Cerity Partners LLC bought a new position in shares of Iridium Communications Inc. (NASDAQ:IRDM - Free Report) during the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 44,626 shares of the technology company's stock, valued at approximately $1,359,000.
A number of other institutional investors also recently added to or reduced their stakes in the stock. Meeder Asset Management Inc. acquired a new position in shares of Iridium Communications during the 3rd quarter worth approximately $407,000. Pathstone Holdings LLC boosted its stake in shares of Iridium Communications by 14.3% in the third quarter. Pathstone Holdings LLC now owns 61,825 shares of the technology company's stock worth $1,883,000 after acquiring an additional 7,722 shares during the period. Quest Partners LLC raised its holdings in shares of Iridium Communications by 182.2% in the third quarter. Quest Partners LLC now owns 13,877 shares of the technology company's stock worth $423,000 after buying an additional 8,959 shares during the period. Thrivent Financial for Lutherans increased its holdings in Iridium Communications by 19.8% during the 3rd quarter. Thrivent Financial for Lutherans now owns 130,370 shares of the technology company's stock worth $3,970,000 after purchasing an additional 21,522 shares during the period. Finally, Impax Asset Management Group plc bought a new stake in Iridium Communications during the 3rd quarter valued at $697,000. 84.36% of the stock is owned by institutional investors and hedge funds.
Iridium Communications Trading Up 2.4 %
NASDAQ IRDM traded up $0.72 on Wednesday, reaching $30.64. The stock had a trading volume of 628,501 shares, compared to its average volume of 1,084,212. The firm has a market capitalization of $3.49 billion, a price-to-earnings ratio of 31.83 and a beta of 0.65. 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 Inc. has a 12-month low of $24.14 and a 12-month high of $41.66. The stock has a fifty day moving average price of $29.75 and a two-hundred day moving average price of $28.20.
Iridium Communications (NASDAQ:IRDM - Get Free Report) last released its quarterly earnings data on Thursday, October 17th. The technology company reported $0.21 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.20 by $0.01. The company had revenue of $212.77 million during the quarter, compared to the consensus estimate of $205.68 million. Iridium Communications had a net margin of 14.09% and a return on equity of 14.34%. As a group, sell-side analysts forecast that Iridium Communications Inc. will post 0.8 EPS for the current fiscal year.
Iridium Communications declared that its board has initiated a stock repurchase program on Thursday, September 19th that authorizes the company to buyback $500.00 million in outstanding shares. This buyback authorization authorizes the technology company to reacquire up to 14.2% of its stock through open market purchases. Stock buyback programs are often an indication that the company's board believes its stock is undervalued.
Insider Buying and Selling
In other Iridium Communications news, Director Robert H. Niehaus sold 38,355 shares of the firm's stock in a transaction that occurred on 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 sale, the director now owns 254,824 shares in the company, valued at approximately $7,489,277.36. This trade represents a 13.08 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 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 sale, the insider now owns 182,797 shares of the company's stock, valued at $5,388,855.56. The trade was a 2.36 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 2.00% of the stock is owned by company insiders.
Wall Street Analyst Weigh In
Separately, BWS Financial restated a "neutral" rating and issued a $30.00 target price on shares of Iridium Communications in a research note on Monday, October 21st. Two equities research analysts have rated the stock with a hold rating, one has given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Iridium Communications has a consensus rating of "Moderate Buy" and a consensus target price of $41.00.
Read Our Latest Report on Iridium Communications
Iridium Communications Company Profile
(
Free Report)
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.
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