7,429 Shares in Iridium Communications Inc. (NASDAQ:IRDM) Purchased by Captrust Financial Advisors

Captrust Financial Advisors bought a new position in shares of Iridium Communications Inc. (NASDAQ:IRDM) during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor bought 7,429 shares of the technology company’s stock, valued at approximately $226,000.

Other institutional investors and hedge funds have also bought and sold shares of the company. Victory Capital Management Inc. raised its stake in Iridium Communications by 6,491.3% in the second quarter. Victory Capital Management Inc. now owns 1,598,532 shares of the technology company’s stock valued at $42,553,000 after buying an additional 1,574,280 shares during the period. Sumitomo Mitsui Trust Holdings Inc. raised its stake in Iridium Communications by 18.5% in the second quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 2,475,472 shares of the technology company’s stock valued at $65,897,000 after buying an additional 385,872 shares during the period. American Century Companies Inc. raised its stake in Iridium Communications by 429.2% in the second quarter. American Century Companies Inc. now owns 334,396 shares of the technology company’s stock valued at $8,902,000 after buying an additional 271,203 shares during the period. FMR LLC raised its stake in Iridium Communications by 26.7% in the third quarter. FMR LLC now owns 942,380 shares of the technology company’s stock valued at $28,695,000 after buying an additional 198,360 shares during the period. Finally, Van Berkom & Associates Inc. raised its stake in Iridium Communications by 4.6% in the second quarter. Van Berkom & Associates Inc. now owns 3,480,051 shares of the technology company’s stock valued at $92,639,000 after buying an additional 152,232 shares during the period. Institutional investors own 84.36% of the company’s stock.

Insider Buying and Selling at Iridium Communications

In other news, 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 value of $1,127,253.45. Following the completion of the transaction, the director now directly owns 254,824 shares in the company, valued at approximately $7,489,277.36. This represents a 13.08 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Suzanne E. Mcbride sold 4,420 shares of the stock in a transaction 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 transaction, the insider now owns 182,797 shares of the company’s stock, valued at $5,388,855.56. The trade was a 2.36 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 2.00% of the company’s stock.

Iridium Communications Trading Down 0.7 %

Shares of NASDAQ:IRDM opened at $30.21 on Monday. The company has a market capitalization of $3.44 billion, a P/E ratio of 32.14 and a beta of 0.65. Iridium Communications Inc. has a 1 year low of $24.14 and a 1 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 business’s 50 day simple moving average is $29.75 and its 200 day simple moving average is $28.22.

Iridium Communications (NASDAQ:IRDM) last issued its quarterly earnings results on Thursday, October 17th. The technology company reported $0.21 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.20 by $0.01. The business had revenue of $212.77 million for the quarter, compared to the consensus estimate of $205.68 million. Iridium Communications had a return on equity of 14.34% and a net margin of 14.09%. On average, research analysts anticipate that Iridium Communications Inc. will post 0.8 EPS for the current fiscal year.

Iridium Communications declared that its Board of Directors has initiated a stock 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 repurchase up to 14.2% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s leadership believes its shares are undervalued.

Iridium Communications Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Monday, December 16th will be issued a $0.14 dividend. This represents a $0.56 dividend on an annualized basis and a dividend yield of 1.85%. The ex-dividend date is Monday, December 16th. Iridium Communications’s dividend payout ratio is presently 59.58%.

Analysts Set New Price Targets

Separately, BWS Financial reiterated a “neutral” rating and set a $30.00 target price on shares of Iridium Communications in a research note on Monday, October 21st. Two 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. Based on data from MarketBeat.com, Iridium Communications currently has an average rating of “Moderate Buy” and a consensus price target of $41.00.

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.