Iridium Communications Inc. (NASDAQ:IRDM) Shares Sold by US Bancorp DE

US Bancorp DE lessened its holdings in shares of Iridium Communications Inc. (NASDAQ:IRDM) by 11.2% in the third quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 9,822 shares of the technology company’s stock after selling 1,242 shares during the quarter. US Bancorp DE’s holdings in Iridium Communications were worth $299,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently bought and sold shares of IRDM. State of Alaska Department of Revenue lifted its stake in shares of Iridium Communications by 2.8% during the third quarter. State of Alaska Department of Revenue now owns 13,750 shares of the technology company’s stock worth $418,000 after purchasing an additional 375 shares in the last quarter. Daiwa Securities Group Inc. increased its stake in shares of Iridium Communications by 4.2% in the second quarter. Daiwa Securities Group Inc. now owns 11,389 shares of the technology company’s stock worth $303,000 after buying an additional 462 shares during the last quarter. GAMMA Investing LLC raised its stake in Iridium Communications by 25.2% during the third quarter. GAMMA Investing LLC now owns 2,399 shares of the technology company’s stock valued at $73,000 after buying an additional 483 shares in the last quarter. Point72 Asia Singapore Pte. Ltd. increased its stake in Iridium Communications by 6.2% during the second quarter. Point72 Asia Singapore Pte. Ltd. now owns 11,480 shares of the technology company’s stock valued at $306,000 after purchasing an additional 671 shares during the last quarter. Finally, Mcdonald Partners LLC raised its stake in Iridium Communications by 4.1% during the second quarter. Mcdonald Partners LLC now owns 17,925 shares of the technology company’s stock worth $477,000 after acquiring an additional 700 shares during the period. Hedge funds and other institutional investors own 84.36% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have commented on IRDM. Barclays upped their target price on shares of Iridium Communications from $44.00 to $45.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 24th. BWS Financial reaffirmed a “neutral” rating and set a $30.00 target price on shares of Iridium Communications in a research report on Monday, October 21st. Two investment analysts have rated the stock with a hold rating, one has given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, Iridium Communications currently has a consensus rating of “Moderate Buy” and a consensus target price of $41.00.

Iridium Communications Trading Down 3.1 %

NASDAQ IRDM opened at $28.86 on Thursday. The firm’s fifty day simple moving average is $29.35 and its 200-day simple moving average is $28.36. 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 company has a market capitalization of $3.29 billion, a PE ratio of 30.70 and a beta of 0.65.

Iridium Communications (NASDAQ:IRDM) last posted its earnings results on Thursday, October 17th. The technology company reported $0.21 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.20 by $0.01. The firm had revenue of $212.77 million during the quarter, compared to analysts’ expectations of $205.68 million. Iridium Communications had a net margin of 14.09% and a return on equity of 14.34%. As a group, sell-side analysts anticipate that Iridium Communications Inc. will post 0.8 earnings per share for the current fiscal year.

Iridium Communications Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Friday, September 13th were issued a $0.14 dividend. The ex-dividend date was Friday, September 13th. This represents a $0.56 annualized dividend and a yield of 1.94%. Iridium Communications’s dividend payout ratio (DPR) is currently 59.58%.

Iridium Communications announced that its Board of Directors has approved a share buyback program on Thursday, September 19th that permits the company to repurchase $500.00 million in shares. This repurchase authorization permits the technology company to buy up to 14.2% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s management believes its shares are undervalued.

Insiders Place Their Bets

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