59,680 Shares in Iridium Communications Inc. (NASDAQ:IRDM) Bought by NFJ Investment Group LLC

NFJ Investment Group LLC purchased a new position in shares of Iridium Communications Inc. (NASDAQ:IRDM - Free Report) during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 59,680 shares of the technology company's stock, valued at approximately $1,817,000. NFJ Investment Group LLC owned about 0.05% of Iridium Communications as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also bought and sold shares of the company. Allspring Global Investments Holdings LLC lifted its holdings 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 acquiring an additional 999 shares during the last quarter. Mather Group LLC. bought a new stake in shares of Iridium Communications in the 2nd quarter worth approximately $32,000. Blue Trust Inc. boosted its holdings 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 during the period. International Assets Investment Management LLC acquired a new position in shares of Iridium Communications during the second quarter valued at $45,000. Finally, Fifth Third Bancorp grew its position in shares of Iridium Communications by 322.1% during 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. 84.36% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, insider Suzanne E. Mcbride sold 4,420 shares of the stock in a transaction dated Monday, November 4th. The stock was sold at an average price of $29.48, for a total value of $130,301.60. Following the completion of the sale, the insider now directly owns 182,797 shares of the company's stock, valued at approximately $5,388,855.56. This represents a 2.36 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Robert H. Niehaus sold 38,355 shares of Iridium Communications 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 13.08 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 2.00% of the company's stock.

Iridium Communications Price Performance

Shares of IRDM traded down $0.43 during mid-day trading on Thursday, hitting $30.21. The company's stock had a trading volume of 627,404 shares, compared to its average volume of 1,082,269. The company has a debt-to-equity ratio of 2.68, a current ratio of 2.62 and a quick ratio of 2.01. The firm has a 50-day moving average price of $29.77 and a 200 day moving average price of $28.22. Iridium Communications Inc. has a fifty-two week low of $24.14 and a fifty-two week high of $41.66. The stock has a market capitalization of $3.44 billion, a price-to-earnings ratio of 32.60 and a beta of 0.65.

Iridium Communications (NASDAQ:IRDM - Get Free Report) last released its quarterly earnings results on Thursday, October 17th. The technology company reported $0.21 earnings per share for the quarter, beating analysts' consensus estimates of $0.20 by $0.01. The business had revenue of $212.77 million during the quarter, compared to analyst estimates of $205.68 million. Iridium Communications had a return on equity of 14.34% and a net margin of 14.09%. On average, research analysts predict that Iridium Communications Inc. will post 0.8 EPS for the current fiscal year.

Iridium Communications declared that its board has authorized a stock 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 buy up to 14.2% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company's board believes its shares are undervalued.

Wall Street Analysts Forecast Growth

Separately, BWS Financial reissued a "neutral" rating and set a $30.00 target price on shares of Iridium Communications in a research note on Monday, October 21st. 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. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $41.00.

Iridium Communications Company 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.