Inspire Investing LLC Cuts Stock Holdings in Iridium Communications Inc. (NASDAQ:IRDM)

Inspire Investing LLC trimmed its holdings in shares of Iridium Communications Inc. (NASDAQ:IRDM - Free Report) by 67.2% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 15,146 shares of the technology company's stock after selling 31,062 shares during the quarter. Inspire Investing LLC's holdings in Iridium Communications were worth $461,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in IRDM. Allspring Global Investments Holdings LLC grew its stake in Iridium Communications by 7,684.6% in 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 bought a new position in shares of Iridium Communications during the 1st quarter worth $29,000. Mather Group LLC. purchased a new position in shares of Iridium Communications during the second quarter valued at $32,000. Blue Trust Inc. raised its holdings in shares of Iridium Communications by 109.7% in the second 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 in the second quarter worth about $45,000. 84.36% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of research firms have commented on IRDM. BWS Financial reissued a "neutral" rating and set a $30.00 target price on shares of Iridium Communications in a research report on Wednesday, July 24th. Barclays lifted their price objective on shares of Iridium Communications from $44.00 to $45.00 and gave the company an "overweight" rating in a report on Wednesday, July 24th. Two 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's stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $41.00.

Iridium Communications Stock Up 0.4 %

IRDM traded up $0.13 during trading on Wednesday, hitting $30.20. The stock had a trading volume of 2,136,955 shares, compared to its average volume of 1,068,924. The stock has a 50 day simple moving average of $28.07 and a two-hundred day simple moving average of $27.89. The company has a debt-to-equity ratio of 2.08, a quick ratio of 1.52 and a current ratio of 2.25. Iridium Communications Inc. has a twelve month low of $24.14 and a twelve month high of $44.63. The company has a market capitalization of $3.67 billion, a PE ratio of 143.81 and a beta of 0.65.

Iridium Communications (NASDAQ:IRDM - Get Free Report) last posted its quarterly earnings data on Tuesday, July 23rd. The technology company reported $0.27 earnings per share for the quarter, topping analysts' consensus estimates of $0.17 by $0.10. Iridium Communications had a return on equity of 10.23% and a net margin of 11.08%. The firm had revenue of $201.07 million during the quarter, compared to analysts' expectations of $204.01 million. During the same quarter last year, the firm earned ($0.24) EPS. The business's quarterly revenue was up 4.1% on a year-over-year basis. On average, research analysts predict that Iridium Communications Inc. will post 0.81 earnings per share for the current year.

Iridium Communications Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Friday, September 13th were issued a dividend of $0.14 per share. The ex-dividend date was Friday, September 13th. This represents a $0.56 annualized dividend and a dividend yield of 1.85%. Iridium Communications's dividend payout ratio (DPR) is currently 266.67%.

Iridium Communications declared that its Board of Directors has initiated a share buyback program on Thursday, September 19th that permits the company to repurchase $500.00 million in shares. This repurchase authorization permits the technology company to reacquire up to 14.2% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company's board of directors believes its stock is undervalued.

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.