Stifel Financial Corp Sells 2,324 Shares of Iridium Communications Inc. (NASDAQ:IRDM)

Stifel Financial Corp trimmed its holdings in Iridium Communications Inc. (NASDAQ:IRDM) by 13.2% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 15,290 shares of the technology company’s stock after selling 2,324 shares during the period. Stifel Financial Corp’s holdings in Iridium Communications were worth $466,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently modified their holdings of the business. Allspring Global Investments Holdings LLC increased its holdings in 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 purchasing an additional 999 shares in the last quarter. International Assets Investment Management LLC acquired a new position in Iridium Communications during the 2nd quarter worth approximately $45,000. Signaturefd LLC grew its stake in shares of Iridium Communications by 83.7% during the 2nd quarter. Signaturefd LLC now owns 1,822 shares of the technology company’s stock worth $49,000 after acquiring an additional 830 shares in the last quarter. Capital Performance Advisors LLP bought a new stake in shares of Iridium Communications in the third quarter worth $57,000. Finally, GAMMA Investing LLC grew its position in Iridium Communications by 25.2% in the third quarter. GAMMA Investing LLC now owns 2,399 shares of the technology company’s stock valued at $73,000 after purchasing an additional 483 shares in the last quarter. Institutional investors and hedge funds own 84.36% of the company’s stock.

Analysts Set New Price Targets

Separately, BWS Financial reissued a “neutral” rating and set a $30.00 price target on shares of Iridium Communications in a research report on Monday, October 21st. Two equities research analysts have rated the stock with a hold rating, one has given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Iridium Communications presently has an average rating of “Moderate Buy” and an average target price of $41.00.

Iridium Communications Stock Performance

NASDAQ IRDM opened at $29.06 on Friday. The firm has a market capitalization of $3.31 billion, a P/E ratio of 30.92 and a beta of 0.65. The company has a current ratio of 2.62, a quick ratio of 2.01 and a debt-to-equity ratio of 2.68. The firm’s fifty day moving average price is $29.58 and its two-hundred day moving average price is $28.24. Iridium Communications Inc. has a 1 year low of $24.14 and a 1 year high of $41.49.

Iridium Communications (NASDAQ:IRDM) last issued its earnings results on Thursday, October 17th. The technology company reported $0.21 earnings per share (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 analysts’ expectations of $205.68 million. As a group, research analysts anticipate that Iridium Communications Inc. will post 0.8 EPS for the current year.

Iridium Communications Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Investors 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 dividend yield of 1.93%. The ex-dividend date of this dividend is Monday, December 16th. Iridium Communications’s payout ratio is presently 59.57%.

Iridium Communications announced that its board 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 stock through open market purchases. Stock repurchase plans are often an indication that the company’s management believes its stock is undervalued.

Insider Buying and Selling

In related news, Director Robert H. Niehaus sold 38,355 shares of the business’s stock in a transaction dated 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 owns 254,824 shares of the company’s stock, valued at $7,489,277.36. The trade was a 13.08 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, 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 completion of 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 disclosure for this sale can be found here. 2.00% of the stock is currently owned by insiders.

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.