Pallas Capital Advisors LLC Invests $227,000 in Iridium Communications Inc. (NASDAQ:IRDM)

Pallas Capital Advisors LLC purchased a new position in Iridium Communications Inc. (NASDAQ:IRDM) during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 7,861 shares of the technology company’s stock, valued at approximately $227,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. State of Alaska Department of Revenue increased its position in shares of Iridium Communications by 2.8% in the third quarter. State of Alaska Department of Revenue now owns 13,750 shares of the technology company’s stock worth $418,000 after purchasing an additional 375 shares during the last quarter. Daiwa Securities Group Inc. increased its position in shares of Iridium Communications by 4.2% in the second quarter. Daiwa Securities Group Inc. now owns 11,389 shares of the technology company’s stock worth $303,000 after purchasing an additional 462 shares during the last quarter. GAMMA Investing LLC increased its position in shares of Iridium Communications by 25.2% in the third quarter. GAMMA Investing LLC now owns 2,399 shares of the technology company’s stock worth $73,000 after purchasing an additional 483 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. increased its position in shares of Iridium Communications by 6.2% in the second quarter. Point72 Asia Singapore Pte. Ltd. now owns 11,480 shares of the technology company’s stock worth $306,000 after purchasing an additional 671 shares during the last quarter. Finally, State of Michigan Retirement System increased its position in shares of Iridium Communications by 2.4% in the first quarter. State of Michigan Retirement System now owns 30,459 shares of the technology company’s stock worth $797,000 after purchasing an additional 700 shares during the last quarter. 84.36% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

IRDM has been the topic of several research analyst reports. Barclays upped their price objective on shares of Iridium Communications from $44.00 to $45.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 24th. BWS Financial reiterated a “neutral” rating and set a $30.00 price target on shares of Iridium Communications in a research report on Monday, October 21st. Two 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 stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $41.00.

Insider Buying and Selling at Iridium Communications

In other news, Director Robert H. Niehaus sold 38,355 shares of the stock in a transaction that occurred 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 of the company’s stock, valued at approximately $7,489,277.36. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 2.00% of the company’s stock.

Iridium Communications Stock Down 0.1 %

Shares of NASDAQ IRDM opened at $29.31 on Friday. Iridium Communications Inc. has a one year low of $24.14 and a one year high of $41.66. The company has a debt-to-equity ratio of 2.68, a current ratio of 2.62 and a quick ratio of 2.01. The firm’s 50 day simple moving average is $28.73 and its two-hundred day simple moving average is $28.22. The stock has a market capitalization of $3.34 billion, a P/E ratio of 31.18 and a beta of 0.65.

Iridium Communications Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Friday, September 13th were given a dividend of $0.14 per share. This represents a $0.56 dividend on an annualized basis and a yield of 1.91%. The ex-dividend date of this dividend was Friday, September 13th. Iridium Communications’s payout ratio is currently 59.57%.

Iridium Communications announced that its board has authorized a share repurchase plan on Thursday, September 19th that authorizes the company to buyback $500.00 million in shares. This buyback authorization authorizes the technology company to reacquire up to 14.2% of its shares through open market purchases. Shares buyback plans are usually an indication that the company’s board believes its stock is 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.