Private Advisor Group LLC Acquires 32,967 Shares of Iridium Communications Inc. (NASDAQ:IRDM)

Private Advisor Group LLC raised its position in shares of Iridium Communications Inc. (NASDAQ:IRDM - Free Report) by 186.6% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 50,633 shares of the technology company's stock after purchasing an additional 32,967 shares during the period. Private Advisor Group LLC's holdings in Iridium Communications were worth $1,542,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Capstone Investment Advisors LLC bought a new stake in shares of Iridium Communications during the 1st quarter valued at approximately $913,000. Mirae Asset Global Investments Co. Ltd. increased its holdings in shares of Iridium Communications by 427.6% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 72,626 shares of the technology company's stock worth $1,900,000 after buying an additional 58,860 shares in the last quarter. Russell Investments Group Ltd. lifted its stake in shares of Iridium Communications by 10.4% in the 1st quarter. Russell Investments Group Ltd. now owns 231,976 shares of the technology company's stock valued at $6,068,000 after acquiring an additional 21,769 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. boosted its holdings in shares of Iridium Communications by 19.9% during the 1st quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 2,089,600 shares of the technology company's stock valued at $54,664,000 after acquiring an additional 346,118 shares in the last quarter. Finally, Bayesian Capital Management LP bought a new stake in Iridium Communications during the 1st quarter worth $544,000. 84.36% of the stock is currently owned by institutional investors.

Insider Transactions at Iridium Communications

In related news, Director Robert H. Niehaus sold 38,355 shares of Iridium Communications 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 transaction, the director now owns 254,824 shares of the company's stock, valued at $7,489,277.36. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 2.00% of the company's stock.

Iridium Communications Trading Down 0.6 %

Shares of IRDM stock traded down $0.17 on Thursday, hitting $29.33. The company had a trading volume of 1,018,271 shares, compared to its average volume of 1,091,277. Iridium Communications Inc. has a twelve month low of $24.14 and a twelve month high of $41.66. The company has a debt-to-equity ratio of 2.68, a quick ratio of 2.01 and a current ratio of 2.62. The firm has a market cap of $3.56 billion, a P/E ratio of 139.67 and a beta of 0.65. The stock's 50-day moving average is $28.67 and its two-hundred day moving average is $28.21.

Iridium Communications announced that its Board of Directors has authorized a share buyback program on Thursday, September 19th that allows the company to repurchase $500.00 million in shares. This repurchase authorization allows the technology company to repurchase up to 14.2% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company's board believes its stock is undervalued.

Iridium Communications Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Friday, September 13th were issued a dividend of $0.14 per share. The ex-dividend date of this dividend was Friday, September 13th. This represents a $0.56 annualized dividend and a yield of 1.91%. Iridium Communications's payout ratio is 266.67%.

Analysts Set New Price Targets

Several equities analysts have commented on the company. BWS Financial reiterated a "neutral" rating and issued a $30.00 target price on shares of Iridium Communications in a research report on Monday, October 21st. Barclays lifted their target price on shares of Iridium Communications from $44.00 to $45.00 and gave the stock an "overweight" rating in a research report on Wednesday, July 24th. Two research analysts have rated the stock with a hold rating, one has given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average 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.