UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC Buys 51,121 Shares of Iridium Communications Inc. (NASDAQ:IRDM)

UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in shares of Iridium Communications Inc. (NASDAQ:IRDM - Free Report) by 11.5% in the third quarter, according to the company in its most recent filing with the SEC. The firm owned 495,088 shares of the technology company's stock after acquiring an additional 51,121 shares during the quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC owned about 0.43% of Iridium Communications worth $15,075,000 as of its most recent SEC filing.

A number of other institutional investors have also recently modified their holdings of IRDM. Allspring Global Investments Holdings LLC lifted 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 acquiring an additional 999 shares during the period. Mather Group LLC. acquired a new position in shares of Iridium Communications during the 2nd quarter worth $32,000. Blue Trust Inc. raised 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 buying an additional 780 shares in the last quarter. International Assets Investment Management LLC acquired a new position in shares of Iridium Communications during the 2nd quarter worth $45,000. Finally, Fifth Third Bancorp raised its holdings 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 buying an additional 1,324 shares in the last quarter. 84.36% of the stock is currently owned by institutional investors.

Insider Activity at Iridium Communications

In other news, insider Suzanne E. Mcbride sold 4,420 shares of the stock in a transaction that occurred on Monday, November 4th. The stock was 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. This represents a 2.36 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Robert H. Niehaus sold 38,355 shares of the 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 directly owns 254,824 shares of the company's stock, valued at $7,489,277.36. The trade was a 13.08 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 2.00% of the stock is owned by corporate insiders.

Iridium Communications Price Performance

IRDM traded up $0.79 on Friday, reaching $31.00. The stock had a trading volume of 1,048,687 shares, compared to its average volume of 1,016,670. 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 50-day moving average of $29.77 and a 200-day moving average of $28.23. 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 company has a market capitalization of $3.53 billion, a price-to-earnings ratio of 32.98 and a beta of 0.65.

Iridium Communications (NASDAQ:IRDM - Get Free Report) last issued its 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. Iridium Communications had a return on equity of 14.34% and a net margin of 14.09%. The business had revenue of $212.77 million during the quarter, compared to analysts' expectations of $205.68 million. As a group, sell-side analysts anticipate that Iridium Communications Inc. will post 0.8 EPS for the current year.

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

Wall Street Analyst Weigh In

Separately, BWS Financial reissued a "neutral" rating and set a $30.00 price target on shares of Iridium Communications in a report on Monday, October 21st. Two investment analysts have rated the stock with a hold rating, one has assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Iridium Communications currently has a consensus rating of "Moderate Buy" and an average price target of $41.00.

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.