Charles Schwab Investment Management Inc. Sells 342,603 Shares of Iridium Communications Inc. (NASDAQ:IRDM)

Charles Schwab Investment Management Inc. decreased its holdings in Iridium Communications Inc. (NASDAQ:IRDM) by 24.5% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,055,852 shares of the technology company’s stock after selling 342,603 shares during the quarter. Charles Schwab Investment Management Inc. owned approximately 0.93% of Iridium Communications worth $32,151,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. Allspring Global Investments Holdings LLC grew its stake in shares of Iridium Communications by 7,684.6% in 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 last quarter. Mather Group LLC. bought a new stake in shares of Iridium Communications in the second quarter worth $32,000. Blue Trust Inc. lifted its holdings in Iridium Communications by 109.7% in the second quarter. Blue Trust Inc. now owns 1,491 shares of the technology company’s stock valued at $39,000 after buying an additional 780 shares during the period. International Assets Investment Management LLC acquired a new position in Iridium Communications in the second quarter valued at $45,000. Finally, Fifth Third Bancorp lifted its holdings in Iridium Communications by 322.1% in the second quarter. Fifth Third Bancorp now owns 1,735 shares of the technology company’s stock valued at $46,000 after buying an additional 1,324 shares during the period. Institutional investors own 84.36% of the company’s stock.

Analysts Set New Price Targets

Separately, BWS Financial restated 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 given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $41.00.

Iridium Communications Trading Down 2.0 %

NASDAQ:IRDM opened at $29.92 on Wednesday. The company has a debt-to-equity ratio of 2.68, a current ratio of 2.62 and a quick ratio of 2.01. The firm has a 50-day moving average of $29.74 and a 200-day moving average of $28.21. The company has a market cap of $3.41 billion, a PE ratio of 31.83 and a beta of 0.65. Iridium Communications Inc. has a one year low of $24.14 and a one year high of $41.66.

Iridium Communications (NASDAQ:IRDM) last issued its quarterly earnings data on Thursday, October 17th. The technology company reported $0.21 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.20 by $0.01. Iridium Communications had a net margin of 14.09% and a return on equity of 14.34%. The business had revenue of $212.77 million during the quarter, compared to the consensus estimate of $205.68 million. As a group, equities research 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 buyback plan on Thursday, September 19th that allows the company to buyback $500.00 million in outstanding shares. This buyback authorization allows the technology company to purchase up to 14.2% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s management believes its stock is 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 in the company, valued at approximately $7,489,277.36. This represents a 13.08 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Suzanne E. Mcbride sold 4,420 shares of the company’s stock in a transaction that occurred 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 sale, the insider now owns 182,797 shares in the company, valued at $5,388,855.56. The trade was a 2.36 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 2.00% of the stock is currently owned by insiders.

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.