Connor Clark & Lunn Investment Management Ltd. Sells 45,511 Shares of Iridium Communications Inc. (NASDAQ:IRDM)

Connor Clark & Lunn Investment Management Ltd. trimmed its position in Iridium Communications Inc. (NASDAQ:IRDM) by 71.1% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 18,516 shares of the technology company’s stock after selling 45,511 shares during the quarter. Connor Clark & Lunn Investment Management Ltd.’s holdings in Iridium Communications were worth $564,000 at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. Allspring Global Investments Holdings LLC boosted its holdings in shares of Iridium Communications by 7,684.6% during the 2nd quarter. Allspring Global Investments Holdings LLC now owns 1,012 shares of the technology company’s stock valued at $27,000 after purchasing an additional 999 shares during the last quarter. Mather Group LLC. bought a new stake in shares of Iridium Communications during the 2nd quarter worth approximately $32,000. Blue Trust Inc. boosted its stake in shares of Iridium Communications by 109.7% during the second quarter. Blue Trust Inc. now owns 1,491 shares of the technology company’s stock valued at $39,000 after purchasing an additional 780 shares during the period. International Assets Investment Management LLC bought a new position in Iridium Communications in the 2nd quarter worth about $45,000. Finally, Fifth Third Bancorp increased its holdings in Iridium Communications by 322.1% during the 2nd quarter. Fifth Third Bancorp now owns 1,735 shares of the technology company’s stock worth $46,000 after purchasing an additional 1,324 shares during the period. Hedge funds and other institutional investors own 84.36% of the company’s stock.

Insider Activity at Iridium Communications

In other Iridium Communications news, insider Suzanne E. Mcbride sold 4,420 shares of the firm’s stock in a transaction that occurred on Monday, November 4th. The stock was sold at an average price of $29.48, for a total value of $130,301.60. Following the sale, the insider now directly owns 182,797 shares of the company’s stock, valued at approximately $5,388,855.56. This trade represents a 2.36 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Robert H. Niehaus sold 38,355 shares of the company’s stock in a transaction on 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 transaction, the director now owns 254,824 shares of the company’s stock, valued at $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 currently owned by insiders.

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 report on Monday, October 21st. Two investment 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 stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $41.00.

Iridium Communications Price Performance

NASDAQ IRDM opened at $29.72 on Friday. The firm’s fifty day simple moving average is $29.71 and its two-hundred day simple moving average is $28.24. The company has a current ratio of 2.62, a quick ratio of 2.01 and a debt-to-equity ratio of 2.68. Iridium Communications Inc. has a 12-month low of $24.14 and a 12-month high of $41.66. The firm has a market capitalization of $3.38 billion, a P/E ratio of 31.49 and a beta of 0.65.

Iridium Communications (NASDAQ:IRDM) last issued its earnings results on Thursday, October 17th. The technology company reported $0.21 earnings per share (EPS) for the quarter, topping 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. Analysts forecast that Iridium Communications Inc. will post 0.8 EPS for the current fiscal year.

Iridium Communications announced that its board has approved a stock repurchase plan on Thursday, September 19th that authorizes the company to repurchase $500.00 million in shares. This repurchase authorization authorizes 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 board believes its shares are undervalued.

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.