Capital Performance Advisors LLP Invests $57,000 in Iridium Communications Inc. (NASDAQ:IRDM)

Capital Performance Advisors LLP purchased a new position in Iridium Communications Inc. (NASDAQ:IRDM) in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 1,867 shares of the technology company’s stock, valued at approximately $57,000.

A number of other hedge funds have also made changes to their positions in the stock. Impax Asset Management Group plc purchased a new stake in shares of Iridium Communications in the third quarter worth approximately $697,000. QRG Capital Management Inc. bought a new position in Iridium Communications during the third quarter valued at approximately $226,000. Van ECK Associates Corp raised its position in Iridium Communications by 18.2% during the third quarter. Van ECK Associates Corp now owns 56,182 shares of the technology company’s stock valued at $1,673,000 after acquiring an additional 8,662 shares in the last quarter. Pinnacle Associates Ltd. raised its position in Iridium Communications by 0.7% during the third quarter. Pinnacle Associates Ltd. now owns 716,341 shares of the technology company’s stock valued at $21,813,000 after acquiring an additional 5,030 shares in the last quarter. Finally, Pallas Capital Advisors LLC bought a new position in Iridium Communications during the third quarter valued at approximately $227,000. 84.36% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, insider Suzanne E. Mcbride sold 4,420 shares of the firm’s 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 sale, the insider now 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 sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other news, Director Robert H. Niehaus sold 38,355 shares of the firm’s stock in a transaction on 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 in the company, valued at approximately $7,489,277.36. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Suzanne E. Mcbride sold 4,420 shares of the firm’s stock in a transaction on Monday, November 4th. The stock was 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 owns 182,797 shares in the company, valued at approximately $5,388,855.56. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders own 2.00% of the company’s stock.

Iridium Communications Trading Up 1.1 %

NASDAQ:IRDM opened at $29.53 on Friday. Iridium Communications Inc. has a 12 month low of $24.14 and a 12 month high of $41.66. The firm has a market cap of $3.36 billion, a price-to-earnings ratio of 31.41 and a beta of 0.65. The company has a quick ratio of 2.01, a current ratio of 2.62 and a debt-to-equity ratio of 2.68. The company’s 50 day moving average is $29.17 and its 200-day moving average is $28.37.

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

Iridium Communications announced that its board has authorized a share buyback program 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 programs are usually a sign that the company’s board of directors believes its shares are undervalued.

Iridium Communications Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Friday, September 13th were given a $0.14 dividend. This represents a $0.56 dividend on an annualized basis and a dividend yield of 1.90%. The ex-dividend date was Friday, September 13th. Iridium Communications’s dividend payout ratio is 59.57%.

Analyst Ratings Changes

IRDM has been the topic of several recent research reports. BWS Financial reaffirmed a “neutral” rating and set a $30.00 price objective on shares of Iridium Communications in a research report on Monday, October 21st. 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 report on Wednesday, July 24th. Two research analysts have rated the stock with a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company currently 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.