The Manufacturers Life Insurance Company Lowers Position in Iridium Communications Inc. (NASDAQ:IRDM)

The Manufacturers Life Insurance Company lowered its stake in shares of Iridium Communications Inc. (NASDAQ:IRDM) by 9.1% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 93,443 shares of the technology company’s stock after selling 9,345 shares during the period. The Manufacturers Life Insurance Company owned approximately 0.08% of Iridium Communications worth $2,845,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in IRDM. Victory Capital Management Inc. grew its stake in Iridium Communications by 6,491.3% in the second quarter. Victory Capital Management Inc. now owns 1,598,532 shares of the technology company’s stock worth $42,553,000 after purchasing an additional 1,574,280 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. raised its position in shares of Iridium Communications by 18.5% in the second quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 2,475,472 shares of the technology company’s stock valued at $65,897,000 after purchasing an additional 385,872 shares during the period. American Century Companies Inc. boosted its holdings in shares of Iridium Communications by 429.2% during the 2nd quarter. American Century Companies Inc. now owns 334,396 shares of the technology company’s stock worth $8,902,000 after buying an additional 271,203 shares during the period. Van Berkom & Associates Inc. lifted its position in Iridium Communications by 4.6% during the 2nd quarter. Van Berkom & Associates Inc. now owns 3,480,051 shares of the technology company’s stock worth $92,639,000 after acquiring an additional 152,232 shares during the last quarter. Finally, Algert Global LLC boosted its holdings in Iridium Communications by 54.0% during the third quarter. Algert Global LLC now owns 365,121 shares of the technology company’s stock valued at $11,118,000 after acquiring an additional 128,018 shares during the period. Institutional investors and hedge funds own 84.36% of the company’s stock.

Insider Buying and Selling at Iridium Communications

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 transaction of $1,127,253.45. Following the completion of the transaction, the director now owns 254,824 shares in the company, valued at approximately $7,489,277.36. This represents a 13.08 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Suzanne E. Mcbride sold 4,420 shares of the business’s stock in a transaction dated Monday, November 4th. The shares were sold at an average price of $29.48, for a total value of $130,301.60. Following the completion of the sale, the insider now owns 182,797 shares in the company, valued at approximately $5,388,855.56. This trade represents a 2.36 % 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.

Wall Street Analyst Weigh In

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

Iridium Communications Stock Performance

NASDAQ IRDM opened at $31.00 on Monday. The stock has a market cap of $3.53 billion, a P/E ratio of 32.98 and a beta of 0.65. 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 Inc. has a twelve month low of $24.14 and a twelve month high of $41.66. The company’s 50-day simple moving average is $29.77 and its 200 day simple moving average is $28.19.

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

Iridium Communications announced that its Board of Directors has approved a share 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 reacquire up to 14.2% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s leadership believes its stock is 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.