Graham Capital Management L.P. Sells 34,326 Shares of Iridium Communications Inc. (NASDAQ:IRDM)

Graham Capital Management L.P. cut its holdings in Iridium Communications Inc. (NASDAQ:IRDM) by 59.4% in the 4th quarter, Holdings Channel reports. The institutional investor owned 23,453 shares of the technology company’s stock after selling 34,326 shares during the period. Graham Capital Management L.P.’s holdings in Iridium Communications were worth $681,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds also recently bought and sold shares of the company. JPMorgan Chase & Co. boosted its holdings in Iridium Communications by 1.6% in the 4th quarter. JPMorgan Chase & Co. now owns 631,852 shares of the technology company’s stock worth $18,336,000 after buying an additional 10,195 shares during the period. Teacher Retirement System of Texas boosted its holdings in Iridium Communications by 369.5% in the 4th quarter. Teacher Retirement System of Texas now owns 69,562 shares of the technology company’s stock valued at $2,019,000 after purchasing an additional 54,747 shares during the period. Steward Partners Investment Advisory LLC boosted its holdings in Iridium Communications by 376.3% in the 4th quarter. Steward Partners Investment Advisory LLC now owns 4,858 shares of the technology company’s stock valued at $141,000 after purchasing an additional 3,838 shares during the period. Raymond James Financial Inc. bought a new position in Iridium Communications in the 4th quarter valued at $17,613,000. Finally, SBI Securities Co. Ltd. bought a new position in Iridium Communications in the 4th quarter valued at $37,000. 84.36% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several research analysts have commented on IRDM shares. Oppenheimer started coverage on shares of Iridium Communications in a report on Monday, May 5th. They issued an “outperform” rating and a $34.00 price target for the company. William Blair raised shares of Iridium Communications from a “market perform” rating to an “outperform” rating in a report on Tuesday, April 22nd. BWS Financial cut their price target on shares of Iridium Communications from $30.00 to $25.00 and set a “neutral” rating for the company in a report on Wednesday, April 23rd. Barclays cut 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. Finally, StockNews.com downgraded shares of Iridium Communications from a “buy” rating to a “hold” rating in a report on Thursday, May 1st. Two analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $34.25.

Iridium Communications Stock Performance

NASDAQ IRDM opened at $25.33 on Thursday. Iridium Communications Inc. has a 52-week low of $19.91 and a 52-week high of $35.85. The company has a debt-to-equity ratio of 3.05, a quick ratio of 1.25 and a current ratio of 1.73. The company has a market capitalization of $2.74 billion, a P/E ratio of 26.66, a P/E/G ratio of 1.28 and a beta of 0.74. The company has a fifty day moving average of $25.67 and a 200-day moving average of $28.26.

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

Iridium Communications Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Monday, March 17th were issued a dividend of $0.14 per share. This represents a $0.56 dividend on an annualized basis and a dividend yield of 2.21%. The ex-dividend date was Monday, March 17th. Iridium Communications’s dividend payout ratio is currently 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.