Thrivent Financial for Lutherans Has $2.90 Million Holdings in Iridium Communications Inc. (NASDAQ:IRDM)

Thrivent Financial for Lutherans reduced its holdings in shares of Iridium Communications Inc. (NASDAQ:IRDM) by 4.5% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 108,848 shares of the technology company’s stock after selling 5,093 shares during the quarter. Thrivent Financial for Lutherans owned approximately 0.09% of Iridium Communications worth $2,898,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in IRDM. Allspring Global Investments Holdings LLC increased its holdings in shares of Iridium Communications by 7,684.6% in the second quarter. Allspring Global Investments Holdings LLC now owns 1,012 shares of the technology company’s stock valued at $27,000 after purchasing an additional 999 shares during the last quarter. Acadian Asset Management LLC acquired a new position in shares of Iridium Communications in the first quarter valued at approximately $29,000. Mather Group LLC. bought a new position in shares of Iridium Communications during the second quarter worth approximately $32,000. Blue Trust Inc. lifted its holdings in 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 purchasing an additional 780 shares during the last quarter. Finally, International Assets Investment Management LLC acquired a new stake in Iridium Communications during the 2nd quarter worth approximately $45,000. 84.36% of the stock is owned by institutional investors and hedge funds.

Iridium Communications Price Performance

Shares of NASDAQ:IRDM opened at $31.03 on Monday. The company has a current ratio of 2.25, a quick ratio of 1.52 and a debt-to-equity ratio of 2.08. The stock has a market capitalization of $3.77 billion, a PE ratio of 147.76 and a beta of 0.64. The firm has a 50 day moving average of $27.44 and a 200-day moving average of $27.54. Iridium Communications Inc. has a 12 month low of $24.14 and a 12 month high of $46.25.

Iridium Communications (NASDAQ:IRDM) last issued its earnings results on Tuesday, July 23rd. The technology company reported $0.27 earnings per share for the quarter, beating analysts’ consensus estimates of $0.17 by $0.10. Iridium Communications had a return on equity of 10.23% and a net margin of 11.08%. The firm had revenue of $201.07 million for the quarter, compared to the consensus estimate of $204.01 million. During the same quarter last year, the business posted ($0.24) EPS. The company’s revenue was up 4.1% compared to the same quarter last year. On average, equities research analysts predict that Iridium Communications Inc. will post 0.81 EPS for the current fiscal year.

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

Iridium Communications Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Friday, September 13th will be paid a $0.14 dividend. The ex-dividend date is Friday, September 13th. This represents a $0.56 dividend on an annualized basis and a dividend yield of 1.80%. Iridium Communications’s payout ratio is currently 266.67%.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on IRDM. BWS Financial reissued a “neutral” rating and set a $30.00 target price on shares of Iridium Communications in a report on Wednesday, July 24th. Barclays lifted their price target on shares of Iridium Communications from $44.00 to $45.00 and gave the company an “overweight” rating in a research report on Wednesday, July 24th. Three investment 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. Based on data from MarketBeat.com, Iridium Communications presently has an average rating of “Moderate Buy” and a consensus price target of $41.00.

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.