Iridium Communications Inc. (NASDAQ:IRDM) Shares Sold by Intech Investment Management LLC

Intech Investment Management LLC reduced its stake in shares of Iridium Communications Inc. (NASDAQ:IRDM) by 32.4% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 11,051 shares of the technology company’s stock after selling 5,287 shares during the period. Intech Investment Management LLC’s holdings in Iridium Communications were worth $337,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in IRDM. Cetera Investment Advisers acquired a new position in Iridium Communications during the 1st quarter worth $1,939,000. GAMMA Investing LLC lifted its position in shares of Iridium Communications by 157.5% in 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 during the last quarter. Mather Group LLC. bought a new position in shares of Iridium Communications in the 2nd quarter worth about $32,000. Diversified Trust Co bought a new position in shares of Iridium Communications in the 2nd quarter worth about $406,000. Finally, Wealth Enhancement Advisory Services LLC bought a new position in shares of Iridium Communications in the 2nd quarter worth about $342,000. 84.36% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Separately, BWS Financial restated a “neutral” rating and issued a $30.00 price target on shares of Iridium Communications in a research report on Monday, October 21st. Two 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’s stock. According to MarketBeat, Iridium Communications currently has a consensus rating of “Moderate Buy” and an average target price of $41.00.

Iridium Communications Trading Down 2.0 %

Shares of NASDAQ:IRDM opened at $29.92 on Wednesday. The company has a market cap of $3.41 billion, a PE ratio of 31.83 and a beta of 0.65. The company’s 50-day moving average price is $29.74 and its 200 day moving average price is $28.21. 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 quick ratio of 2.01, a current ratio of 2.62 and a debt-to-equity ratio of 2.68.

Iridium Communications (NASDAQ:IRDM) last issued its quarterly earnings data on Thursday, October 17th. The technology company reported $0.21 earnings per share for the quarter, beating the consensus estimate of $0.20 by $0.01. The firm had revenue of $212.77 million for the quarter, compared to the consensus estimate of $205.68 million. Iridium Communications had a net margin of 14.09% and a return on equity of 14.34%. Sell-side analysts anticipate that Iridium Communications Inc. will post 0.8 earnings per share for the current year.

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

Insider Activity at Iridium Communications

In other Iridium Communications news, insider Suzanne E. Mcbride sold 4,420 shares of the firm’s stock in a transaction dated 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. This trade represents a 2.36 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Robert H. Niehaus sold 38,355 shares of the firm’s stock in a transaction dated 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 directly owns 254,824 shares in the company, valued at approximately $7,489,277.36. The trade was a 13.08 % decrease in their position. 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.