Sumitomo Mitsui Trust Group Inc. Has $76.39 Million Stock Holdings in Iridium Communications Inc. (NASDAQ:IRDM)

Sumitomo Mitsui Trust Group Inc. raised its stake in Iridium Communications Inc. (NASDAQ:IRDM - Free Report) by 1.3% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 2,508,546 shares of the technology company's stock after purchasing an additional 33,074 shares during the quarter. Sumitomo Mitsui Trust Group Inc. owned 2.20% of Iridium Communications worth $76,385,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of IRDM. State of Alaska Department of Revenue raised its holdings in shares of Iridium Communications by 2.8% in the third quarter. State of Alaska Department of Revenue now owns 13,750 shares of the technology company's stock worth $418,000 after acquiring an additional 375 shares during the last quarter. Daiwa Securities Group Inc. boosted its position 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 worth $303,000 after acquiring an additional 462 shares during the last quarter. GAMMA Investing LLC lifted its stake in shares of 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 purchasing an additional 483 shares during the period. Point72 Asia Singapore Pte. Ltd. grew its position in shares of Iridium Communications by 6.2% in the second 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, Mcdonald Partners LLC lifted its position in Iridium Communications by 4.1% during the second quarter. Mcdonald Partners LLC now owns 17,925 shares of the technology company's stock worth $477,000 after buying an additional 700 shares during the period. 84.36% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

IRDM has been the topic of a number of research analyst reports. BWS Financial reiterated a "neutral" rating and issued a $30.00 price target on shares of Iridium Communications in a report on Monday, October 21st. Barclays boosted their price target 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 investment 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 stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $41.00.

Insider Activity at Iridium Communications

In related news, Director Robert H. Niehaus sold 38,355 shares of the stock in a transaction that occurred 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 sale, the director now owns 254,824 shares in the company, valued at $7,489,277.36. This represents a 13.08 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Suzanne E. Mcbride sold 4,420 shares of the company's stock in a transaction on Monday, November 4th. The shares were 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 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. 2.00% of the stock is currently owned by company insiders.

Iridium Communications Stock Performance

NASDAQ IRDM traded down $1.34 during trading hours on Friday, hitting $28.31. The company had a trading volume of 1,018,554 shares, compared to its average volume of 1,085,972. Iridium Communications Inc. has a fifty-two week low of $24.14 and a fifty-two week high of $41.66. The firm has a market cap of $3.22 billion, a P/E ratio of 30.12 and a beta of 0.65. 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 business has a fifty day simple moving average of $29.41 and a 200-day simple moving average of $28.34.

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

Iridium Communications Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Friday, September 13th were issued a dividend of $0.14 per share. The ex-dividend date of this dividend was Friday, September 13th. This represents a $0.56 annualized dividend and a dividend yield of 1.98%. Iridium Communications's dividend payout ratio is 59.58%.

Iridium Communications announced that its Board of Directors has authorized a stock buyback program on Thursday, September 19th that permits the company to buyback $500.00 million in shares. This buyback authorization permits the technology company to repurchase up to 14.2% of its shares through open market purchases. Shares buyback programs are often a sign that the company's management believes its stock is undervalued.

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.