Charles Schwab Investment Management Inc. Lowers Holdings in Iridium Communications Inc. (NASDAQ:IRDM)

Charles Schwab Investment Management Inc. cut its position in Iridium Communications Inc. (NASDAQ:IRDM) by 24.5% during the 3rd quarter, HoldingsChannel.com reports. The firm owned 1,055,852 shares of the technology company’s stock after selling 342,603 shares during the quarter. Charles Schwab Investment Management Inc.’s holdings in Iridium Communications were worth $32,151,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Van Berkom & Associates Inc. raised its position in shares of Iridium Communications by 4.6% during the 2nd quarter. Van Berkom & Associates Inc. now owns 3,480,051 shares of the technology company’s stock valued at $92,639,000 after buying an additional 152,232 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. raised its position in shares of Iridium Communications by 1.3% during the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 2,508,546 shares of the technology company’s stock valued at $76,385,000 after buying an additional 33,074 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. raised its position in shares of Iridium Communications by 18.5% during the 2nd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 2,475,472 shares of the technology company’s stock valued at $65,897,000 after buying an additional 385,872 shares in the last quarter. Victory Capital Management Inc. raised its position in shares of Iridium Communications by 0.7% during the 3rd quarter. Victory Capital Management Inc. now owns 1,609,649 shares of the technology company’s stock valued at $49,014,000 after buying an additional 11,117 shares in the last quarter. Finally, Pacer Advisors Inc. raised its position in shares of Iridium Communications by 3.2% during the 2nd quarter. Pacer Advisors Inc. now owns 768,347 shares of the technology company’s stock valued at $20,453,000 after buying an additional 23,772 shares in the last quarter. 84.36% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Iridium Communications

In related news, insider Suzanne E. Mcbride sold 4,420 shares of Iridium Communications stock in a transaction dated 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 transaction, the insider now directly owns 182,797 shares of the company’s stock, valued at $5,388,855.56. This trade represents a 2.36 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Robert H. Niehaus sold 38,355 shares of Iridium Communications stock in a transaction dated 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 transaction, the director now directly owns 254,824 shares of the company’s stock, valued at approximately $7,489,277.36. This trade represents a 13.08 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 2.00% of the company’s stock.

Analysts Set New Price Targets

Separately, BWS Financial restated a “neutral” rating and set a $30.00 price objective 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 data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $41.00.

Iridium Communications Price Performance

IRDM stock opened at $29.92 on Wednesday. The firm has a market cap of $3.41 billion, a P/E ratio of 31.83 and a beta of 0.65. Iridium Communications Inc. has a 52 week low of $24.14 and a 52 week high of $41.66. 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 firm’s fifty day moving average is $29.74 and its 200 day moving average is $28.21.

Iridium Communications (NASDAQ:IRDM) last announced its quarterly 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 net margin of 14.09% and a return on equity of 14.34%. The business had revenue of $212.77 million for the quarter, compared to analyst estimates of $205.68 million. Research analysts predict that Iridium Communications Inc. will post 0.8 earnings per share for the current year.

Iridium Communications declared that its Board of Directors has initiated a stock repurchase 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 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.