Natixis Advisors LLC Decreases Position in Iridium Communications Inc. (NASDAQ:IRDM)

Natixis Advisors LLC trimmed its position in shares of Iridium Communications Inc. (NASDAQ:IRDM) by 69.3% during the third quarter, Holdings Channel reports. The firm owned 15,490 shares of the technology company’s stock after selling 35,002 shares during the quarter. Natixis Advisors LLC’s holdings in Iridium Communications were worth $472,000 at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of IRDM. Allspring Global Investments Holdings LLC raised its holdings in shares of 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 worth $27,000 after acquiring an additional 999 shares during the last quarter. Mather Group LLC. acquired a new position in Iridium Communications in the second quarter valued at $32,000. Blue Trust Inc. increased its stake in 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 purchasing an additional 780 shares during the last quarter. International Assets Investment Management LLC acquired a new position in Iridium Communications in the second quarter valued at $45,000. Finally, Fifth Third Bancorp increased its stake 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 currently owned by hedge funds and other institutional investors.

Iridium Communications Price Performance

Shares of NASDAQ IRDM opened at $29.60 on Friday. Iridium Communications Inc. has a 1-year low of $24.14 and a 1-year high of $41.66. The business has a 50-day moving average of $29.68 and a 200-day moving average of $28.23. 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 capitalization of $3.37 billion, a price-to-earnings ratio of 31.49 and a beta of 0.65.

Iridium Communications (NASDAQ:IRDM) last issued 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. The firm had revenue of $212.77 million during 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, equities 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 share repurchase plan on Thursday, September 19th that permits the company to buyback $500.00 million in shares. This buyback authorization permits the technology company to purchase up to 14.2% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s board believes its stock is undervalued.

Wall Street Analyst Weigh In

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

Insider Activity at Iridium Communications

In other news, insider Suzanne E. Mcbride sold 4,420 shares of the stock in a transaction that occurred 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 sale, the insider now directly owns 182,797 shares in the company, valued at approximately $5,388,855.56. This represents a 2.36 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, 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 value of $1,127,253.45. Following the completion of the sale, the director now owns 254,824 shares in the company, 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 currently owned by company insiders.

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.