Iridium Communications Inc. (NASDAQ:IRDM) Shares Sold by Principal Financial Group Inc.

Principal Financial Group Inc. lowered its position in shares of Iridium Communications Inc. (NASDAQ:IRDM) by 32.2% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 274,365 shares of the technology company’s stock after selling 130,022 shares during the quarter. Principal Financial Group Inc.’s holdings in Iridium Communications were worth $8,354,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Allspring Global Investments Holdings LLC lifted its holdings in Iridium Communications by 7,684.6% in the 2nd 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 in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its position in shares of Iridium Communications by 17.8% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 26,226 shares of the technology company’s stock valued at $698,000 after buying an additional 3,955 shares during the last quarter. Panagora Asset Management Inc. purchased a new position in shares of Iridium Communications in the second quarter worth about $212,000. Signaturefd LLC boosted its position in Iridium Communications by 83.7% during the second quarter. Signaturefd LLC now owns 1,822 shares of the technology company’s stock worth $49,000 after acquiring an additional 830 shares during the last quarter. Finally, International Assets Investment Management LLC acquired a new position in Iridium Communications during the second quarter worth about $45,000. Hedge funds and other institutional investors own 84.36% of the company’s stock.

Analyst Upgrades and Downgrades

Separately, BWS Financial reiterated a “neutral” rating and issued a $30.00 price objective on shares of Iridium Communications in a report on Monday, October 21st. Two research analysts have rated the stock with a hold rating, one has assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Iridium Communications currently has an average rating of “Moderate Buy” and a consensus price target of $41.00.

Iridium Communications Stock Up 0.2 %

Shares of IRDM opened at $29.02 on Wednesday. Iridium Communications Inc. has a 52-week low of $24.14 and a 52-week high of $41.40. The company has a quick ratio of 2.01, a current ratio of 2.62 and a debt-to-equity ratio of 2.68. The stock has a fifty day simple moving average of $29.52 and a two-hundred day simple moving average of $28.28. The company has a market capitalization of $3.30 billion, a PE ratio of 30.87 and a beta of 0.65.

Iridium Communications (NASDAQ:IRDM) last released its quarterly earnings data 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. Iridium Communications had a net margin of 14.09% and a return on equity of 14.34%. The firm had revenue of $212.77 million during the quarter, compared to analysts’ expectations of $205.68 million. As a group, equities analysts forecast that Iridium Communications Inc. will post 0.8 EPS for the current year.

Iridium Communications Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, December 31st. Stockholders of record on Monday, December 16th were given a dividend of $0.14 per share. This represents a $0.56 annualized dividend and a dividend yield of 1.93%. The ex-dividend date of this dividend was Monday, December 16th. Iridium Communications’s payout ratio is presently 59.57%.

Iridium Communications declared that its board has authorized a share buyback program on Thursday, September 19th that authorizes the company to buyback $500.00 million in shares. This buyback authorization authorizes the technology company to buy up to 14.2% of its shares through open market purchases. Shares buyback programs are generally a sign 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 shares were sold at an average price of $29.39, for a total value of $1,127,253.45. Following the transaction, the director now owns 254,824 shares of the company’s stock, valued at $7,489,277.36. This represents a 13.08 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, 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 sale, the insider now owns 182,797 shares of the company’s stock, valued at approximately $5,388,855.56. This 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 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.