Impax Asset Management Group plc Buys New Position in Iridium Communications Inc. (NASDAQ:IRDM)

Impax Asset Management Group plc acquired a new position in Iridium Communications Inc. (NASDAQ:IRDM - Free Report) in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 22,902 shares of the technology company's stock, valued at approximately $697,000.

Other large investors have also modified their holdings of the company. Allspring Global Investments Holdings LLC increased its stake in shares of Iridium Communications by 7,684.6% during the second quarter. Allspring Global Investments Holdings LLC now owns 1,012 shares of the technology company's stock worth $27,000 after purchasing an additional 999 shares in the last quarter. Acadian Asset Management LLC purchased a new stake in Iridium Communications during the 1st quarter valued at about $29,000. Mather Group LLC. purchased a new stake in Iridium Communications during the 2nd quarter valued at about $32,000. Blue Trust Inc. grew its stake in Iridium Communications by 109.7% during the 2nd quarter. Blue Trust Inc. now owns 1,491 shares of the technology company's stock valued at $39,000 after acquiring an additional 780 shares in the last quarter. Finally, International Assets Investment Management LLC purchased a new stake in Iridium Communications during the 2nd quarter valued at about $45,000. Institutional investors and hedge funds own 84.36% of the company's stock.

Analyst Ratings Changes

Several brokerages recently issued reports on IRDM. Barclays upped their price objective on shares of Iridium Communications from $44.00 to $45.00 and gave the company an "overweight" rating in a research note on Wednesday, July 24th. BWS Financial reaffirmed a "neutral" rating and set a $30.00 price objective on shares of Iridium Communications in a research note on Monday, October 21st. Two investment analysts have rated the stock with a hold rating, one has assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Iridium Communications has a consensus rating of "Moderate Buy" and an average target price of $41.00.

Iridium Communications Trading Down 3.6 %

NASDAQ:IRDM traded down $1.08 on Thursday, reaching $29.22. The company's stock had a trading volume of 929,139 shares, compared to its average volume of 1,084,761. The firm has a market cap of $3.33 billion, a price-to-earnings ratio of 32.23 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 50 day moving average price of $29.03 and a 200 day moving average price of $28.35.

Iridium Communications Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Friday, September 13th were paid a $0.14 dividend. This represents a $0.56 dividend on an annualized basis and a dividend yield of 1.92%. The ex-dividend date was Friday, September 13th. Iridium Communications's dividend payout ratio (DPR) is 59.58%.

Iridium Communications announced that its Board of Directors has initiated a share repurchase plan on Thursday, September 19th that permits the company to repurchase $500.00 million in shares. This repurchase authorization permits the technology company to repurchase up to 14.2% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company's leadership believes its shares are undervalued.

Insider Transactions at Iridium Communications

In other news, Director Robert H. Niehaus sold 38,355 shares of Iridium Communications stock in a transaction on Wednesday, October 23rd. The stock was sold at an average price of $29.39, for a total value of $1,127,253.45. Following the completion of the sale, the director now directly owns 254,824 shares of the company's stock, valued at approximately $7,489,277.36. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In related news, insider Suzanne E. Mcbride sold 4,420 shares of the company's 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 sale, the insider now directly owns 182,797 shares of the company's stock, valued at $5,388,855.56. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Robert H. Niehaus sold 38,355 shares of the company's 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 sale, the director now directly owns 254,824 shares of the company's stock, valued at approximately $7,489,277.36. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 2.00% of the company's stock.

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.