Point72 DIFC Ltd Reduces Stock Position in Iridium Communications Inc. (NASDAQ:IRDM)

Point72 DIFC Ltd cut its holdings in Iridium Communications Inc. (NASDAQ:IRDM) by 45.0% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 15,407 shares of the technology company’s stock after selling 12,593 shares during the quarter. Point72 DIFC Ltd’s holdings in Iridium Communications were worth $410,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently bought and sold shares of IRDM. Allspring Global Investments Holdings LLC grew its position in shares of Iridium Communications by 7,684.6% in the 2nd quarter. Allspring Global Investments Holdings LLC now owns 1,012 shares of the technology company’s stock worth $27,000 after buying an additional 999 shares during the last quarter. Acadian Asset Management LLC purchased a new stake in Iridium Communications in the first quarter worth $29,000. Mather Group LLC. bought a new stake in Iridium Communications in the second quarter valued at $32,000. Blue Trust Inc. increased its position in Iridium Communications by 109.7% during the 2nd quarter. Blue Trust Inc. now owns 1,491 shares of the technology company’s stock valued at $39,000 after purchasing an additional 780 shares during the period. Finally, International Assets Investment Management LLC bought a new position in Iridium Communications in the 2nd quarter worth $45,000. Hedge funds and other institutional investors own 84.36% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have recently weighed in on IRDM. Barclays lifted their target price on shares of Iridium Communications from $44.00 to $45.00 and gave the company an “overweight” rating in a research note on Wednesday, July 24th. BWS Financial reiterated a “neutral” rating and set a $30.00 target price on shares of Iridium Communications in a report on Wednesday, July 24th. Three research analysts have rated the stock with a hold rating, one has assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, Iridium Communications has a consensus rating of “Moderate Buy” and a consensus target price of $41.00.

Iridium Communications Trading Up 1.9 %

NASDAQ:IRDM opened at $30.04 on Friday. The firm has a market capitalization of $3.65 billion, a P/E ratio of 143.05 and a beta of 0.64. The company has a debt-to-equity ratio of 2.08, a current ratio of 2.25 and a quick ratio of 1.52. Iridium Communications Inc. has a one year low of $24.14 and a one year high of $47.02. The company’s 50-day simple moving average is $27.34 and its 200 day simple moving average is $27.54.

Iridium Communications (NASDAQ:IRDM) last issued its quarterly earnings results on Tuesday, July 23rd. The technology company reported $0.27 EPS for the quarter, topping analysts’ consensus estimates of $0.17 by $0.10. Iridium Communications had a return on equity of 10.23% and a net margin of 11.08%. The firm had revenue of $201.07 million for the quarter, compared to analysts’ expectations of $204.01 million. During the same period in the previous year, the firm posted ($0.24) EPS. The business’s revenue for the quarter was up 4.1% compared to the same quarter last year. As a group, analysts forecast that Iridium Communications Inc. will post 0.81 EPS for the current fiscal year.

Iridium Communications declared that its Board of Directors has initiated a share buyback program on Thursday, September 19th that permits the company to repurchase $500.00 million in outstanding shares. This repurchase authorization permits the technology company to buy up to 14.2% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s board of directors believes its stock is undervalued.

Iridium Communications Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Friday, September 13th will be issued a dividend of $0.14 per share. The ex-dividend date is Friday, September 13th. This represents a $0.56 annualized dividend and a dividend yield of 1.86%. Iridium Communications’s payout ratio is presently 266.67%.

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.