Thrivent Financial for Lutherans Boosts Stock Position in Iridium Communications Inc. (NASDAQ:IRDM)

Thrivent Financial for Lutherans lifted its holdings in shares of Iridium Communications Inc. (NASDAQ:IRDM) by 19.8% during the 3rd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 130,370 shares of the technology company’s stock after acquiring an additional 21,522 shares during the period. Thrivent Financial for Lutherans owned 0.11% of Iridium Communications worth $3,970,000 at the end of the most recent reporting period.

Several other institutional investors have also recently added to or reduced their stakes in IRDM. Sumitomo Mitsui Trust Holdings Inc. grew its position in shares of Iridium Communications by 18.5% in the 2nd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 2,475,472 shares of the technology company’s stock valued at $65,897,000 after buying an additional 385,872 shares during the last quarter. Bayesian Capital Management LP acquired a new stake in shares of Iridium Communications during the first quarter worth about $544,000. Paralel Advisors LLC purchased a new stake in shares of Iridium Communications in the 2nd quarter valued at about $2,323,000. Cetera Investment Advisers acquired a new stake in shares of Iridium Communications in the 1st quarter valued at about $1,939,000. Finally, Los Angeles Capital Management LLC purchased a new position in Iridium Communications during the 2nd quarter worth approximately $1,899,000. Hedge funds and other institutional investors own 84.36% of the company’s stock.

Insider Activity at Iridium Communications

In other news, insider Suzanne E. Mcbride sold 4,420 shares of Iridium Communications stock in a transaction that occurred on Monday, November 4th. The shares were sold at an average price of $29.48, for a total transaction 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 trade represents a 2.36 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Robert H. Niehaus sold 38,355 shares of Iridium Communications stock in a transaction on Wednesday, October 23rd. The stock was sold at an average price of $29.39, for a total value of $1,127,253.45. Following the transaction, the director now directly owns 254,824 shares of the company’s stock, valued at approximately $7,489,277.36. This represents 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 owned by insiders.

Iridium Communications Trading Up 3.3 %

Shares of IRDM stock opened at $29.40 on Monday. The company has a current ratio of 2.62, a quick ratio of 2.01 and a debt-to-equity ratio of 2.68. The business’s 50 day moving average is $29.58 and its two-hundred day moving average is $28.23. Iridium Communications Inc. has a twelve month low of $24.14 and a twelve month high of $41.66. The company has a market capitalization of $3.35 billion, a P/E ratio of 31.28 and a beta of 0.65.

Iridium Communications (NASDAQ:IRDM) last announced its quarterly earnings data on Thursday, October 17th. The technology company reported $0.21 EPS for the quarter, topping analysts’ consensus estimates of $0.20 by $0.01. The company had revenue of $212.77 million during 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%. Equities analysts forecast that Iridium Communications Inc. will post 0.8 EPS for the current year.

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

Wall Street Analyst Weigh In

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

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.