Point72 Asset Management L.P. Takes $2.18 Million Position in Iridium Communications Inc. (NASDAQ:IRDM)

Point72 Asset Management L.P. purchased a new position in shares of Iridium Communications Inc. (NASDAQ:IRDM - Free Report) in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm purchased 71,553 shares of the technology company's stock, valued at approximately $2,179,000. Point72 Asset Management L.P. owned 0.06% of Iridium Communications as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also recently bought and sold shares of the business. Allspring Global Investments Holdings LLC boosted its holdings in shares of Iridium Communications by 7,684.6% during the 2nd quarter. Allspring Global Investments Holdings LLC now owns 1,012 shares of the technology company's stock worth $27,000 after buying an additional 999 shares during the period. Blue Trust Inc. grew its position in shares of Iridium Communications by 109.7% in the second quarter. Blue Trust Inc. now owns 1,491 shares of the technology company's stock valued at $39,000 after purchasing an additional 780 shares during the last quarter. International Assets Investment Management LLC bought a new position in shares of Iridium Communications during the second quarter worth approximately $45,000. Fifth Third Bancorp lifted its holdings in Iridium Communications by 322.1% during the 2nd quarter. Fifth Third Bancorp now owns 1,735 shares of the technology company's stock worth $46,000 after purchasing an additional 1,324 shares during the last quarter. Finally, Signaturefd LLC boosted its stake in Iridium Communications by 83.7% in the 2nd quarter. Signaturefd LLC now owns 1,822 shares of the technology company's stock valued at $49,000 after purchasing an additional 830 shares during the period. Institutional investors and hedge funds own 84.36% of the company's stock.

Insider Buying and Selling at Iridium Communications

In other Iridium Communications news, Director Robert H. Niehaus sold 38,355 shares of the firm's stock in a transaction that occurred 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 sale, the director now owns 254,824 shares in the company, valued at $7,489,277.36. This trade represents a 13.08 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, insider Suzanne E. Mcbride sold 4,420 shares of the company's stock in a transaction on Monday, November 4th. The stock was sold at an average price of $29.48, for a total transaction of $130,301.60. Following the transaction, the insider now owns 182,797 shares of the company's stock, valued at $5,388,855.56. This trade represents a 2.36 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 2.00% of the company's stock.

Iridium Communications Price Performance

NASDAQ IRDM traded down $0.23 during midday trading on Tuesday, hitting $31.32. The company had a trading volume of 363,494 shares, compared to its average volume of 1,078,410. The company has a market capitalization of $3.57 billion, a PE ratio of 33.56 and a beta of 0.65. Iridium Communications Inc. has a twelve month low of $24.14 and a twelve month high of $41.66. 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 50-day moving average price of $29.80 and a 200-day moving average price of $28.21.

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 for the quarter, topping the consensus estimate of $0.20 by $0.01. The business had revenue of $212.77 million during the quarter, compared to analysts' expectations of $205.68 million. Iridium Communications had a net margin of 14.09% and a return on equity of 14.34%. As a group, analysts anticipate 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 stock buyback program on Thursday, September 19th that permits the company to buyback $500.00 million in outstanding shares. This buyback authorization permits the technology company to repurchase up to 14.2% of its stock through open market purchases. Stock buyback programs are usually an indication that the company's management believes its stock is undervalued.

Iridium Communications Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Monday, December 16th will be paid a dividend of $0.14 per share. This represents a $0.56 annualized dividend and a yield of 1.79%. The ex-dividend date of this dividend is Monday, December 16th. Iridium Communications's payout ratio is presently 59.58%.

Wall Street Analysts Forecast Growth

Separately, BWS Financial reiterated a "neutral" rating and set 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 assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus 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.