Raymond James & Associates Has $9.95 Million Stock Holdings in Iridium Communications Inc. (NASDAQ:IRDM)

Raymond James & Associates increased its position in shares of Iridium Communications Inc. (NASDAQ:IRDM) by 22.6% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 326,625 shares of the technology company’s stock after acquiring an additional 60,211 shares during the quarter. Raymond James & Associates owned about 0.27% of Iridium Communications worth $9,946,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in IRDM. Blue Trust Inc. raised its holdings in shares of Iridium Communications by 545.7% during the third quarter. Blue Trust Inc. now owns 9,628 shares of the technology company’s stock worth $293,000 after acquiring an additional 8,137 shares during the period. Inspire Advisors LLC bought a new stake in shares of Iridium Communications in the 3rd quarter valued at about $228,000. nVerses Capital LLC increased its holdings in shares of Iridium Communications by 308.3% during the 3rd quarter. nVerses Capital LLC now owns 9,800 shares of the technology company’s stock worth $298,000 after acquiring an additional 7,400 shares during the last quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd bought a new position in shares of Iridium Communications in the third quarter valued at about $1,963,000. Finally, CWM LLC raised its holdings in Iridium Communications by 546.5% in the 3rd quarter. CWM LLC now owns 14,547 shares of the technology company’s stock valued at $443,000 after acquiring an additional 12,297 shares during the period. Institutional investors and hedge funds own 84.36% of the company’s stock.

Analyst Ratings Changes

IRDM has been the topic of a number of analyst reports. BWS Financial restated a “neutral” rating and set a $30.00 target price on shares of Iridium Communications in a research report on Monday, October 21st. Barclays raised their price objective on Iridium Communications from $44.00 to $45.00 and gave the company an “overweight” rating in a report on Wednesday, July 24th. 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’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $41.00.

Iridium Communications Price Performance

IRDM stock opened at $29.64 on Wednesday. The business has a 50-day simple moving average of $28.62 and a two-hundred day simple moving average of $28.20. Iridium Communications Inc. has a 52-week low of $24.14 and a 52-week high of $41.66. The company has a market capitalization of $3.60 billion, a P/E ratio of 141.12 and a beta of 0.65. The company has a debt-to-equity ratio of 2.68, a quick ratio of 2.01 and a current ratio of 2.62.

Iridium Communications Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Friday, September 13th were paid a $0.14 dividend. This represents a $0.56 dividend on an annualized basis and a yield of 1.89%. The ex-dividend date of this dividend was Friday, September 13th. Iridium Communications’s payout ratio is 266.67%.

Iridium Communications declared that its board has approved a share buyback plan on Thursday, September 19th that permits the company to repurchase $500.00 million in outstanding shares. This repurchase authorization permits the technology company to reacquire up to 14.2% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s leadership believes its shares are undervalued.

Insider Buying and Selling at Iridium Communications

In other news, Director Robert H. Niehaus sold 38,355 shares of the company’s 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 sale, the director now directly 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 sale was disclosed in a filing with the SEC, which is available at this link. 2.00% of the stock is owned by corporate insiders.

Iridium Communications 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.