International Assets Investment Management LLC raised its stake in shares of Iridium Communications Inc. (NASDAQ:IRDM - Free Report) by 2,945.0% in the third quarter, according to its most recent 13F filing with the SEC. The fund owned 51,765 shares of the technology company's stock after buying an additional 50,065 shares during the period. International Assets Investment Management LLC's holdings in Iridium Communications were worth $1,700,000 at the end of the most recent quarter.
Other institutional investors have also modified their holdings of the company. Allspring Global Investments Holdings LLC raised its position in Iridium Communications by 7,684.6% during the second 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 purchased a new position in Iridium Communications in the 1st quarter valued at about $29,000. Mather Group LLC. acquired a new stake in Iridium Communications in the 2nd quarter worth about $32,000. Blue Trust Inc. increased its stake in 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 buying an additional 780 shares in the last quarter. Finally, Fifth Third Bancorp boosted its stake in shares of Iridium Communications by 322.1% in the second quarter. Fifth Third Bancorp now owns 1,735 shares of the technology company's stock worth $46,000 after acquiring an additional 1,324 shares during the last quarter. Hedge funds and other institutional investors own 84.36% of the company's stock.
Iridium Communications Trading Up 0.9 %
IRDM stock traded up $0.26 during trading on Monday, reaching $29.57. 677,876 shares of the stock were exchanged, compared to its average volume of 1,087,768. 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 firm has a market capitalization of $3.37 billion, a price-to-earnings ratio of 31.68 and a beta of 0.65. The business has a 50 day moving average price of $28.79 and a 200-day moving average price of $28.30. Iridium Communications Inc. has a 1 year low of $24.14 and a 1 year high of $41.66.
Iridium Communications Dividend Announcement
The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Investors 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 1.89%. The ex-dividend date of this dividend was Friday, September 13th. Iridium Communications's dividend payout ratio is presently 59.58%.
Iridium Communications declared that its board has approved a share buyback plan 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 plans are typically a sign that the company's board of directors believes its stock is undervalued.
Analysts Set New Price Targets
Several equities analysts have recently weighed in on IRDM shares. Barclays raised their price target on shares of 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 reissued a "neutral" rating and issued a $30.00 target price on shares of Iridium Communications in a research note on Monday, October 21st. Two investment 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.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $41.00.
Check Out Our Latest Stock Report on Iridium Communications
Insider Buying and Selling
In other news, Director Robert H. Niehaus sold 38,355 shares of the company's stock in a transaction 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 transaction, the director now owns 254,824 shares of the company's stock, 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 SEC, which is available at this hyperlink. 2.00% of the stock is currently owned by company insiders.
Iridium Communications Profile
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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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