Xponance Inc. Sells 11,046 Shares of Iridium Communications Inc. (NASDAQ:IRDM)

Xponance Inc. lessened its holdings in shares of Iridium Communications Inc. (NASDAQ:IRDM) by 44.2% in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 13,968 shares of the technology company’s stock after selling 11,046 shares during the quarter. Xponance Inc.’s holdings in Iridium Communications were worth $372,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Allspring Global Investments Holdings LLC boosted its position in Iridium Communications by 7,684.6% during the second quarter. Allspring Global Investments Holdings LLC now owns 1,012 shares of the technology company’s stock worth $27,000 after purchasing an additional 999 shares during the period. Acadian Asset Management LLC bought a new position in Iridium Communications during the first quarter worth about $29,000. Mather Group LLC. bought a new position in Iridium Communications during the second quarter worth about $32,000. Blue Trust Inc. boosted its position in Iridium Communications by 109.7% during the second quarter. Blue Trust Inc. now owns 1,491 shares of the technology company’s stock worth $39,000 after purchasing an additional 780 shares during the period. Finally, International Assets Investment Management LLC bought a new position in Iridium Communications during the second quarter worth about $45,000. Institutional investors own 84.36% of the company’s stock.

Wall Street Analyst Weigh In

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

Iridium Communications Price Performance

IRDM stock opened at $31.02 on Wednesday. Iridium Communications Inc. has a 12 month low of $24.14 and a 12 month high of $45.75. The firm has a market capitalization of $3.77 billion, a P/E ratio of 147.71 and a beta of 0.64. The company has a current ratio of 2.25, a quick ratio of 1.52 and a debt-to-equity ratio of 2.08. The firm has a 50 day moving average of $27.53 and a 200-day moving average of $27.56.

Iridium Communications (NASDAQ:IRDM) last announced its 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. Iridium Communications had a net margin of 11.08% and a return on equity of 10.23%. The business had revenue of $201.07 million during the quarter, compared to analyst estimates of $204.01 million. During the same period in the previous year, the business posted ($0.24) earnings per share. Iridium Communications’s revenue for the quarter was up 4.1% on a year-over-year basis. As a group, sell-side analysts predict that Iridium Communications Inc. will post 0.81 earnings per share for the current fiscal year.

Iridium Communications announced that its Board of Directors has initiated a stock repurchase plan on Thursday, September 19th that authorizes the company to buyback $500.00 million in shares. This buyback authorization authorizes the technology company to repurchase up to 14.2% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s board of directors believes its stock is undervalued.

Iridium Communications Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Friday, September 13th were given a dividend of $0.14 per share. The ex-dividend date was Friday, September 13th. This represents a $0.56 annualized dividend and a yield of 1.81%. Iridium Communications’s payout ratio is presently 266.67%.

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.