Jane Street Group LLC Boosts Holdings in Iridium Communications Inc. (NASDAQ:IRDM)

Jane Street Group LLC boosted its position in Iridium Communications Inc. (NASDAQ:IRDM) by 76.2% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 145,181 shares of the technology company’s stock after buying an additional 62,806 shares during the period. Jane Street Group LLC’s holdings in Iridium Communications were worth $4,213,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Plato Investment Management Ltd purchased a new position in Iridium Communications in the 4th quarter valued at $32,000. SBI Securities Co. Ltd. purchased a new position in Iridium Communications in the 4th quarter valued at $37,000. Pinnacle Holdings LLC grew its position in Iridium Communications by 45.4% in the 4th quarter. Pinnacle Holdings LLC now owns 1,528 shares of the technology company’s stock valued at $44,000 after buying an additional 477 shares during the last quarter. Fifth Third Bancorp grew 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 valued at $63,000 after buying an additional 357 shares during the last quarter. Finally, Covestor Ltd grew its position in Iridium Communications by 529.6% in the 4th quarter. Covestor Ltd now owns 2,512 shares of the technology company’s stock valued at $73,000 after buying an additional 2,113 shares during the last quarter. 84.36% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on the stock. Oppenheimer assumed coverage on shares of Iridium Communications in a research report on Monday, May 5th. They issued an “outperform” rating and a $34.00 price objective on the stock. Barclays decreased 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. BWS Financial decreased their target price on shares of Iridium Communications from $30.00 to $25.00 and set a “neutral” rating on the stock in a research report on Wednesday, April 23rd. Cantor Fitzgerald started coverage on shares of Iridium Communications in a research report on Friday, January 24th. They set an “overweight” rating and a $40.00 target price on the stock. Finally, StockNews.com lowered shares of Iridium Communications from a “buy” rating to a “hold” rating in a research report on Thursday, May 1st. Two research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $34.25.

Iridium Communications Trading Up 1.7%

NASDAQ:IRDM opened at $26.45 on Monday. The company has a market capitalization of $2.86 billion, a PE ratio of 27.84, a price-to-earnings-growth ratio of 1.28 and a beta of 0.74. The company has a quick ratio of 1.25, a current ratio of 1.73 and a debt-to-equity ratio of 3.05. Iridium Communications Inc. has a 52-week low of $19.91 and a 52-week high of $35.85. The stock has a fifty day simple moving average of $25.94 and a 200-day simple moving average of $28.32.

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

Iridium Communications Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Monday, March 17th were paid a dividend of $0.14 per share. This represents a $0.56 annualized dividend and a dividend yield of 2.12%. The ex-dividend date was Monday, March 17th. Iridium Communications’s dividend payout ratio (DPR) is presently 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.