Versor Investments LP Makes New Investment in Iridium Communications Inc. (NASDAQ:IRDM)

Versor Investments LP purchased a new stake in shares of Iridium Communications Inc. (NASDAQ:IRDM - Free Report) in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 49,802 shares of the technology company's stock, valued at approximately $1,516,000.

A number of other institutional investors also recently modified their holdings of the company. Vanguard Group Inc. boosted its holdings in shares of Iridium Communications by 2.9% during the first quarter. Vanguard Group Inc. now owns 12,090,326 shares of the technology company's stock worth $316,283,000 after purchasing an additional 336,989 shares during the period. Van Berkom & Associates Inc. boosted its holdings in shares of Iridium Communications by 4.6% during the second quarter. Van Berkom & Associates Inc. now owns 3,480,051 shares of the technology company's stock worth $92,639,000 after purchasing an additional 152,232 shares during the period. Sumitomo Mitsui Trust Holdings Inc. boosted its holdings in shares of Iridium Communications by 18.5% during the second quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 2,475,472 shares of the technology company's stock worth $65,897,000 after purchasing an additional 385,872 shares during the period. Victory Capital Management Inc. lifted its holdings in Iridium Communications by 6,491.3% in the second quarter. Victory Capital Management Inc. now owns 1,598,532 shares of the technology company's stock worth $42,553,000 after buying an additional 1,574,280 shares during the period. Finally, Jacobs Levy Equity Management Inc. lifted its holdings in Iridium Communications by 13.5% in the first quarter. Jacobs Levy Equity Management Inc. now owns 1,213,709 shares of the technology company's stock worth $31,751,000 after buying an additional 144,710 shares during the period. 84.36% of the stock is currently owned by hedge funds and other institutional investors.

Iridium Communications Stock Up 2.8 %

Shares of NASDAQ IRDM traded up $0.84 on Monday, reaching $30.37. 719,055 shares of the company's stock traded hands, compared to its average volume of 1,081,502. Iridium Communications Inc. has a 12 month low of $24.14 and a 12 month high of $41.66. The business's 50 day simple moving average is $29.26 and its two-hundred day simple moving average is $28.36. The company has a market cap of $3.46 billion, a price-to-earnings ratio of 32.31 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.

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

Iridium Communications announced that its board has approved a share repurchase program on Thursday, September 19th that authorizes the company to repurchase $500.00 million in shares. This repurchase authorization authorizes the technology company to buy up to 14.2% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company's management believes its stock is undervalued.

Iridium Communications Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Friday, September 13th were paid a dividend of $0.14 per share. This represents a $0.56 dividend on an annualized basis and a dividend yield of 1.84%. The ex-dividend date was Friday, September 13th. Iridium Communications's dividend payout ratio is 59.58%.

Insider Buying and Selling at Iridium Communications

In related news, Director Robert H. Niehaus sold 38,355 shares of the firm's stock in a transaction that occurred on Wednesday, October 23rd. The shares were 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 of the company's stock, valued at $7,489,277.36. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, Director Robert H. Niehaus sold 38,355 shares of the firm's stock in a transaction that occurred on Wednesday, October 23rd. The shares were 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 of the company's stock, valued at $7,489,277.36. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Suzanne E. Mcbride sold 4,420 shares of the firm's stock in a transaction that occurred 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 sale, the insider now directly owns 182,797 shares of the company's stock, valued at $5,388,855.56. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders own 2.00% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages have commented on IRDM. 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. Barclays raised their price objective on shares of Iridium Communications from $44.00 to $45.00 and gave the stock an "overweight" rating in a report on Wednesday, July 24th. Two investment analysts have rated the stock with a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat, Iridium Communications presently has a consensus rating of "Moderate Buy" and a consensus 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.