Point72 Hong Kong Ltd Sells 2,248 Shares of Iridium Communications Inc. (NASDAQ:IRDM)

Point72 Hong Kong Ltd lessened its stake in shares of Iridium Communications Inc. (NASDAQ:IRDM) by 66.1% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,151 shares of the technology company’s stock after selling 2,248 shares during the period. Point72 Hong Kong Ltd’s holdings in Iridium Communications were worth $31,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in the stock. Victory Capital Management Inc. increased its holdings in shares of Iridium Communications by 6,491.3% during the second quarter. Victory Capital Management Inc. now owns 1,598,532 shares of the technology company’s stock valued at $42,553,000 after acquiring an additional 1,574,280 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. increased its stake in Iridium Communications by 18.5% during the 2nd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 2,475,472 shares of the technology company’s stock valued at $65,897,000 after purchasing an additional 385,872 shares in the last quarter. Nikko Asset Management Americas Inc. raised its holdings in Iridium Communications by 19.9% in the first quarter. Nikko Asset Management Americas Inc. now owns 2,089,600 shares of the technology company’s stock worth $54,664,000 after buying an additional 346,118 shares during the last quarter. Vanguard Group Inc. lifted its stake in shares of Iridium Communications by 2.9% in the first quarter. Vanguard Group Inc. now owns 12,090,326 shares of the technology company’s stock worth $316,283,000 after buying an additional 336,989 shares in the last quarter. Finally, American Century Companies Inc. grew its holdings in shares of Iridium Communications by 429.2% during the second quarter. American Century Companies Inc. now owns 334,396 shares of the technology company’s stock valued at $8,902,000 after buying an additional 271,203 shares during the last quarter. Hedge funds and other institutional investors own 84.36% of the company’s stock.

Analyst Ratings Changes

IRDM has been the topic of several analyst reports. BWS Financial reaffirmed a “neutral” rating and issued a $30.00 price objective on shares of Iridium Communications in a research report on Wednesday, July 24th. Barclays boosted their price target on Iridium Communications from $44.00 to $45.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 24th. Three investment analysts have rated the stock with a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Iridium Communications has a consensus rating of “Moderate Buy” and an average price target of $41.00.

Iridium Communications Trading Up 3.3 %

Shares of Iridium Communications stock opened at $31.03 on Friday. The company has a debt-to-equity ratio of 2.08, a current ratio of 2.25 and a quick ratio of 1.52. The stock has a market capitalization of $3.77 billion, a PE ratio of 147.76 and a beta of 0.64. Iridium Communications Inc. has a 1-year low of $24.14 and a 1-year high of $46.25. The company’s fifty day simple moving average is $27.44 and its 200-day simple moving average is $27.55.

Iridium Communications (NASDAQ:IRDM) last released its quarterly earnings results on Tuesday, July 23rd. The technology company reported $0.27 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.17 by $0.10. The business had revenue of $201.07 million during the quarter, compared to analyst estimates of $204.01 million. Iridium Communications had a return on equity of 10.23% and a net margin of 11.08%. Iridium Communications’s revenue for the quarter was up 4.1% on a year-over-year basis. During the same quarter in the previous year, the company posted ($0.24) earnings per share. As a group, equities analysts anticipate that Iridium Communications Inc. will post 0.81 earnings per share for the current year.

Iridium Communications Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Friday, September 13th will be issued a $0.14 dividend. This represents a $0.56 annualized dividend and a yield of 1.80%. The ex-dividend date of this dividend is Friday, September 13th. Iridium Communications’s dividend payout ratio is 266.67%.

Iridium Communications declared that its board has authorized a share buyback program on Thursday, September 19th that permits the company to repurchase $500.00 million in shares. This repurchase authorization permits the technology company to repurchase up to 14.2% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s board of directors believes its stock is undervalued.

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.