Thrivent Financial for Lutherans Has $3.97 Million Stock Holdings in Iridium Communications Inc. (NASDAQ:IRDM)

Thrivent Financial for Lutherans lifted its position in shares of Iridium Communications Inc. (NASDAQ:IRDM - Free Report) by 19.8% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 130,370 shares of the technology company's stock after purchasing an additional 21,522 shares during the period. Thrivent Financial for Lutherans owned 0.11% of Iridium Communications worth $3,970,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of IRDM. State of Alaska Department of Revenue boosted its position in 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 worth $418,000 after purchasing an additional 375 shares during the period. Daiwa Securities Group Inc. boosted its holdings in shares of Iridium Communications by 4.2% during the 2nd quarter. Daiwa Securities Group Inc. now owns 11,389 shares of the technology company's stock worth $303,000 after buying an additional 462 shares during the period. GAMMA Investing LLC grew its stake in Iridium Communications by 25.2% in the 3rd quarter. GAMMA Investing LLC now owns 2,399 shares of the technology company's stock valued at $73,000 after buying an additional 483 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. raised 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 acquiring 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 acquiring an additional 700 shares during the last quarter. 84.36% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Separately, BWS Financial reiterated a "neutral" rating and set a $30.00 target price on shares of Iridium Communications in a research note on Monday, October 21st. Two analysts have rated the stock with a hold rating, one has issued a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat.com, Iridium Communications has a consensus rating of "Moderate Buy" and a consensus target price of $41.00.

Iridium Communications Stock Performance

Iridium Communications stock traded up $0.59 during midday trading on Monday, hitting $29.99. The company's stock had a trading volume of 2,014,050 shares, compared to its average volume of 1,088,260. The company has a 50-day moving average price of $29.62 and a two-hundred day moving average price of $28.23. Iridium Communications Inc. has a 1-year low of $24.14 and a 1-year high of $41.66. The company has a market cap of $3.41 billion, a price-to-earnings ratio of 31.90 and a beta of 0.65. The company has a debt-to-equity ratio of 2.68, a current ratio of 2.62 and a quick ratio of 2.01.

Iridium Communications (NASDAQ:IRDM - Get Free Report) last issued its quarterly earnings results 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 business had revenue of $212.77 million for the quarter, compared to the consensus estimate of $205.68 million. Iridium Communications had a return on equity of 14.34% and a net margin of 14.09%. As a group, sell-side analysts predict that Iridium Communications Inc. will post 0.8 earnings per share for the current year.

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

Insider Buying and Selling

In related news, 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 completion of the sale, the insider now directly owns 182,797 shares in the company, valued at $5,388,855.56. This represents a 2.36 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Robert H. Niehaus sold 38,355 shares of Iridium Communications stock in a transaction dated 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 transaction, the director now owns 254,824 shares in the company, valued at approximately $7,489,277.36. This represents a 13.08 % decrease in their position. The disclosure for this sale can be found here. 2.00% of the stock is owned by company insiders.

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.