Mutual of America Capital Management LLC Has $1.95 Million Stock Position in Iridium Communications Inc. (NASDAQ:IRDM)

Mutual of America Capital Management LLC lessened its stake in Iridium Communications Inc. (NASDAQ:IRDM) by 8.0% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 63,982 shares of the technology company’s stock after selling 5,542 shares during the quarter. Mutual of America Capital Management LLC owned about 0.06% of Iridium Communications worth $1,948,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors also recently modified their holdings of the company. Impax Asset Management Group plc bought a new stake in shares of Iridium Communications during the third quarter worth $697,000. KBC Group NV raised its holdings in Iridium Communications by 25.9% during the 3rd quarter. KBC Group NV now owns 3,796 shares of the technology company’s stock worth $116,000 after purchasing an additional 781 shares during the last quarter. Victory Capital Management Inc. lifted its position in Iridium Communications by 0.7% during the 3rd quarter. Victory Capital Management Inc. now owns 1,609,649 shares of the technology company’s stock valued at $49,014,000 after purchasing an additional 11,117 shares during the period. Sumitomo Mitsui Trust Group Inc. grew its position in shares of Iridium Communications by 1.3% during the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 2,508,546 shares of the technology company’s stock worth $76,385,000 after buying an additional 33,074 shares during the period. Finally, Versor Investments LP acquired a new position in Iridium Communications in the third quarter valued at approximately $1,516,000. 84.36% of the stock is owned by institutional investors.

Analysts Set New Price Targets

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 research analysts have rated the stock with a hold rating, one has issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Iridium Communications currently has an average rating of “Moderate Buy” and a consensus target price of $41.00.

Iridium Communications Trading Up 3.3 %

IRDM opened at $29.40 on Monday. Iridium Communications Inc. has a twelve month low of $24.14 and a twelve month high of $41.66. The firm has a market cap of $3.35 billion, a PE ratio of 31.28 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. The firm’s fifty day moving average is $29.58 and its two-hundred day moving average is $28.23.

Iridium Communications (NASDAQ:IRDM) last released 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. 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 for the quarter, compared to analysts’ expectations of $205.68 million. Equities research analysts anticipate that Iridium Communications Inc. will post 0.8 EPS for the current year.

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

Insider Activity

In other Iridium Communications news, Director Robert H. Niehaus sold 38,355 shares of Iridium Communications stock in a transaction on 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 sale, 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Suzanne E. Mcbride sold 4,420 shares of Iridium Communications 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 directly owns 182,797 shares in the company, valued at approximately $5,388,855.56. This represents a 2.36 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 2.00% of the company’s stock.

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.