Iridium Communications Inc. (NASDAQ:IRDM) Stock Position Increased by Riverwater Partners LLC

Riverwater Partners LLC lifted its stake in Iridium Communications Inc. (NASDAQ:IRDM - Free Report) by 406.3% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 85,146 shares of the technology company's stock after buying an additional 68,329 shares during the period. Iridium Communications makes up 1.3% of Riverwater Partners LLC's portfolio, making the stock its 13th biggest position. Riverwater Partners LLC owned 0.07% of Iridium Communications worth $2,666,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also modified their holdings of the stock. Allspring Global Investments Holdings LLC boosted its holdings in Iridium Communications by 7,684.6% in the 2nd quarter. Allspring Global Investments Holdings LLC now owns 1,012 shares of the technology company's stock worth $27,000 after acquiring an additional 999 shares during the period. Acadian Asset Management LLC acquired a new position in Iridium Communications in the 1st quarter worth $29,000. Mather Group LLC. acquired a new position in Iridium Communications in the 2nd quarter worth $32,000. Blue Trust Inc. grew its stake in shares of Iridium Communications by 109.7% during 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 acquired a new stake in shares of Iridium Communications during the second quarter valued at about $45,000. Institutional investors and hedge funds own 84.36% of the company's stock.

Insider Buying and Selling at Iridium Communications

In other news, Director Robert H. Niehaus sold 38,355 shares of the firm'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 transaction, the director now directly owns 254,824 shares in the company, valued at approximately $7,489,277.36. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 2.00% of the stock is owned by insiders.

Iridium Communications Stock Down 2.8 %

NASDAQ:IRDM traded down $0.84 during mid-day trading on Thursday, reaching $28.94. The stock had a trading volume of 989,251 shares, compared to its average volume of 1,091,363. The company has a debt-to-equity ratio of 2.08, a current ratio of 2.25 and a quick ratio of 1.52. The company has a market capitalization of $3.51 billion, a price-to-earnings ratio of 137.81 and a beta of 0.65. Iridium Communications Inc. has a 1-year low of $24.14 and a 1-year high of $41.66. The stock's 50 day simple moving average is $28.48 and its two-hundred day simple moving average is $28.08.

Iridium Communications (NASDAQ:IRDM - Get Free Report) last released its earnings results on Tuesday, July 23rd. The technology company reported $0.27 EPS 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 company had revenue of $201.07 million for the quarter, compared to the consensus estimate of $204.01 million. During the same quarter last year, the business posted ($0.24) EPS. Iridium Communications's quarterly revenue was up 4.1% compared to the same quarter last year. Equities analysts anticipate that Iridium Communications Inc. will post 0.81 EPS for the current year.

Iridium Communications declared that its Board of Directors has initiated a share buyback 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 a sign that the company's leadership believes its stock is undervalued.

Iridium Communications Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Friday, September 13th were issued a $0.14 dividend. This represents a $0.56 dividend on an annualized basis and a yield of 1.94%. The ex-dividend date of this dividend was Friday, September 13th. Iridium Communications's dividend payout ratio is presently 266.67%.

Analysts Set New Price Targets

IRDM has been the subject of a number of analyst reports. BWS Financial reissued a "neutral" rating and issued a $30.00 price target on shares of Iridium Communications in a report on Monday. Barclays upped their target price on Iridium Communications from $44.00 to $45.00 and gave the company an "overweight" rating in a research report on Wednesday, July 24th. Two research analysts have rated the stock with a hold rating, one has issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $41.00.

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.