Renaissance Technologies LLC bought a new stake in shares of Iridium Communications Inc (NASDAQ:IRDM – Free Report) in the 1st quarter, HoldingsChannel reports. The fund bought 128,100 shares of the technology company’s stock, valued at approximately $3,553,000.
Other large investors also recently modified their holdings of the company. Quantinno Capital Management LP increased its holdings in Iridium Communications by 3.1% in the 2nd quarter. Quantinno Capital Management LP now owns 15,199 shares of the technology company’s stock valued at $459,000 after buying an additional 461 shares during the period. Empowered Funds LLC lifted its holdings in shares of Iridium Communications by 4.4% during the 4th quarter. Empowered Funds LLC now owns 11,350 shares of the technology company’s stock worth $197,000 after acquiring an additional 478 shares during the period. Allworth Financial LP boosted its position in shares of Iridium Communications by 11.2% during the 4th quarter. Allworth Financial LP now owns 5,677 shares of the technology company’s stock valued at $99,000 after acquiring an additional 572 shares in the last quarter. Quadrant Capital Group LLC boosted its position in shares of Iridium Communications by 107.5% during the 4th quarter. Quadrant Capital Group LLC now owns 1,430 shares of the technology company’s stock valued at $25,000 after acquiring an additional 741 shares in the last quarter. Finally, Pictet Asset Management Holding SA increased its stake in Iridium Communications by 5.3% in the first quarter. Pictet Asset Management Holding SA now owns 14,971 shares of the technology company’s stock valued at $415,000 after acquiring an additional 753 shares during the period. 84.36% of the stock is currently owned by institutional investors.
Iridium Communications Stock Performance
Shares of NASDAQ:IRDM opened at $49.93 on Friday. Iridium Communications Inc has a twelve month low of $15.65 and a twelve month high of $57.18. The firm has a market cap of $5.29 billion, a PE ratio of 56.74, a price-to-earnings-growth ratio of 3.91 and a beta of 0.88. The company has a debt-to-equity ratio of 3.70, a quick ratio of 2.31 and a current ratio of 2.78. The business has a fifty day moving average of $47.91 and a 200-day moving average of $36.87.
Iridium Communications Announces Dividend
The business also recently announced a quarterly dividend, which was paid on Tuesday, June 30th. Shareholders of record on Monday, June 15th were paid a $0.15 dividend. The ex-dividend date of this dividend was Monday, June 15th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.2%. Iridium Communications’s payout ratio is currently 68.18%.
Analyst Ratings Changes
Several research firms recently issued reports on IRDM. Oppenheimer increased their price target on shares of Iridium Communications from $48.00 to $60.00 and gave the stock an “outperform” rating in a research report on Wednesday, June 3rd. Morgan Stanley upped their price objective on Iridium Communications from $26.00 to $54.00 and gave the company an “equal weight” rating in a research note on Tuesday, June 30th. Weiss Ratings reissued a “hold (c)” rating on shares of Iridium Communications in a report on Friday, July 10th. New Street Research upgraded Iridium Communications from a “neutral” rating to a “buy” rating in a research report on Wednesday, July 22nd. Finally, BWS Financial reaffirmed a “sell” rating and issued a $16.00 price target on shares of Iridium Communications in a research note on Monday, April 27th. Three research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $38.67.
Read Our Latest Research Report on IRDM
Iridium Communications Company Profile
Iridium Communications Inc operates a global satellite communications network that delivers voice and data services across land, sea and air. The company’s unique architecture relies on a constellation of 66 low-Earth orbit satellites, enabling real-time connectivity in regions beyond the reach of terrestrial wireless networks. Iridium’s core offerings include satellite voice and messaging services, broadband data terminals, push-to-talk (PTT) interoperability and machine-to-machine (M2M) solutions for the Internet of Things (IoT).
Iridium serves a diverse range of markets, including maritime shipping, aviation, government and defense, energy, and enterprise.
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