Iridium Communications Inc. (NASDAQ:IRDM) Shares Sold by Pacer Advisors Inc.

Pacer Advisors Inc. reduced its stake in shares of Iridium Communications Inc. (NASDAQ:IRDM) by 7.4% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 711,756 shares of the technology company’s stock after selling 56,591 shares during the quarter. Pacer Advisors Inc.’s holdings in Iridium Communications were worth $21,673,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in IRDM. Allspring Global Investments Holdings LLC grew its position in Iridium Communications by 7,684.6% during the second quarter. Allspring Global Investments Holdings LLC now owns 1,012 shares of the technology company’s stock worth $27,000 after buying an additional 999 shares during the period. Acadian Asset Management LLC acquired a new position in Iridium Communications during the first quarter worth about $29,000. Mather Group LLC. acquired a new stake in shares of Iridium Communications in the second quarter valued at approximately $32,000. Blue Trust Inc. grew its position in shares of Iridium Communications by 109.7% in the second quarter. Blue Trust Inc. now owns 1,491 shares of the technology company’s stock valued at $39,000 after purchasing an additional 780 shares during the last quarter. Finally, International Assets Investment Management LLC acquired a new stake in shares of Iridium Communications in the second quarter valued at approximately $45,000. 84.36% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

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

Insider Activity at Iridium Communications

In other news, insider Suzanne E. Mcbride sold 4,420 shares of the stock in a transaction on 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 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Robert H. Niehaus sold 38,355 shares of the stock in a transaction 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 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 position. The disclosure for this sale can be found here. Insiders own 2.00% of the company’s stock.

Iridium Communications Stock Performance

Shares of IRDM opened at $29.40 on Friday. The company has a debt-to-equity ratio of 2.68, a quick ratio of 2.01 and a current ratio of 2.62. The company has a market capitalization of $3.35 billion, a price-to-earnings ratio of 31.28 and a beta of 0.65. The company’s 50 day simple moving average is $29.53 and its 200 day simple moving average is $28.26. Iridium Communications Inc. has a 1 year low of $24.14 and a 1 year high of $41.66.

Iridium Communications (NASDAQ:IRDM) last announced its quarterly earnings data on Thursday, October 17th. The technology company reported $0.21 earnings per share (EPS) for the quarter, beating the consensus estimate 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 net margin of 14.09% and a return on equity of 14.34%. On average, sell-side analysts predict that Iridium Communications Inc. will post 0.8 EPS for the current year.

Iridium Communications announced that its board has authorized a share buyback plan 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 plans are generally an indication that the company’s management believes its shares are undervalued.

About Iridium Communications

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.