Quantinno Capital Management LP Sells 2,737 Shares of Iridium Communications Inc. (NASDAQ:IRDM)

Quantinno Capital Management LP lowered its position in Iridium Communications Inc. (NASDAQ:IRDM) by 22.3% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 9,548 shares of the technology company’s stock after selling 2,737 shares during the period. Quantinno Capital Management LP’s holdings in Iridium Communications were worth $291,000 at the end of the most recent reporting period.

Other large investors also recently made changes to their positions in the company. Allspring Global Investments Holdings LLC lifted its position in shares of Iridium Communications by 7,684.6% during the 2nd quarter. Allspring Global Investments Holdings LLC now owns 1,012 shares of the technology company’s stock worth $27,000 after buying an additional 999 shares in the last quarter. Blue Trust Inc. increased its position in shares of Iridium Communications by 109.7% during the second quarter. Blue Trust Inc. now owns 1,491 shares of the technology company’s stock valued at $39,000 after acquiring an additional 780 shares during the last quarter. International Assets Investment Management LLC bought a new stake in Iridium Communications during the second quarter worth $45,000. Fifth Third Bancorp boosted 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 worth $46,000 after purchasing an additional 1,324 shares during the last quarter. Finally, Signaturefd LLC grew its stake in Iridium Communications by 83.7% in the 2nd quarter. Signaturefd LLC now owns 1,822 shares of the technology company’s stock valued at $49,000 after purchasing an additional 830 shares during the period. 84.36% of the stock is owned by institutional investors.

Insider Activity

In other news, Director Robert H. Niehaus sold 38,355 shares of the business’s stock in a transaction on Wednesday, October 23rd. The shares were sold at an average price of $29.39, for a total transaction of $1,127,253.45. Following the completion of the transaction, the director now directly owns 254,824 shares in the company, valued at $7,489,277.36. The trade was a 13.08 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Suzanne E. Mcbride sold 4,420 shares of the stock in a transaction on Monday, November 4th. The stock was sold at an average price of $29.48, for a total value of $130,301.60. Following the completion of the sale, the insider now owns 182,797 shares in the company, valued at $5,388,855.56. This trade represents a 2.36 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 2.00% of the company’s stock.

Analyst Upgrades and Downgrades

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 equities research analysts have rated the stock with a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $41.00.

Iridium Communications Stock Performance

Shares of IRDM stock opened at $30.21 on Monday. The firm’s 50 day moving average is $29.75 and its 200 day moving average is $28.22. The stock 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 12 month low of $24.14 and a 12 month high of $41.66. The company has a current ratio of 2.62, a quick ratio of 2.01 and a debt-to-equity ratio of 2.68.

Iridium Communications (NASDAQ:IRDM) last posted its 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. The firm 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, sell-side analysts anticipate that Iridium Communications Inc. will post 0.8 earnings per share for the current year.

Iridium Communications announced that its Board of Directors has authorized a share repurchase plan on Thursday, September 19th that authorizes the company to repurchase $500.00 million in outstanding shares. This repurchase authorization authorizes the technology company to repurchase up to 14.2% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s board of directors believes its stock is undervalued.

Iridium Communications Announces Dividend

The business 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 dividend of $0.14 per share. This represents a $0.56 dividend on an annualized basis and a yield of 1.85%. The ex-dividend date of this dividend is Monday, December 16th. Iridium Communications’s payout ratio is presently 59.58%.

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.