Raymond James & Associates increased its stake in shares of Iridium Communications Inc. (NASDAQ:IRDM - Free Report) by 22.6% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 326,625 shares of the technology company's stock after purchasing an additional 60,211 shares during the quarter. Raymond James & Associates owned 0.27% of Iridium Communications worth $9,946,000 at the end of the most recent quarter.
Other large investors also recently bought and sold shares of the company. Allspring Global Investments Holdings LLC raised its holdings in shares of 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 valued at $27,000 after purchasing an additional 999 shares in the last quarter. Acadian Asset Management LLC acquired a new stake in Iridium Communications in the first quarter valued at $29,000. Mather Group LLC. purchased a new stake in Iridium Communications during the 2nd quarter worth about $32,000. Blue Trust Inc. boosted its position 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 worth $39,000 after acquiring an additional 780 shares in the last quarter. Finally, International Assets Investment Management LLC purchased a new position in shares of Iridium Communications in the 2nd quarter valued at about $45,000. Hedge funds and other institutional investors own 84.36% of the company's stock.
Insider Transactions at Iridium Communications
In related news, Director Robert H. Niehaus sold 38,355 shares of the stock in a transaction on Wednesday, October 23rd. The shares were sold at an average price of $29.39, for a total transaction of $1,127,253.45. Following the completion of the sale, the director now owns 254,824 shares in the company, valued at $7,489,277.36. 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 at the SEC website. Insiders own 2.00% of the company's stock.
Wall Street Analyst Weigh In
IRDM has been the subject of several recent analyst reports. Barclays boosted their target price on Iridium Communications from $44.00 to $45.00 and gave the stock an "overweight" rating in a research note on Wednesday, July 24th. BWS Financial restated a "neutral" rating and set a $30.00 price objective on shares of Iridium Communications in a research report on Monday, October 21st. Two investment analysts have rated the stock with a hold rating, one has issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Iridium Communications presently has a consensus rating of "Moderate Buy" and a consensus target price of $41.00.
Read Our Latest Analysis on IRDM
Iridium Communications Stock Performance
Shares of NASDAQ IRDM traded down $0.14 during trading hours on Wednesday, reaching $29.50. The stock had a trading volume of 858,582 shares, compared to its average volume of 1,091,625. The firm has a 50-day moving average of $28.62 and a 200-day moving average of $28.20. The firm has a market cap of $3.58 billion, a price-to-earnings ratio of 140.43 and a beta of 0.65. The company has a current ratio of 2.62, a quick ratio of 2.01 and a debt-to-equity ratio of 2.68. Iridium Communications Inc. has a fifty-two week low of $24.14 and a fifty-two week high of $41.66.
Iridium Communications announced that its board has authorized a share repurchase program on Thursday, September 19th that authorizes the company to buyback $500.00 million in shares. This buyback authorization authorizes the technology company to purchase up to 14.2% of its shares through open market purchases. Shares buyback programs are generally a sign that the company's management believes its shares are undervalued.
Iridium Communications Announces Dividend
The company also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Friday, September 13th were issued a $0.14 dividend. This represents a $0.56 annualized dividend and a dividend yield of 1.90%. The ex-dividend date was Friday, September 13th. Iridium Communications's payout ratio is currently 266.67%.
About Iridium Communications
(
Free Report)
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.
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