Iridium Communications Inc. (NASDAQ:IRDM) Shares Purchased by BNP Paribas Financial Markets

BNP Paribas Financial Markets raised its holdings in Iridium Communications Inc. (NASDAQ:IRDM) by 2.6% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 382,390 shares of the technology company’s stock after purchasing an additional 9,511 shares during the quarter. BNP Paribas Financial Markets’ holdings in Iridium Communications were worth $11,644,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also made changes to their positions in the company. Allspring Global Investments Holdings LLC lifted its position in Iridium Communications by 7,684.6% during the 2nd quarter. Allspring Global Investments Holdings LLC now owns 1,012 shares of the technology company’s stock worth $27,000 after acquiring an additional 999 shares during the period. Mather Group LLC. purchased a new position in Iridium Communications during the 2nd quarter worth $32,000. Blue Trust Inc. boosted its holdings in shares of Iridium Communications by 109.7% in the second quarter. Blue Trust Inc. now owns 1,491 shares of the technology company’s stock valued at $39,000 after acquiring an additional 780 shares in the last quarter. International Assets Investment Management LLC purchased a new stake in shares of Iridium Communications in the second quarter valued at about $45,000. Finally, Fifth Third Bancorp raised its holdings in Iridium Communications by 322.1% during the second quarter. Fifth Third Bancorp now owns 1,735 shares of the technology company’s stock worth $46,000 after purchasing an additional 1,324 shares in the last quarter. 84.36% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Separately, BWS Financial restated a “neutral” rating and issued a $30.00 price objective 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 issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $41.00.

Insiders Place Their Bets

In other news, Director Robert H. Niehaus sold 38,355 shares of the firm’s stock in a transaction that occurred on 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 completion of the transaction, the director now directly owns 254,824 shares of the company’s stock, valued at $7,489,277.36. This trade represents a 13.08 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Suzanne E. Mcbride sold 4,420 shares of the company’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 value of $130,301.60. Following the completion of the sale, the insider now directly owns 182,797 shares in the company, valued at approximately $5,388,855.56. The trade was a 2.36 % decrease in their position. The disclosure for this sale can be found here. 2.00% of the stock is owned by company insiders.

Iridium Communications Stock Performance

NASDAQ:IRDM opened at $29.72 on Monday. The company has a quick ratio of 2.01, a current ratio of 2.62 and a debt-to-equity ratio of 2.68. Iridium Communications Inc. has a fifty-two week low of $24.14 and a fifty-two week high of $41.66. The firm’s fifty day simple moving average is $29.72 and its 200-day simple moving average is $28.22. The stock has a market cap of $3.38 billion, a PE ratio of 31.62 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, beating analysts’ consensus estimates of $0.20 by $0.01. The company had revenue of $212.77 million during the quarter, compared to the consensus estimate of $205.68 million. Iridium Communications had a net margin of 14.09% and a return on equity of 14.34%. Analysts expect that Iridium Communications Inc. will post 0.8 earnings per share for the current fiscal year.

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