Private Advisor Group LLC Has $1.54 Million Stock Position in Iridium Communications Inc. (NASDAQ:IRDM)

Private Advisor Group LLC raised its stake in Iridium Communications Inc. (NASDAQ:IRDM) by 186.6% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 50,633 shares of the technology company’s stock after acquiring an additional 32,967 shares during the quarter. Private Advisor Group LLC’s holdings in Iridium Communications were worth $1,542,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Daiwa Securities Group Inc. increased its position in Iridium Communications by 4.2% in the 2nd quarter. Daiwa Securities Group Inc. now owns 11,389 shares of the technology company’s stock valued at $303,000 after acquiring an additional 462 shares in the last quarter. GAMMA Investing LLC increased its position in Iridium Communications by 25.2% in the 3rd quarter. GAMMA Investing LLC now owns 2,399 shares of the technology company’s stock valued at $73,000 after acquiring an additional 483 shares in the last quarter. Point72 Asia Singapore Pte. Ltd. increased its position in Iridium Communications by 6.2% in the 2nd quarter. Point72 Asia Singapore Pte. Ltd. now owns 11,480 shares of the technology company’s stock valued at $306,000 after acquiring an additional 671 shares in the last quarter. State of Michigan Retirement System increased its position in Iridium Communications by 2.4% in the 1st quarter. State of Michigan Retirement System now owns 30,459 shares of the technology company’s stock valued at $797,000 after acquiring an additional 700 shares in the last quarter. Finally, Mcdonald Partners LLC increased its position in Iridium Communications by 4.1% in the 2nd quarter. Mcdonald Partners LLC now owns 17,925 shares of the technology company’s stock valued at $477,000 after acquiring an additional 700 shares in the last quarter. Institutional investors and hedge funds own 84.36% of the company’s stock.

Iridium Communications Stock Down 0.5 %

Shares of NASDAQ IRDM opened at $29.50 on Thursday. The firm has a market capitalization of $3.58 billion, a PE ratio of 140.48 and a beta of 0.65. The company has a current ratio of 2.62, a quick ratio of 2.01 and a debt-to-equity ratio of 2.68. Iridium Communications Inc. has a 1 year low of $24.14 and a 1 year high of $41.66. The firm’s 50-day moving average is $28.62 and its 200-day moving average is $28.20.

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

Iridium Communications Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Friday, September 13th were paid a dividend of $0.14 per share. This represents a $0.56 annualized dividend and a yield of 1.90%. The ex-dividend date was Friday, September 13th. Iridium Communications’s payout ratio is 266.67%.

Insider Buying and Selling

In related news, Director Robert H. Niehaus sold 38,355 shares of Iridium Communications stock in a transaction that occurred on Wednesday, October 23rd. The shares were sold at an average price of $29.39, for a total transaction of $1,127,253.45. Following the transaction, the director now owns 254,824 shares of the company’s stock, valued at $7,489,277.36. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 2.00% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

IRDM has been the topic of several recent research reports. BWS Financial reaffirmed a “neutral” rating and issued a $30.00 target price on shares of Iridium Communications in a research note on Monday, October 21st. Barclays raised their target price on shares of Iridium Communications from $44.00 to $45.00 and gave the company an “overweight” rating in a research note on Wednesday, July 24th. Two investment analysts have rated the stock with a hold rating, one has issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Iridium Communications presently has an average rating of “Moderate Buy” and an average price target of $41.00.

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.