Connor Clark & Lunn Investment Management Ltd. Decreases Holdings in Iridium Communications Inc. (NASDAQ:IRDM)

Connor Clark & Lunn Investment Management Ltd. reduced its holdings in shares of Iridium Communications Inc. (NASDAQ:IRDM - Free Report) by 71.1% in the third quarter, according to its most recent filing with the SEC. The fund owned 18,516 shares of the technology company's stock after selling 45,511 shares during the period. Connor Clark & Lunn Investment Management Ltd.'s holdings in Iridium Communications were worth $564,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. State of Alaska Department of Revenue raised its position in Iridium Communications by 2.8% during the 3rd quarter. State of Alaska Department of Revenue now owns 13,750 shares of the technology company's stock valued at $418,000 after purchasing an additional 375 shares in the last quarter. Daiwa Securities Group Inc. raised its position in Iridium Communications by 4.2% during the 2nd quarter. Daiwa Securities Group Inc. now owns 11,389 shares of the technology company's stock valued at $303,000 after purchasing an additional 462 shares in the last quarter. GAMMA Investing LLC raised its position in Iridium Communications by 25.2% during the 3rd quarter. GAMMA Investing LLC now owns 2,399 shares of the technology company's stock valued at $73,000 after purchasing an additional 483 shares in the last quarter. Point72 Asia Singapore Pte. Ltd. raised its position in Iridium Communications by 6.2% during the 2nd quarter. Point72 Asia Singapore Pte. Ltd. now owns 11,480 shares of the technology company's stock valued at $306,000 after purchasing an additional 671 shares in the last quarter. Finally, Mcdonald Partners LLC raised its position in Iridium Communications by 4.1% during the 2nd quarter. Mcdonald Partners LLC now owns 17,925 shares of the technology company's stock valued at $477,000 after purchasing an additional 700 shares in the last quarter. 84.36% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Separately, BWS Financial reaffirmed a "neutral" rating and set a $30.00 target price 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 issued a strong buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $41.00.

Iridium Communications Stock Up 0.4 %

Shares of NASDAQ:IRDM traded up $0.12 on Friday, reaching $29.72. The company had a trading volume of 828,059 shares, compared to its average volume of 1,085,779. The firm has a market capitalization of $3.38 billion, a PE ratio of 31.62 and a beta of 0.65. Iridium Communications Inc. has a 52-week low of $24.14 and a 52-week high of $41.66. 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's 50 day simple moving average is $29.72 and its 200-day simple moving average is $28.24.

Iridium Communications (NASDAQ:IRDM - Get Free Report) last released its quarterly earnings results on Thursday, October 17th. The technology company reported $0.21 EPS 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 for the quarter, compared to analysts' expectations of $205.68 million. As a group, analysts expect that Iridium Communications Inc. will post 0.8 earnings per share for the current fiscal year.

Iridium Communications announced that its Board of Directors has initiated a share buyback program on Thursday, September 19th that allows the company to buyback $500.00 million in shares. This buyback authorization allows the technology company to purchase up to 14.2% of its shares through open market purchases. Shares buyback programs are often a sign that the company's board of directors believes its shares are undervalued.

Insiders Place Their Bets

In related news, insider Suzanne E. Mcbride sold 4,420 shares of Iridium Communications stock in a transaction 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 completion of the transaction, the insider now directly owns 182,797 shares in the company, valued at approximately $5,388,855.56. This trade represents a 2.36 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, 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 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 approximately $7,489,277.36. This trade represents a 13.08 % decrease in their ownership of the stock. 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.