Iridium Communications Inc. (NASDAQ:IRDM) Shares Acquired by Los Angeles Capital Management LLC

Los Angeles Capital Management LLC boosted its holdings in Iridium Communications Inc. (NASDAQ:IRDM) by 13.7% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 81,067 shares of the technology company’s stock after acquiring an additional 9,747 shares during the period. Los Angeles Capital Management LLC owned 0.07% of Iridium Communications worth $2,468,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also recently added to or reduced their stakes in the company. Allspring Global Investments Holdings LLC increased its stake 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 worth $27,000 after purchasing an additional 999 shares in the last quarter. Acadian Asset Management LLC acquired a new stake in Iridium Communications during the 1st quarter valued at $29,000. Mather Group LLC. purchased a new position in Iridium Communications during the second quarter worth $32,000. Blue Trust Inc. raised its holdings 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 worth $39,000 after acquiring an additional 780 shares during the last quarter. Finally, International Assets Investment Management LLC purchased a new stake in shares of Iridium Communications in the second quarter valued at $45,000. 84.36% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research firms recently commented on IRDM. BWS Financial reiterated a “neutral” rating and set a $30.00 price objective on shares of Iridium Communications in a research report on Monday, October 21st. Barclays lifted their price target 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 equities research 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 company. According to MarketBeat, Iridium Communications presently has a consensus rating of “Moderate Buy” and an average price target of $41.00.

Iridium Communications Stock Down 1.9 %

Shares of NASDAQ:IRDM opened at $29.78 on Wednesday. Iridium Communications Inc. has a 12-month low of $24.14 and a 12-month high of $41.66. The stock’s 50-day moving average price is $29.31 and its two-hundred day moving average price is $28.35. 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 firm has a market cap of $3.39 billion, a price-to-earnings ratio of 31.68 and a beta of 0.65.

Iridium Communications (NASDAQ:IRDM) last released its earnings results on Thursday, October 17th. The technology company reported $0.21 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.20 by $0.01. The business had revenue of $212.77 million for the quarter, compared to analysts’ expectations of $205.68 million. Iridium Communications had a net margin of 14.09% and a return on equity of 14.34%. On average, research analysts forecast that Iridium Communications Inc. will post 0.8 EPS for the current year.

Iridium Communications Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Friday, September 13th were given a $0.14 dividend. This represents a $0.56 annualized dividend and a dividend yield of 1.88%. The ex-dividend date was Friday, September 13th. Iridium Communications’s dividend payout ratio (DPR) is currently 59.58%.

Iridium Communications announced that its Board of Directors has approved a stock repurchase plan on Thursday, September 19th that authorizes the company to buyback $500.00 million in outstanding shares. This buyback authorization authorizes the technology company to purchase up to 14.2% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s board believes its stock is undervalued.

Insider Activity at Iridium Communications

In other Iridium Communications news, Director Robert H. Niehaus sold 38,355 shares of the company’s stock in a transaction dated 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 in the company, valued at $7,489,277.36. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In related news, 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 completion of the sale, the insider now directly owns 182,797 shares of the company’s stock, valued at approximately $5,388,855.56. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Robert H. Niehaus sold 38,355 shares of the firm’s 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 directly owns 254,824 shares in the company, valued at $7,489,277.36. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 2.00% of the stock is owned by insiders.

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.