State Street Corp Raises Stock Holdings in Iridium Communications Inc. (NASDAQ:IRDM)

State Street Corp lifted its stake in shares of Iridium Communications Inc. (NASDAQ:IRDM - Free Report) by 0.9% during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 4,269,883 shares of the technology company's stock after acquiring an additional 36,851 shares during the period. State Street Corp owned 3.75% of Iridium Communications worth $130,018,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Allspring Global Investments Holdings LLC raised its position 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 valued at $27,000 after buying an additional 999 shares during the period. Blue Trust Inc. grew its holdings in shares of 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 purchasing an additional 780 shares during the period. International Assets Investment Management LLC acquired a new stake in shares of Iridium Communications during the 2nd quarter worth about $45,000. Fifth Third Bancorp increased its position in shares of 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 raised its holdings 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 buying an additional 830 shares during the period. Institutional investors and hedge funds own 84.36% of the company's stock.

Insider Activity

In other Iridium Communications news, Director Robert H. Niehaus sold 38,355 shares of the firm's stock in a transaction dated 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 transaction, the director now owns 254,824 shares of the company's stock, valued at approximately $7,489,277.36. This trade represents a 13.08 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Suzanne E. Mcbride sold 4,420 shares of the business's stock in a transaction dated 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 sale, the insider now directly owns 182,797 shares of the company's stock, valued at $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. Company insiders own 2.00% of the company's stock.

Iridium Communications Trading Down 0.7 %

NASDAQ IRDM traded down $0.22 during trading on Friday, hitting $30.21. The stock had a trading volume of 883,622 shares, compared to its average volume of 1,079,256. The company has a quick ratio of 2.01, a current ratio of 2.62 and a debt-to-equity ratio of 2.68. The company has a market capitalization of $3.44 billion, a PE ratio of 32.14 and a beta of 0.65. The firm has a 50 day moving average price of $29.75 and a 200 day moving average price of $28.23. Iridium Communications Inc. has a twelve month low of $24.14 and a twelve month high of $41.66.

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

Iridium Communications announced that its board has approved a stock repurchase plan on Thursday, September 19th that allows the company to repurchase $500.00 million in shares. This repurchase authorization allows the technology company to reacquire up to 14.2% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company's board of directors believes its shares are undervalued.

Iridium Communications Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Monday, December 16th will be given a $0.14 dividend. This represents a $0.56 dividend on an annualized basis and a yield of 1.85%. The ex-dividend date is Monday, December 16th. Iridium Communications's dividend payout ratio is currently 59.58%.

Wall Street Analyst Weigh In

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