Daiwa Securities Group Inc. Has $100,000 Stake in Iridium Communications Inc. (NASDAQ:IRDM)

Daiwa Securities Group Inc. reduced its stake in Iridium Communications Inc. (NASDAQ:IRDM) by 71.0% during the third quarter, HoldingsChannel reports. The firm owned 3,300 shares of the technology company’s stock after selling 8,089 shares during the quarter. Daiwa Securities Group Inc.’s holdings in Iridium Communications were worth $100,000 at the end of the most recent reporting period.

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

Iridium Communications Stock Performance

NASDAQ IRDM opened at $29.72 on Monday. The company has a market capitalization of $3.38 billion, a price-to-earnings ratio of 31.62 and a beta of 0.65. Iridium Communications Inc. has a twelve month low of $24.14 and a twelve month high of $41.66. The stock has a fifty day simple moving average of $29.72 and a 200 day simple moving average of $28.22. 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 (NASDAQ:IRDM) last released 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. 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 analyst estimates of $205.68 million. Sell-side analysts expect that Iridium Communications Inc. will post 0.8 EPS for the current year.

Iridium Communications declared that its Board of Directors has initiated a stock repurchase program on Thursday, September 19th that permits the company to repurchase $500.00 million in outstanding shares. This repurchase authorization permits the technology company to buy up to 14.2% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s board believes its shares are undervalued.

Insider Activity

In other news, insider Suzanne E. Mcbride sold 4,420 shares of the 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 transaction, the insider now owns 182,797 shares of the company’s stock, valued at $5,388,855.56. This represents a 2.36 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Robert H. Niehaus sold 38,355 shares of the firm’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 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 13.08 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 2.00% of the stock is owned by company insiders.

Analysts Set New Price Targets

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

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.