Principal Financial Group Inc. Reduces Stake in Iridium Communications Inc. (NASDAQ:IRDM)

Principal Financial Group Inc. cut its position in Iridium Communications Inc. (NASDAQ:IRDM - Free Report) by 32.2% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 274,365 shares of the technology company's stock after selling 130,022 shares during the quarter. Principal Financial Group Inc. owned about 0.23% of Iridium Communications worth $8,354,000 as of its most recent SEC filing.

Other large investors have also recently added to or reduced their stakes in the company. 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. Acadian Asset Management LLC acquired a new stake in Iridium Communications during the 1st quarter worth approximately $29,000. Mather Group LLC. bought a new stake in Iridium Communications in the 2nd quarter valued at $32,000. Blue Trust Inc. grew its holdings in Iridium Communications by 109.7% in the 2nd quarter. Blue Trust Inc. now owns 1,491 shares of the technology company's stock valued at $39,000 after buying an additional 780 shares in the last quarter. Finally, International Assets Investment Management LLC bought a new position in Iridium Communications during the 2nd quarter worth $45,000. Institutional investors and hedge funds own 84.36% of the company's stock.

Iridium Communications Stock Down 3.2 %

Iridium Communications stock traded down $0.92 during mid-day trading on Tuesday, reaching $27.67. The stock had a trading volume of 429,199 shares, compared to its average volume of 1,083,860. The firm has a market capitalization of $3.15 billion, a PE ratio of 29.67 and a beta of 0.65. Iridium Communications Inc. has a fifty-two week low of $24.14 and a fifty-two week high of $41.66. The stock's 50-day simple moving average is $29.45 and its 200-day simple moving average is $28.29. 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 (NASDAQ:IRDM - Get Free Report) last posted its earnings results on Thursday, October 17th. The technology company reported $0.21 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.20 by $0.01. The firm had revenue of $212.77 million during the quarter, compared to analyst estimates of $205.68 million. Iridium Communications had a net margin of 14.09% and a return on equity of 14.34%. On average, sell-side analysts forecast that Iridium Communications Inc. will post 0.8 EPS for the current fiscal year.

Iridium Communications declared that its Board of Directors has initiated a stock repurchase program on Thursday, September 19th that permits the company to repurchase $500.00 million in outstanding shares. This repurchase authorization permits the technology company to reacquire up to 14.2% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company's board believes its shares are undervalued.

Insider Transactions at Iridium Communications

In other Iridium Communications news, insider Suzanne E. Mcbride sold 4,420 shares of the firm's stock in a transaction on Monday, November 4th. The shares were sold at an average price of $29.48, for a total value of $130,301.60. Following the completion of the transaction, the insider now directly owns 182,797 shares of the company's stock, valued at $5,388,855.56. This trade represents a 2.36 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, 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 transaction of $1,127,253.45. Following the completion of the transaction, the director now directly owns 254,824 shares in the company, valued at approximately $7,489,277.36. The trade was 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.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on the stock. BWS Financial reaffirmed a "neutral" rating and set a $30.00 target price on shares of Iridium Communications in a report on Monday, October 21st. Barclays upped their target price on Iridium Communications from $44.00 to $45.00 and gave the company an "overweight" rating in a research report on Wednesday, July 24th. Two research analysts have rated the stock with a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target 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.