Cerity Partners LLC Invests $1.36 Million in Iridium Communications Inc. (NASDAQ:IRDM)

Cerity Partners LLC acquired a new stake in Iridium Communications Inc. (NASDAQ:IRDM) during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund acquired 44,626 shares of the technology company’s stock, valued at approximately $1,359,000.

Several other hedge funds have also recently bought and sold shares of the company. Cetera Investment Advisers purchased a new stake in Iridium Communications during the first quarter worth about $1,939,000. GAMMA Investing LLC lifted its holdings in Iridium Communications by 157.5% during the 2nd quarter. GAMMA Investing LLC now owns 1,916 shares of the technology company’s stock worth $51,000 after buying an additional 1,172 shares in the last quarter. Mather Group LLC. purchased a new position in Iridium Communications in the 2nd quarter valued at approximately $32,000. Diversified Trust Co acquired a new position in shares of Iridium Communications in the second quarter worth $406,000. Finally, Wealth Enhancement Advisory Services LLC purchased a new stake in shares of Iridium Communications during the second quarter worth $342,000. Institutional investors and hedge funds own 84.36% of the company’s stock.

Insider Buying and Selling

In related news, insider Suzanne E. Mcbride sold 4,420 shares of the stock in a transaction on Monday, November 4th. The shares were sold at an average price of $29.48, for a total value of $130,301.60. Following the transaction, the insider now directly owns 182,797 shares of the company’s stock, valued at $5,388,855.56. This trade represents a 2.36 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Robert H. Niehaus sold 38,355 shares of the company’s stock in a transaction 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 completion of the transaction, the director now owns 254,824 shares of the company’s stock, valued at $7,489,277.36. This represents a 13.08 % decrease in their position. The disclosure for this sale can be found here. 2.00% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Separately, BWS Financial reiterated a “neutral” rating and issued a $30.00 target price on shares of Iridium Communications in a report on Monday, October 21st. Two investment analysts have rated the stock with a hold rating, one has assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $41.00.

Iridium Communications Price Performance

Iridium Communications stock opened at $29.92 on Wednesday. The company has a current ratio of 2.62, a quick ratio of 2.01 and a debt-to-equity ratio of 2.68. The company has a fifty day simple moving average of $29.74 and a 200-day simple moving average of $28.21. The stock has a market cap of $3.41 billion, a P/E ratio of 31.83 and a beta of 0.65. Iridium Communications Inc. has a 12-month low of $24.14 and a 12-month high of $41.66.

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

Iridium Communications announced that its Board of Directors has approved a share repurchase plan on Thursday, September 19th that allows the company to repurchase $500.00 million in shares. This repurchase authorization allows the technology company to repurchase up to 14.2% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s board believes its shares are undervalued.

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.