Versor Investments LP Trims Stock Position in Iridium Communications Inc. (NASDAQ:IRDM)

Versor Investments LP cut its stake in Iridium Communications Inc. (NASDAQ:IRDM) by 74.3% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 12,802 shares of the technology company’s stock after selling 37,000 shares during the quarter. Versor Investments LP’s holdings in Iridium Communications were worth $372,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Nordea Investment Management AB lifted its holdings in Iridium Communications by 30.2% in the fourth quarter. Nordea Investment Management AB now owns 248,602 shares of the technology company’s stock worth $7,264,000 after buying an additional 57,690 shares during the period. Impax Asset Management Group plc bought a new position in Iridium Communications in the third quarter worth $697,000. Thrivent Financial for Lutherans lifted its position in Iridium Communications by 19.8% during the third quarter. Thrivent Financial for Lutherans now owns 130,370 shares of the technology company’s stock valued at $3,970,000 after buying an additional 21,522 shares during the period. Inspire Investing LLC boosted its holdings in shares of Iridium Communications by 185.7% during the 4th quarter. Inspire Investing LLC now owns 43,265 shares of the technology company’s stock valued at $1,256,000 after buying an additional 28,119 shares in the last quarter. Finally, Barclays PLC boosted its holdings in shares of Iridium Communications by 19.2% during the 3rd quarter. Barclays PLC now owns 856,901 shares of the technology company’s stock valued at $26,093,000 after buying an additional 137,924 shares in the last quarter. 84.36% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research firms recently commented on IRDM. StockNews.com raised shares of Iridium Communications from a “hold” rating to a “buy” rating in a research note on Thursday. Cantor Fitzgerald began coverage on Iridium Communications in a report on Friday, January 24th. They set an “overweight” rating and a $40.00 price target for the company.

Iridium Communications Trading Down 1.8 %

NASDAQ:IRDM opened at $31.56 on Monday. The stock has a market cap of $3.43 billion, a price-to-earnings ratio of 33.22, a PEG ratio of 1.28 and a beta of 0.65. The company has a quick ratio of 1.25, a current ratio of 1.73 and a debt-to-equity ratio of 3.05. The company’s 50 day moving average price is $29.53 and its 200-day moving average price is $29.18. Iridium Communications Inc. has a 52 week low of $24.14 and a 52 week high of $35.85.

Iridium Communications (NASDAQ:IRDM) last issued its earnings results on Thursday, February 13th. The technology company reported $0.31 EPS for the quarter, beating the consensus estimate of $0.15 by $0.16. Iridium Communications had a return on equity of 15.66% and a net margin of 13.58%. The business had revenue of $212.99 million for the quarter, compared to the consensus estimate of $203.78 million. On average, equities research analysts forecast that Iridium Communications Inc. will post 0.89 earnings per share for the current fiscal year.

Iridium Communications Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, December 31st. Shareholders of record on Monday, December 16th were given a $0.14 dividend. This represents a $0.56 dividend on an annualized basis and a yield of 1.77%. The ex-dividend date was Monday, December 16th. Iridium Communications’s dividend payout ratio (DPR) is 58.95%.

Insiders Place Their Bets

In related news, Director Thomas Fitzpatrick sold 12,500 shares of the stock in a transaction that occurred on Friday, January 10th. The shares were sold at an average price of $28.53, for a total transaction of $356,625.00. Following the transaction, the director now owns 241,030 shares in the company, valued at $6,876,585.90. This represents a 4.93 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 2.00% of the stock is 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.