Stifel Financial Corp Sells 2,324 Shares of Iridium Communications Inc. (NASDAQ:IRDM)

Stifel Financial Corp lowered its stake in shares of Iridium Communications Inc. (NASDAQ:IRDM) by 13.2% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 15,290 shares of the technology company’s stock after selling 2,324 shares during the quarter. Stifel Financial Corp’s holdings in Iridium Communications were worth $466,000 at the end of the most recent quarter.

A number of other large investors have also recently added to or reduced their stakes in the stock. Allspring Global Investments Holdings LLC boosted its holdings in Iridium Communications by 7,684.6% during the second quarter. Allspring Global Investments Holdings LLC now owns 1,012 shares of the technology company’s stock valued at $27,000 after acquiring an additional 999 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in shares of Iridium Communications by 17.8% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 26,226 shares of the technology company’s stock worth $698,000 after acquiring an additional 3,955 shares during the last quarter. Panagora Asset Management Inc. bought a new position in Iridium Communications during the second quarter worth $212,000. Signaturefd LLC raised its stake in Iridium Communications by 83.7% during the 2nd quarter. Signaturefd LLC now owns 1,822 shares of the technology company’s stock valued at $49,000 after purchasing an additional 830 shares during the last quarter. Finally, International Assets Investment Management LLC acquired a new position in Iridium Communications during the 2nd quarter valued at $45,000. Institutional investors own 84.36% of the company’s stock.

Iridium Communications Stock Up 0.6 %

IRDM opened at $29.06 on Friday. Iridium Communications Inc. has a fifty-two week low of $24.14 and a fifty-two week high of $41.49. The company has a market capitalization of $3.31 billion, a P/E ratio of 30.92 and a beta of 0.65. The company has a debt-to-equity ratio of 2.68, a current ratio of 2.62 and a quick ratio of 2.01. The firm’s fifty day moving average price is $29.58 and its two-hundred day moving average price is $28.24.

Iridium Communications (NASDAQ:IRDM) last posted its quarterly earnings results on Thursday, October 17th. The technology company reported $0.21 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.20 by $0.01. The firm had revenue of $212.77 million during the quarter, compared to analyst estimates of $205.68 million. Iridium Communications had a net margin of 14.09% and a return on equity of 14.34%. On average, analysts anticipate 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. Shareholders 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 annualized dividend and a yield of 1.93%. Iridium Communications’s dividend payout ratio is currently 59.57%.

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

Analyst Upgrades and Downgrades

Separately, BWS Financial restated a “neutral” rating and set a $30.00 price objective on shares of Iridium Communications in a report on Monday, October 21st. Two equities research analysts have rated the stock with a hold rating, one has assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $41.00.

Insider Transactions at Iridium Communications

In related news, Director Robert H. Niehaus sold 38,355 shares of the company’s stock in a transaction dated Wednesday, October 23rd. The shares were 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 in the company, valued at $7,489,277.36. This represents a 13.08 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Suzanne E. Mcbride sold 4,420 shares of the stock in a transaction dated Monday, November 4th. The stock was sold at an average price of $29.48, for a total transaction of $130,301.60. Following 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. 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.