Principal Financial Group Inc. Cuts Stock Position in Iridium Communications Inc. (NASDAQ:IRDM)

Principal Financial Group Inc. lowered its holdings in Iridium Communications Inc. (NASDAQ:IRDM) by 32.2% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 274,365 shares of the technology company’s stock after selling 130,022 shares during the period. Principal Financial Group Inc. owned about 0.23% of Iridium Communications worth $8,354,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also bought and sold shares of the business. State of Alaska Department of Revenue boosted its position in Iridium Communications by 2.8% in the third quarter. State of Alaska Department of Revenue now owns 13,750 shares of the technology company’s stock worth $418,000 after purchasing an additional 375 shares during the last quarter. Daiwa Securities Group Inc. boosted its position in Iridium Communications by 4.2% in the second quarter. Daiwa Securities Group Inc. now owns 11,389 shares of the technology company’s stock worth $303,000 after purchasing an additional 462 shares during the last quarter. GAMMA Investing LLC boosted its position in Iridium Communications by 25.2% in the third quarter. GAMMA Investing LLC now owns 2,399 shares of the technology company’s stock worth $73,000 after purchasing an additional 483 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. boosted its position in Iridium Communications by 6.2% in the second quarter. Point72 Asia Singapore Pte. Ltd. now owns 11,480 shares of the technology company’s stock worth $306,000 after purchasing an additional 671 shares during the last quarter. Finally, Mcdonald Partners LLC boosted its position in Iridium Communications by 4.1% in the second quarter. Mcdonald Partners LLC now owns 17,925 shares of the technology company’s stock worth $477,000 after purchasing an additional 700 shares during the last quarter. Hedge funds and other institutional investors own 84.36% of the company’s stock.

Iridium Communications Trading Up 1.0 %

IRDM opened at $28.59 on Tuesday. The stock has a market cap of $3.25 billion, a PE ratio of 30.41 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. The business has a 50 day moving average of $29.45 and a 200-day moving average of $28.29. Iridium Communications Inc. has a 52 week low of $24.14 and a 52 week high of $41.66.

Iridium Communications (NASDAQ:IRDM) last posted its quarterly earnings data 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. Iridium Communications had a return on equity of 14.34% and a net margin of 14.09%. The company had revenue of $212.77 million during the quarter, compared to analyst estimates of $205.68 million. Equities research analysts predict 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 authorized a stock repurchase 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 repurchase up to 14.2% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s board believes its stock is undervalued.

Insider Buying and Selling

In other news, insider Suzanne E. Mcbride sold 4,420 shares of the business’s stock in a transaction dated Monday, November 4th. The stock was 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 in the company, valued at $5,388,855.56. The trade was a 2.36 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Robert H. Niehaus sold 38,355 shares of the business’s stock in a transaction dated Wednesday, October 23rd. The shares were sold at an average price of $29.39, for a total value of $1,127,253.45. Following the completion of the transaction, the director now owns 254,824 shares in the company, valued at $7,489,277.36. The trade was a 13.08 % 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 corporate insiders.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on the company. BWS Financial reaffirmed a “neutral” rating and set a $30.00 price target on shares of Iridium Communications in a research report on Monday, October 21st. Barclays upped their price target on Iridium Communications from $44.00 to $45.00 and gave the company an “overweight” rating in a research report on Wednesday, July 24th. Two analysts have rated the stock with a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $41.00.

About Iridium Communications

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.