Iridium Communications Inc. (NASDAQ:IRDM) Shares Acquired by Wealth Enhancement Advisory Services LLC

Wealth Enhancement Advisory Services LLC boosted its holdings in Iridium Communications Inc. (NASDAQ:IRDM) by 77.8% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 22,857 shares of the technology company’s stock after acquiring an additional 9,999 shares during the quarter. Wealth Enhancement Advisory Services LLC’s holdings in Iridium Communications were worth $696,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. Riverwater Partners LLC grew its stake in shares of Iridium Communications by 406.3% in the third quarter. Riverwater Partners LLC now owns 85,146 shares of the technology company’s stock worth $2,666,000 after purchasing an additional 68,329 shares in the last quarter. International Assets Investment Management LLC lifted its holdings in Iridium Communications by 2,945.0% in the third quarter. International Assets Investment Management LLC now owns 51,765 shares of the technology company’s stock worth $1,700,000 after purchasing an additional 50,065 shares during the period. Lecap Asset Management Ltd. grew its position in Iridium Communications by 6.8% in the 3rd quarter. Lecap Asset Management Ltd. now owns 26,587 shares of the technology company’s stock valued at $810,000 after buying an additional 1,691 shares in the last quarter. Private Advisor Group LLC increased its stake in Iridium Communications by 186.6% during the 3rd quarter. Private Advisor Group LLC now owns 50,633 shares of the technology company’s stock valued at $1,542,000 after buying an additional 32,967 shares during the period. Finally, Wealth Effects LLC acquired a new stake in shares of Iridium Communications in the 3rd quarter worth approximately $533,000. Institutional investors own 84.36% of the company’s stock.

Iridium Communications Stock Performance

Iridium Communications stock opened at $30.30 on Thursday. Iridium Communications Inc. has a fifty-two week low of $24.14 and a fifty-two week high of $41.66. The firm’s 50 day simple moving average is $29.03 and its 200-day simple moving average is $28.35. 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 company has a market cap of $3.45 billion, a P/E ratio of 32.23 and a beta of 0.65.

Iridium Communications declared that its board has authorized a share repurchase plan on Thursday, September 19th that allows the company to buyback $500.00 million in outstanding shares. This buyback authorization allows the technology company to reacquire up to 14.2% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s management believes its shares are undervalued.

Iridium Communications Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Friday, September 13th were paid a dividend of $0.14 per share. This represents a $0.56 annualized dividend and a yield of 1.85%. The ex-dividend date was Friday, September 13th. Iridium Communications’s dividend payout ratio (DPR) is currently 59.58%.

Insider Activity

In related news, insider Suzanne E. Mcbride sold 4,420 shares of the firm’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 transaction 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. This trade 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 the SEC website. In other Iridium Communications news, insider Suzanne E. Mcbride sold 4,420 shares of the company’s stock in a transaction dated Monday, November 4th. The stock was sold at an average price of $29.48, for a total value of $130,301.60. Following the transaction, the insider now directly owns 182,797 shares of the company’s stock, valued at $5,388,855.56. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Robert H. Niehaus sold 38,355 shares of Iridium Communications 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 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 disclosure for this sale can be found here. Corporate insiders own 2.00% of the company’s stock.

Wall Street Analysts Forecast Growth

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

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.