Captrust Financial Advisors Buys Shares of 7,429 Iridium Communications Inc. (NASDAQ:IRDM)

Captrust Financial Advisors bought a new stake in Iridium Communications Inc. (NASDAQ:IRDM) during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm bought 7,429 shares of the technology company’s stock, valued at approximately $226,000.

Several other institutional investors also recently modified their holdings of the company. Capstone Investment Advisors LLC acquired a new stake in shares of Iridium Communications during the 3rd quarter worth approximately $215,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in Iridium Communications by 11.5% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 495,088 shares of the technology company’s stock valued at $15,075,000 after buying an additional 51,121 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in Iridium Communications by 5.7% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 27,714 shares of the technology company’s stock valued at $844,000 after buying an additional 1,488 shares in the last quarter. CreativeOne Wealth LLC acquired a new stake in Iridium Communications in the 3rd quarter valued at $539,000. Finally, BNP Paribas Financial Markets boosted its stake in Iridium Communications by 2.6% in the 3rd quarter. BNP Paribas Financial Markets now owns 382,390 shares of the technology company’s stock valued at $11,644,000 after buying an additional 9,511 shares in the last quarter. Institutional investors and hedge funds own 84.36% of the company’s stock.

Iridium Communications Trading Down 0.7 %

IRDM stock opened at $30.21 on Monday. The company has a market cap of $3.44 billion, a P/E ratio of 32.14 and a beta of 0.65. Iridium Communications Inc. has a twelve month low of $24.14 and a twelve month high of $41.66. 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 fifty day moving average of $29.75 and a 200-day moving average of $28.22.

Iridium Communications (NASDAQ:IRDM) last released its earnings results on Thursday, October 17th. The technology company reported $0.21 earnings per share 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 the consensus estimate of $205.68 million. As a group, equities research analysts expect that Iridium Communications Inc. will post 0.8 EPS for the current year.

Iridium Communications Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Monday, December 16th will be paid a dividend of $0.14 per share. The ex-dividend date of this dividend is Monday, December 16th. This represents a $0.56 dividend on an annualized basis and a dividend yield of 1.85%. Iridium Communications’s dividend payout ratio (DPR) is presently 59.58%.

Iridium Communications declared that its board has authorized a stock repurchase program on Thursday, September 19th that permits the company to buyback $500.00 million in shares. This buyback authorization permits the technology company to repurchase up to 14.2% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s board of directors believes its shares are undervalued.

Analysts Set New Price Targets

Separately, BWS Financial reaffirmed a “neutral” rating and issued a $30.00 price target on shares of Iridium Communications in a research note on Monday, October 21st. 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’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $41.00.

Insider Buying and Selling

In other Iridium Communications 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 completion of the transaction, the insider now directly owns 182,797 shares of the company’s stock, valued at approximately $5,388,855.56. The trade was a 2.36 % decrease in their ownership of the stock. 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 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 directly owns 254,824 shares of the company’s stock, valued at approximately $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 owned by 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.