Balyasny Asset Management L.P. Acquires Shares of 206,774 Iridium Communications Inc. (NASDAQ:IRDM)

Balyasny Asset Management L.P. acquired a new position in Iridium Communications Inc. (NASDAQ:IRDM) during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 206,774 shares of the technology company’s stock, valued at approximately $6,001,000.

Several other institutional investors have also recently made changes to their positions in the business. ArrowMark Colorado Holdings LLC grew its position in Iridium Communications by 37.3% during the 4th quarter. ArrowMark Colorado Holdings LLC now owns 2,088,053 shares of the technology company’s stock worth $60,595,000 after purchasing an additional 567,164 shares during the period. Jane Street Group LLC grew its holdings in Iridium Communications by 76.2% during the fourth quarter. Jane Street Group LLC now owns 145,181 shares of the technology company’s stock worth $4,213,000 after acquiring an additional 62,806 shares during the period. Schonfeld Strategic Advisors LLC raised its position in Iridium Communications by 584.4% during the fourth quarter. Schonfeld Strategic Advisors LLC now owns 78,605 shares of the technology company’s stock valued at $2,281,000 after acquiring an additional 67,120 shares in the last quarter. Northern Trust Corp lifted its holdings in Iridium Communications by 18.1% in the fourth quarter. Northern Trust Corp now owns 1,827,411 shares of the technology company’s stock valued at $53,031,000 after acquiring an additional 280,269 shares during the period. Finally, Quarry LP boosted its position in Iridium Communications by 1,373.0% in the 4th quarter. Quarry LP now owns 7,100 shares of the technology company’s stock worth $206,000 after purchasing an additional 6,618 shares in the last quarter. Hedge funds and other institutional investors own 84.36% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts recently issued reports on IRDM shares. Oppenheimer began coverage on shares of Iridium Communications in a research note on Monday, May 5th. They issued an “outperform” rating and a $34.00 target price for the company. Barclays reduced their target price on Iridium Communications from $45.00 to $38.00 and set an “overweight” rating for the company in a research note on Monday, March 10th. StockNews.com lowered Iridium Communications from a “buy” rating to a “hold” rating in a research note on Thursday, May 1st. BWS Financial cut their target price on Iridium Communications from $30.00 to $25.00 and set a “neutral” rating for the company in a research note on Wednesday, April 23rd. Finally, Cantor Fitzgerald assumed coverage on shares of Iridium Communications in a research report on Friday, January 24th. They set an “overweight” rating and a $40.00 price target on the stock. Two analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $34.25.

Iridium Communications Price Performance

NASDAQ:IRDM opened at $26.45 on Friday. Iridium Communications Inc. has a 52 week low of $19.91 and a 52 week high of $35.85. The stock’s fifty day moving average is $25.94 and its two-hundred day moving average is $28.33. The company has a market capitalization of $2.86 billion, a P/E ratio of 27.84, a P/E/G ratio of 1.28 and a beta of 0.74. The company has a quick ratio of 1.25, a current ratio of 1.73 and a debt-to-equity ratio of 3.05.

Iridium Communications (NASDAQ:IRDM) last issued its quarterly earnings data 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. Iridium Communications had a net margin of 13.58% and a return on equity of 15.66%. The firm had revenue of $214.88 million for the quarter, compared to analyst estimates of $211.78 million. During the same period in the previous year, the firm earned $0.17 EPS. Equities analysts expect that Iridium Communications Inc. will post 0.89 EPS for the current year.

Iridium Communications Dividend Announcement

The company also recently announced 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 yield of 2.12%. The ex-dividend date was Monday, March 17th. Iridium Communications’s payout ratio is 52.83%.

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.