ExodusPoint Capital Management LP Sells 26,218 Shares of Iridium Communications Inc. (NASDAQ:IRDM)

ExodusPoint Capital Management LP lessened its position in Iridium Communications Inc. (NASDAQ:IRDM) by 18.8% in the 4th quarter, Holdings Channel.com reports. The fund owned 112,991 shares of the technology company’s stock after selling 26,218 shares during the period. ExodusPoint Capital Management LP’s holdings in Iridium Communications were worth $3,279,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in the company. Fifth Third Bancorp raised its position in Iridium Communications by 19.8% in the 4th quarter. Fifth Third Bancorp now owns 2,162 shares of the technology company’s stock worth $63,000 after purchasing an additional 357 shares during the period. EntryPoint Capital LLC lifted its stake in shares of Iridium Communications by 4.1% during the 4th quarter. EntryPoint Capital LLC now owns 15,330 shares of the technology company’s stock worth $445,000 after acquiring an additional 600 shares during the last quarter. Commonwealth Equity Services LLC boosted its holdings in Iridium Communications by 4.0% during the 4th quarter. Commonwealth Equity Services LLC now owns 19,060 shares of the technology company’s stock valued at $553,000 after acquiring an additional 729 shares during the period. Ballentine Partners LLC grew its position in Iridium Communications by 6.8% in the 4th quarter. Ballentine Partners LLC now owns 11,731 shares of the technology company’s stock valued at $340,000 after acquiring an additional 750 shares during the last quarter. Finally, State of New Jersey Common Pension Fund D increased its stake in Iridium Communications by 1.1% in the fourth quarter. State of New Jersey Common Pension Fund D now owns 76,836 shares of the technology company’s stock worth $2,230,000 after purchasing an additional 866 shares during the period. 84.36% of the stock is owned by hedge funds and other institutional investors.

Iridium Communications Stock Down 3.9 %

Shares of Iridium Communications stock opened at $24.59 on Monday. Iridium Communications Inc. has a 1 year low of $24.12 and a 1 year high of $35.85. The company has a debt-to-equity ratio of 3.05, a current ratio of 1.73 and a quick ratio of 1.25. The stock has a market cap of $2.67 billion, a price-to-earnings ratio of 25.88, a PEG ratio of 1.28 and a beta of 0.66. The firm’s 50-day moving average is $29.22 and its two-hundred day moving average is $29.43.

Iridium Communications (NASDAQ:IRDM) last issued its quarterly earnings data on Thursday, February 13th. The technology company reported $0.31 EPS for the quarter, topping analysts’ consensus estimates of $0.15 by $0.16. The company had revenue of $212.99 million during the quarter, compared to the consensus estimate of $203.78 million. Iridium Communications had a net margin of 13.58% and a return on equity of 15.66%. As a group, research analysts expect that Iridium Communications Inc. will post 0.89 earnings per share for the current fiscal year.

Iridium Communications Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Monday, March 17th were issued a $0.14 dividend. This represents a $0.56 dividend on an annualized basis and a dividend yield of 2.28%. The ex-dividend date of this dividend was Monday, March 17th. Iridium Communications’s dividend payout ratio is currently 58.95%.

Wall Street Analyst Weigh In

A number of research firms have recently commented on IRDM. Cantor Fitzgerald began coverage on shares of Iridium Communications in a report on Friday, January 24th. They issued an “overweight” rating and a $40.00 price target on the stock. Barclays reduced their target price on shares of Iridium Communications from $45.00 to $38.00 and set an “overweight” rating on the stock in a research report on Monday, March 10th. Finally, StockNews.com upgraded Iridium Communications from a “hold” rating to a “buy” rating in a report on Sunday.

Insider Transactions at Iridium Communications

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 value of $356,625.00. Following the completion of the transaction, the director now directly owns 241,030 shares of the company’s stock, valued at $6,876,585.90. This trade represents a 4.93 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders own 2.00% of the company’s stock.

Iridium Communications Company 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.