Iridium Communications Inc. (NASDAQ:IRDM) Shares Sold by ARK Investment Management LLC

ARK Investment Management LLC lowered its stake in shares of Iridium Communications Inc. (NASDAQ:IRDM - Free Report) by 5.9% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,372,791 shares of the technology company's stock after selling 147,756 shares during the quarter. ARK Investment Management LLC owned about 1.95% of Iridium Communications worth $72,251,000 as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of the stock. Impax Asset Management Group plc acquired a new position in shares of Iridium Communications during the third quarter valued at about $697,000. QRG Capital Management Inc. acquired a new position in Iridium Communications in the 3rd quarter worth approximately $226,000. Van ECK Associates Corp increased its holdings in Iridium Communications by 18.2% in the 3rd quarter. Van ECK Associates Corp now owns 56,182 shares of the technology company's stock worth $1,673,000 after buying an additional 8,662 shares during the period. Pinnacle Associates Ltd. increased its holdings in Iridium Communications by 0.7% in the 3rd quarter. Pinnacle Associates Ltd. now owns 716,341 shares of the technology company's stock worth $21,813,000 after buying an additional 5,030 shares during the period. Finally, Pallas Capital Advisors LLC acquired a new position in Iridium Communications in the 3rd quarter worth approximately $227,000. Institutional investors and hedge funds own 84.36% of the company's stock.

Wall Street Analysts Forecast Growth

IRDM has been the topic of several research reports. Barclays increased their price target on shares of Iridium Communications from $44.00 to $45.00 and gave the stock an "overweight" rating in a report on Wednesday, July 24th. BWS Financial restated a "neutral" rating and issued a $30.00 price objective on shares of Iridium Communications in a research report 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 stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $41.00.

Insider Buying and Selling

In related news, insider Suzanne E. Mcbride sold 4,420 shares of the firm's 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 completion of the transaction, the insider now directly owns 182,797 shares in the company, valued at $5,388,855.56. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. In other news, insider Suzanne E. Mcbride sold 4,420 shares of Iridium Communications 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 owns 182,797 shares in the company, valued at approximately $5,388,855.56. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Robert H. Niehaus sold 38,355 shares of Iridium Communications 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 owns 254,824 shares of the company's stock, valued at $7,489,277.36. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 2.00% of the company's stock.

Iridium Communications Trading Up 1.1 %

Shares of NASDAQ:IRDM traded up $0.31 during midday trading on Friday, reaching $29.53. 740,058 shares of the company's stock were exchanged, compared to its average volume of 1,083,172. The firm's 50 day simple moving average is $29.10 and its two-hundred day simple moving average is $28.36. 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 stock has a market cap of $3.36 billion, a price-to-earnings ratio of 31.09 and a beta of 0.65. Iridium Communications Inc. has a fifty-two week low of $24.14 and a fifty-two week high of $41.66.

Iridium Communications Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Friday, September 13th were given a dividend of $0.14 per share. This represents a $0.56 dividend on an annualized basis and a dividend yield of 1.90%. The ex-dividend date of this dividend was Friday, September 13th. Iridium Communications's payout ratio is 59.58%.

Iridium Communications announced that its board has authorized a stock repurchase program on Thursday, September 19th that allows the company to buyback $500.00 million in shares. This buyback authorization allows the technology company to reacquire up to 14.2% of its stock through open market purchases. Stock buyback programs are usually an indication that the company's leadership believes its shares are undervalued.

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.