Zurcher Kantonalbank Zurich Cantonalbank Has $844,000 Stake in Iridium Communications Inc. (NASDAQ:IRDM)

Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in shares of Iridium Communications Inc. (NASDAQ:IRDM) by 5.7% during the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 27,714 shares of the technology company’s stock after purchasing an additional 1,488 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Iridium Communications were worth $844,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in IRDM. Sumitomo Mitsui Trust Holdings Inc. grew its holdings in 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 worth $65,897,000 after acquiring an additional 385,872 shares during the last quarter. Paralel Advisors LLC acquired a new stake in shares of Iridium Communications in the second quarter valued at approximately $2,323,000. Thrivent Financial for Lutherans raised its position in Iridium Communications by 19.8% in the 3rd quarter. Thrivent Financial for Lutherans now owns 130,370 shares of the technology company’s stock worth $3,970,000 after purchasing an additional 21,522 shares during the last quarter. Cetera Investment Advisers acquired a new position in Iridium Communications during the 1st quarter worth $1,939,000. Finally, Los Angeles Capital Management LLC bought a new position in Iridium Communications in the 2nd quarter valued at $1,899,000. 84.36% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Iridium Communications

In related news, insider Suzanne E. Mcbride sold 4,420 shares of the business’s 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 transaction, the insider now owns 182,797 shares in the company, valued at approximately $5,388,855.56. The trade was a 2.36 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 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 owns 254,824 shares in the company, 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.

Wall Street Analysts Forecast Growth

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

Iridium Communications Price Performance

Shares of IRDM stock opened at $31.00 on Friday. The firm’s 50 day moving average price is $29.77 and its two-hundred day moving average price is $28.23. The company has a debt-to-equity ratio of 2.68, a quick ratio of 2.01 and a current ratio of 2.62. Iridium Communications Inc. has a 52-week low of $24.14 and a 52-week high of $41.66. The stock has a market cap of $3.53 billion, a PE ratio of 32.98 and a beta of 0.65.

Iridium Communications (NASDAQ:IRDM) last posted its quarterly 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 analyst estimates of $205.68 million. Iridium Communications had a return on equity of 14.34% and a net margin of 14.09%. As a group, analysts forecast that Iridium Communications Inc. will post 0.8 EPS for the current year.

Iridium Communications declared that its board has initiated a share repurchase 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 shares through open market purchases. Shares repurchase plans are usually an indication that the company’s management believes its shares are undervalued.

Iridium Communications Company 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.