D. E. Shaw & Co. Inc. cut its holdings in Iridium Communications Inc (NASDAQ:IRDM) by 22.3% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund owned 592,072 shares of the technology company’s stock after selling 170,191 shares during the period. D. E. Shaw & Co. Inc. owned 0.53% of Iridium Communications worth $10,923,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also added to or reduced their stakes in the stock. Principal Financial Group Inc. increased its holdings in Iridium Communications by 0.5% in the fourth quarter. Principal Financial Group Inc. now owns 835,811 shares of the technology company’s stock valued at $15,421,000 after buying an additional 4,146 shares during the last quarter. Mackay Shields LLC purchased a new position in Iridium Communications in the fourth quarter valued at $1,480,000. Yong Rong HK Asset Management Ltd purchased a new position in Iridium Communications in the fourth quarter valued at $886,000. Geode Capital Management LLC increased its holdings in Iridium Communications by 8.2% in the fourth quarter. Geode Capital Management LLC now owns 1,084,230 shares of the technology company’s stock valued at $20,004,000 after buying an additional 81,757 shares during the last quarter. Finally, Magnus Financial Group LLC purchased a new position in Iridium Communications in the fourth quarter valued at $211,000. Hedge funds and other institutional investors own 85.52% of the company’s stock.
NASDAQ IRDM opened at $26.40 on Monday. The company has a debt-to-equity ratio of 1.14, a quick ratio of 1.38 and a current ratio of 1.49. Iridium Communications Inc has a 1 year low of $10.95 and a 1 year high of $27.62.
In other Iridium Communications news, Director S. Scott Smith sold 3,500 shares of the company’s stock in a transaction on Monday, February 11th. The shares were sold at an average price of $19.54, for a total value of $68,390.00. Following the completion of the transaction, the director now owns 219,967 shares in the company, valued at $4,298,155.18. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders sold 37,500 shares of company stock valued at $742,765 in the last 90 days. 5.60% of the stock is currently owned by insiders.
IRDM has been the topic of several recent analyst reports. Northland Securities reissued a “sell” rating on shares of Iridium Communications in a report on Friday, March 1st. Raymond James reissued a “buy” rating on shares of Iridium Communications in a report on Monday, January 14th. Zacks Investment Research raised Iridium Communications from a “hold” rating to a “buy” rating and set a $24.00 target price on the stock in a report on Saturday, March 2nd. Finally, BidaskClub raised Iridium Communications from a “hold” rating to a “buy” rating in a report on Thursday, February 14th. One investment analyst has rated the stock with a sell rating, two have given a hold rating, three have given a buy rating and two have given a strong buy rating to the company’s stock. The company presently has an average rating of “Buy” and a consensus price target of $22.20.
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About Iridium Communications
Iridium Communications Inc provides mobile voice and data communications services through satellite to businesses, the U.S. and foreign 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.
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