Bamco Inc. NY Decreases Stake in Iridium Communications Inc. (NASDAQ:IRDM)

Bamco Inc. NY decreased its position in shares of Iridium Communications Inc. (NASDAQ:IRDM - Free Report) by 0.6% during the 3rd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 11,118,785 shares of the technology company's stock after selling 64,056 shares during the quarter. Iridium Communications makes up approximately 0.9% of Bamco Inc. NY's holdings, making the stock its 24th largest holding. Bamco Inc. NY owned about 9.77% of Iridium Communications worth $338,567,000 as of its most recent filing with the SEC.

Several other hedge funds have also added to or reduced their stakes in IRDM. Van Berkom & Associates Inc. raised its position in shares of Iridium Communications by 4.6% during the second quarter. Van Berkom & Associates Inc. now owns 3,480,051 shares of the technology company's stock worth $92,639,000 after purchasing an additional 152,232 shares during the period. Sumitomo Mitsui Trust Group Inc. grew its position in Iridium Communications by 1.3% in the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 2,508,546 shares of the technology company's stock valued at $76,385,000 after purchasing an additional 33,074 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. grew its position in Iridium Communications by 18.5% in the second quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 2,475,472 shares of the technology company's stock valued at $65,897,000 after purchasing an additional 385,872 shares in the last quarter. Victory Capital Management Inc. increased its stake in Iridium Communications by 0.7% in the 3rd quarter. Victory Capital Management Inc. now owns 1,609,649 shares of the technology company's stock valued at $49,014,000 after buying an additional 11,117 shares during the last quarter. Finally, FMR LLC lifted its position in Iridium Communications by 26.7% during the 3rd quarter. FMR LLC now owns 942,380 shares of the technology company's stock worth $28,695,000 after buying an additional 198,360 shares in the last quarter. Institutional investors own 84.36% of the company's stock.

Iridium Communications Stock Performance

Shares of NASDAQ IRDM traded up $0.50 during mid-day trading on Monday, reaching $30.22. 707,999 shares of the company were exchanged, compared to its average volume of 1,083,672. Iridium Communications Inc. has a twelve month low of $24.14 and a twelve month high of $41.66. The stock has a market capitalization of $3.44 billion, a P/E ratio of 31.62 and a beta of 0.65. The company's 50-day simple moving average is $29.72 and its 200-day simple moving average is $28.21. The company has a quick ratio of 2.01, a current ratio of 2.62 and a debt-to-equity ratio of 2.68.

Iridium Communications (NASDAQ:IRDM - Get Free Report) last posted its earnings results on Thursday, October 17th. The technology company reported $0.21 EPS for the quarter, beating the consensus estimate of $0.20 by $0.01. The company had revenue of $212.77 million for the quarter, compared to the consensus estimate of $205.68 million. Iridium Communications had a return on equity of 14.34% and a net margin of 14.09%. As a group, research analysts predict that Iridium Communications Inc. will post 0.8 earnings per share for the current year.

Iridium Communications declared that its Board of Directors has initiated a stock repurchase program on Thursday, September 19th that permits the company to repurchase $500.00 million in outstanding shares. This repurchase authorization permits the technology company to buy up to 14.2% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company's board believes its shares are undervalued.

Wall Street Analyst Weigh In

Separately, BWS Financial reaffirmed a "neutral" rating and issued a $30.00 target price on shares of Iridium Communications in a research report on Monday, October 21st. Two research analysts have rated the stock with a hold rating, one has given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $41.00.

Insider Activity

In other news, Director Robert H. Niehaus sold 38,355 shares of Iridium Communications stock in a transaction on 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 approximately $7,489,277.36. The trade was a 13.08 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, 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 transaction of $130,301.60. Following the transaction, the insider now 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 position. The disclosure for this sale can be found here. Corporate insiders own 2.00% of the company's stock.

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.