Charles Schwab Investment Management Inc. Sells 342,603 Shares of Iridium Communications Inc. (NASDAQ:IRDM)

Charles Schwab Investment Management Inc. reduced its holdings in shares of Iridium Communications Inc. (NASDAQ:IRDM - Free Report) by 24.5% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,055,852 shares of the technology company's stock after selling 342,603 shares during the quarter. Charles Schwab Investment Management Inc. owned 0.93% of Iridium Communications worth $32,151,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in IRDM. Victory Capital Management Inc. increased its holdings in shares of Iridium Communications by 6,491.3% during the second quarter. Victory Capital Management Inc. now owns 1,598,532 shares of the technology company's stock valued at $42,553,000 after purchasing an additional 1,574,280 shares during the period. Sumitomo Mitsui Trust Holdings Inc. increased its holdings in shares of Iridium Communications by 18.5% during 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 during the period. American Century Companies Inc. increased its holdings in shares of Iridium Communications by 429.2% during the second quarter. American Century Companies Inc. now owns 334,396 shares of the technology company's stock valued at $8,902,000 after purchasing an additional 271,203 shares during the period. Van Berkom & Associates Inc. grew its holdings in 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 acquiring an additional 152,232 shares during the period. Finally, Sei Investments Co. acquired a new position in Iridium Communications during the second quarter worth about $2,592,000. 84.36% of the stock is currently owned by hedge funds and other institutional investors.

Iridium Communications Stock Up 2.4 %

NASDAQ IRDM traded up $0.72 during trading on Wednesday, reaching $30.64. 628,501 shares of the company's stock were exchanged, compared to its average volume of 1,084,212. Iridium Communications Inc. has a fifty-two week low of $24.14 and a fifty-two week high of $41.66. The company's fifty day simple moving average is $29.75 and its 200-day simple moving average is $28.20. The company has a current ratio of 2.62, a quick ratio of 2.01 and a debt-to-equity ratio of 2.68. The firm has a market capitalization of $3.49 billion, a PE ratio of 31.83 and a beta of 0.65.

Iridium Communications (NASDAQ:IRDM - Get Free Report) last posted its quarterly 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. Sell-side analysts predict that Iridium Communications Inc. will post 0.8 EPS for the current year.

Iridium Communications declared that its board has approved a share repurchase program on Thursday, September 19th that allows the company to repurchase $500.00 million in outstanding shares. This repurchase authorization allows the technology company to buy up to 14.2% of its shares through open market purchases. Shares 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 set a $30.00 target price on shares of Iridium Communications in a report on Monday, October 21st. Two investment 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. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $41.00.

Insider Activity at Iridium Communications

In other news, Director Robert H. Niehaus sold 38,355 shares of Iridium Communications stock in a transaction that occurred on Wednesday, October 23rd. The stock was sold at an average price of $29.39, for a total transaction of $1,127,253.45. Following the sale, the director now owns 254,824 shares of the company's stock, valued at approximately $7,489,277.36. This trade represents a 13.08 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Suzanne E. Mcbride sold 4,420 shares of Iridium Communications stock in a transaction that occurred on Monday, November 4th. The stock was sold at an average price of $29.48, for a total value of $130,301.60. Following the sale, the insider now directly owns 182,797 shares in the company, valued at $5,388,855.56. The trade was a 2.36 % decrease in their position. The disclosure for this sale can be found here. 2.00% of the stock is owned by company insiders.

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.