Intech Investment Management LLC lowered its holdings in Iridium Communications Inc. (NASDAQ:IRDM – Free Report) by 32.4% during the 3rd quarter, HoldingsChannel.com reports. The firm owned 11,051 shares of the technology company’s stock after selling 5,287 shares during the quarter. Intech Investment Management LLC’s holdings in Iridium Communications were worth $337,000 at the end of the most recent reporting period.
Several other hedge funds also recently made changes to their positions in the business. Van Berkom & Associates Inc. increased its position in shares of Iridium Communications by 4.6% in the second quarter. Van Berkom & Associates Inc. now owns 3,480,051 shares of the technology company’s stock worth $92,639,000 after acquiring an additional 152,232 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. increased its position in shares of Iridium Communications by 1.3% in the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 2,508,546 shares of the technology company’s stock worth $76,385,000 after acquiring an additional 33,074 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. increased its position in shares of Iridium Communications by 18.5% in 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 acquiring an additional 385,872 shares in the last quarter. Victory Capital Management Inc. increased its position in shares of Iridium Communications by 0.7% in the third quarter. Victory Capital Management Inc. now owns 1,609,649 shares of the technology company’s stock worth $49,014,000 after acquiring an additional 11,117 shares in the last quarter. Finally, Pacer Advisors Inc. increased its position in shares of Iridium Communications by 3.2% in the second quarter. Pacer Advisors Inc. now owns 768,347 shares of the technology company’s stock worth $20,453,000 after acquiring an additional 23,772 shares in the last quarter. Institutional investors and hedge funds own 84.36% of the company’s stock.
Iridium Communications Stock Performance
IRDM stock opened at $29.92 on Wednesday. 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 stock has a market cap of $3.41 billion, a P/E ratio of 31.83 and a beta of 0.65. The firm has a 50 day simple moving average of $29.74 and a 200 day simple moving average of $28.21. Iridium Communications Inc. has a 52 week low of $24.14 and a 52 week high of $41.66.
Iridium Communications announced that its board has initiated a share buyback plan on Thursday, September 19th that allows the company to repurchase $500.00 million in shares. This repurchase authorization allows the technology company to purchase up to 14.2% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s leadership believes its shares are undervalued.
Analysts Set New Price Targets
Separately, BWS Financial reissued a “neutral” rating and issued a $30.00 target price on shares of Iridium Communications in a research report on Monday, October 21st. Two 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 data from MarketBeat, Iridium Communications has an average rating of “Moderate Buy” and an average target price of $41.00.
Read Our Latest Stock Report on IRDM
Insider Buying and Selling
In other Iridium Communications news, Director Robert H. Niehaus sold 38,355 shares of Iridium Communications stock in a transaction that occurred on 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 sale, the director now directly owns 254,824 shares in the company, valued at $7,489,277.36. The trade was a 13.08 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Suzanne E. Mcbride sold 4,420 shares of Iridium Communications 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 completion of the sale, the insider now owns 182,797 shares of the company’s stock, valued at $5,388,855.56. This trade represents a 2.36 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 2.00% of the stock is currently owned by corporate insiders.
Iridium Communications 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.
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