Iridium Communications Inc. (NASDAQ:IRDM) Stock Holdings Trimmed by Jacobs Levy Equity Management Inc.

Jacobs Levy Equity Management Inc. trimmed its position in Iridium Communications Inc. (NASDAQ:IRDM - Free Report) by 25.6% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 798,675 shares of the technology company's stock after selling 274,574 shares during the quarter. Jacobs Levy Equity Management Inc. owned 0.70% of Iridium Communications worth $24,320,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of the company. Allspring Global Investments Holdings LLC raised its holdings in shares of Iridium Communications by 7,684.6% during the 2nd quarter. Allspring Global Investments Holdings LLC now owns 1,012 shares of the technology company's stock valued at $27,000 after buying an additional 999 shares during the period. Mather Group LLC. purchased a new stake in shares of Iridium Communications during the 2nd quarter valued at about $32,000. Blue Trust Inc. raised its holdings in shares of 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 buying an additional 780 shares during the period. International Assets Investment Management LLC purchased a new stake in shares of Iridium Communications during the 2nd quarter valued at about $45,000. Finally, Fifth Third Bancorp raised its holdings in shares of Iridium Communications by 322.1% during the 2nd quarter. Fifth Third Bancorp now owns 1,735 shares of the technology company's stock valued at $46,000 after buying an additional 1,324 shares during the period. 84.36% of the stock is currently owned by hedge funds and other institutional investors.

Iridium Communications Stock Up 2.3 %

NASDAQ IRDM traded up $0.69 during mid-day trading on Wednesday, reaching $30.61. 204,933 shares of the company's stock traded hands, compared to its average volume of 1,082,350. Iridium Communications Inc. has a 1-year low of $24.14 and a 1-year high of $41.66. The company has a fifty day simple moving average of $29.75 and a 200-day simple moving average of $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 company has a market cap of $3.48 billion, a price-to-earnings ratio of 31.83 and a beta of 0.65.

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

Iridium Communications announced that its Board of Directors has initiated a stock repurchase program on Thursday, September 19th that authorizes the company to repurchase $500.00 million in outstanding shares. This repurchase authorization authorizes the technology company to reacquire up to 14.2% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company's management believes its stock is undervalued.

Wall Street Analysts Forecast Growth

Separately, BWS Financial reiterated a "neutral" rating and set a $30.00 target price on shares of Iridium Communications in a report on Monday, October 21st. Two research 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 stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $41.00.

Insider Transactions at Iridium Communications

In related news, 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 value of $130,301.60. Following the sale, the insider now owns 182,797 shares of the company's stock, valued at approximately $5,388,855.56. This trade represents a 2.36 % decrease in their position. The sale 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 the firm's stock in a transaction that occurred 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 in the company, valued at approximately $7,489,277.36. This trade represents a 13.08 % decrease in their position. The disclosure for this sale can be found here. Insiders own 2.00% of the company's stock.

About Iridium Communications

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.