Nordea Investment Management AB Grows Stock Holdings in Iridium Communications Inc. (NASDAQ:IRDM)

Nordea Investment Management AB lifted its holdings in shares of Iridium Communications Inc. (NASDAQ:IRDM - Free Report) by 30.2% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 248,602 shares of the technology company's stock after buying an additional 57,690 shares during the quarter. Nordea Investment Management AB owned about 0.22% of Iridium Communications worth $7,264,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently bought and sold shares of the business. State of Alaska Department of Revenue increased its position in shares of Iridium Communications by 2.8% during the third quarter. State of Alaska Department of Revenue now owns 13,750 shares of the technology company's stock valued at $418,000 after buying an additional 375 shares during the period. Daiwa Securities Group Inc. grew its stake in Iridium Communications by 4.2% during the second quarter. Daiwa Securities Group Inc. now owns 11,389 shares of the technology company's stock valued at $303,000 after acquiring an additional 462 shares in the last quarter. GAMMA Investing LLC increased its holdings in Iridium Communications by 25.2% during the 3rd quarter. GAMMA Investing LLC now owns 2,399 shares of the technology company's stock worth $73,000 after acquiring an additional 483 shares during the period. Point72 Asia Singapore Pte. Ltd. boosted its holdings in Iridium Communications by 6.2% in the 2nd quarter. Point72 Asia Singapore Pte. Ltd. now owns 11,480 shares of the technology company's stock valued at $306,000 after purchasing an additional 671 shares during the period. Finally, KBC Group NV boosted its holdings in Iridium Communications by 25.9% in the 3rd quarter. KBC Group NV now owns 3,796 shares of the technology company's stock valued at $116,000 after purchasing an additional 781 shares during the period. 84.36% of the stock is owned by institutional investors.

Iridium Communications Price Performance

Iridium Communications stock traded down $0.74 during mid-day trading on Friday, hitting $28.31. 610,500 shares of the company traded hands, compared to its average volume of 632,683. The company has a debt-to-equity ratio of 2.68, a quick ratio of 2.01 and a current ratio of 2.62. Iridium Communications Inc. has a one year low of $24.14 and a one year high of $39.42. The stock has a market cap of $3.22 billion, a price-to-earnings ratio of 30.12 and a beta of 0.65. The stock has a fifty day moving average price of $29.53 and a 200-day moving average price of $28.44.

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

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

Iridium Communications Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, December 31st. Stockholders of record on Monday, December 16th were given a dividend of $0.14 per share. The ex-dividend date of this dividend was Monday, December 16th. This represents a $0.56 annualized dividend and a dividend yield of 1.98%. Iridium Communications's dividend payout ratio (DPR) is presently 59.57%.

Insider Activity at Iridium Communications

In other Iridium Communications news, Director Robert H. Niehaus sold 38,355 shares of the business's stock in a transaction on 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 completion of the sale, the director now directly owns 254,824 shares of the company's stock, valued at $7,489,277.36. The trade was a 13.08 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Suzanne E. Mcbride sold 4,420 shares of the company's stock in a transaction dated Monday, November 4th. The shares were sold at an average price of $29.48, for a total transaction of $130,301.60. Following the sale, the insider now owns 182,797 shares of the company's stock, valued at approximately $5,388,855.56. The trade was a 2.36 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 42,832 shares of company stock valued at $1,259,221. Corporate insiders own 2.00% of the company's stock.

Analyst Upgrades and Downgrades

Separately, BWS Financial reiterated a "neutral" rating and issued a $30.00 price objective on shares of Iridium Communications in a research report on Monday, October 21st. Two research analysts have rated the stock with a hold rating, one has given a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, Iridium Communications currently has an average rating of "Moderate Buy" and a consensus 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.