest LLC Cuts Holdings in Iridium Communications Inc. (NASDAQ:IRDM)

AlphaQuest LLC trimmed its holdings in Iridium Communications Inc. (NASDAQ:IRDM) by 50.9% in the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 6,820 shares of the technology company’s stock after selling 7,057 shares during the quarter. AlphaQuest LLC’s holdings in Iridium Communications were worth $198,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in IRDM. Plato Investment Management Ltd bought a new stake in shares of Iridium Communications in the 4th quarter worth approximately $32,000. SBI Securities Co. Ltd. bought a new stake in shares of Iridium Communications in the 4th quarter worth approximately $37,000. Fifth Third Bancorp lifted 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 worth $63,000 after acquiring an additional 357 shares during the last quarter. GAMMA Investing LLC lifted its holdings in shares of Iridium Communications by 44.8% in the 4th quarter. GAMMA Investing LLC now owns 3,473 shares of the technology company’s stock worth $101,000 after acquiring an additional 1,074 shares during the last quarter. Finally, KBC Group NV raised its holdings in Iridium Communications by 25.9% during the 3rd quarter. KBC Group NV now owns 3,796 shares of the technology company’s stock valued at $116,000 after buying an additional 781 shares during the last quarter. 84.36% of the stock is currently owned by institutional investors.

Iridium Communications Stock Up 2.7 %

Shares of NASDAQ IRDM opened at $27.59 on Monday. The firm has a fifty day simple moving average of $29.57 and a two-hundred day simple moving average of $29.37. The firm has a market capitalization of $3.00 billion, a PE ratio of 29.04, a price-to-earnings-growth ratio of 1.28 and a beta of 0.70. 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 Inc. has a 12 month low of $24.14 and a 12 month high of $35.85.

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

Iridium Communications Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Monday, March 17th will be given a dividend of $0.14 per share. This represents a $0.56 annualized dividend and a yield of 2.03%. The ex-dividend date is Monday, March 17th. Iridium Communications’s dividend payout ratio (DPR) is 58.95%.

Analyst Ratings Changes

A number of equities research analysts recently commented on IRDM shares. Barclays lowered their price target 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 started coverage on shares of Iridium Communications in a report on Friday, January 24th. They set an “overweight” rating and a $40.00 price target for the company. Finally, StockNews.com lowered shares of Iridium Communications from a “buy” rating to a “hold” rating in a report on Thursday.

Insider Activity at Iridium Communications

In other news, Director Thomas Fitzpatrick sold 12,500 shares of the firm’s stock in a transaction dated Friday, January 10th. The shares were sold at an average price of $28.53, for a total transaction of $356,625.00. Following the sale, the director now owns 241,030 shares of the company’s stock, valued at $6,876,585.90. This trade represents a 4.93 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. 2.00% of the stock is currently owned by insiders.

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.