Iridium Communications Inc. (NASDAQ:IRDM) Shares Bought by State of Alaska Department of Revenue

State of Alaska Department of Revenue grew its position in shares of Iridium Communications Inc. (NASDAQ:IRDM) by 2.8% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 13,750 shares of the technology company’s stock after purchasing an additional 375 shares during the quarter. State of Alaska Department of Revenue’s holdings in Iridium Communications were worth $418,000 as of its most recent SEC filing.

Several other large investors have also recently made changes to their positions in IRDM. Allspring Global Investments Holdings LLC increased its stake in Iridium Communications by 7,684.6% during the 2nd quarter. Allspring Global Investments Holdings LLC now owns 1,012 shares of the technology company’s stock worth $27,000 after buying an additional 999 shares in the last quarter. Acadian Asset Management LLC acquired a new position in Iridium Communications in the 1st quarter valued at $29,000. Mather Group LLC. purchased a new position in Iridium Communications in the 2nd quarter valued at $32,000. Blue Trust Inc. boosted its stake in Iridium Communications by 109.7% during the 2nd 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 last quarter. Finally, International Assets Investment Management LLC purchased a new stake in shares of Iridium Communications during the second quarter worth $45,000. 84.36% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on IRDM shares. Barclays raised their target price on shares of Iridium Communications from $44.00 to $45.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 24th. BWS Financial reissued a “neutral” rating and set a $30.00 price objective on shares of Iridium Communications in a research note on Monday, October 21st. Two analysts have rated the stock with a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Iridium Communications has an average rating of “Moderate Buy” and an average target price of $41.00.

Iridium Communications Stock Performance

NASDAQ:IRDM opened at $29.53 on Friday. The stock has a market capitalization of $3.36 billion, a P/E ratio of 31.42 and a beta of 0.65. The company has a debt-to-equity ratio of 2.68, a quick ratio of 2.01 and a current ratio of 2.62. Iridium Communications Inc. has a fifty-two week low of $24.14 and a fifty-two week high of $41.66. The company has a 50 day moving average price of $29.17 and a 200 day moving average price of $28.37.

Iridium Communications Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Friday, September 13th were paid a dividend of $0.14 per share. The ex-dividend date was Friday, September 13th. This represents a $0.56 dividend on an annualized basis and a yield of 1.90%. Iridium Communications’s dividend payout ratio (DPR) is presently 59.58%.

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

Insiders Place Their Bets

In related news, Director Robert H. Niehaus sold 38,355 shares of the company’s 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 sale, the director now directly owns 254,824 shares of the company’s stock, valued at $7,489,277.36. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Iridium Communications news, Director Robert H. Niehaus sold 38,355 shares of the stock in a transaction dated Wednesday, October 23rd. The stock was sold at an average price of $29.39, for a total value of $1,127,253.45. Following the sale, 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 document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Suzanne E. Mcbride sold 4,420 shares of Iridium Communications stock in a transaction that occurred on Monday, November 4th. The stock was sold at an average price of $29.48, for a total transaction of $130,301.60. Following the completion of the transaction, the insider now owns 182,797 shares of the company’s stock, valued at $5,388,855.56. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders own 2.00% of the company’s stock.

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.