Nordea Investment Management AB Buys 57,690 Shares of Iridium Communications Inc. (NASDAQ:IRDM)

Nordea Investment Management AB raised its stake in shares of Iridium Communications Inc. (NASDAQ:IRDM) by 30.2% in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 248,602 shares of the technology company’s stock after purchasing an additional 57,690 shares during the period. Nordea Investment Management AB’s holdings in Iridium Communications were worth $7,264,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also recently made changes to their positions in the company. Capital Performance Advisors LLP purchased a new position in Iridium Communications during the 3rd quarter valued at approximately $57,000. GAMMA Investing LLC raised its stake in Iridium Communications by 25.2% during 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. KBC Group NV lifted its position in Iridium Communications by 25.9% during the third quarter. KBC Group NV now owns 3,796 shares of the technology company’s stock valued at $116,000 after purchasing an additional 781 shares during the last quarter. Quarry LP increased its holdings in shares of Iridium Communications by 12.4% in the 2nd quarter. Quarry LP now owns 7,533 shares of the technology company’s stock worth $201,000 after buying an additional 832 shares during the last quarter. Finally, Capstone Investment Advisors LLC purchased a new stake in shares of Iridium Communications during the 3rd quarter valued at about $215,000. Hedge funds and other institutional investors own 84.36% of the company’s stock.

Insider Activity at Iridium Communications

In other news, Director Robert H. Niehaus sold 38,355 shares of the 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 transaction, the director now directly owns 254,824 shares of the company’s stock, valued at approximately $7,489,277.36. This represents a 13.08 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Suzanne E. Mcbride sold 4,420 shares of the company’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 value 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. This represents a 2.36 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 42,832 shares of company stock valued at $1,259,221 over the last quarter. 2.00% of the stock is owned by corporate insiders.

Iridium Communications Trading Down 2.4 %

IRDM opened at $29.05 on Friday. The company has a debt-to-equity ratio of 2.68, a quick ratio of 2.01 and a current ratio of 2.62. The stock’s 50 day moving average price is $29.53 and its 200-day moving average price is $28.44. Iridium Communications Inc. has a one year low of $24.14 and a one year high of $39.42. The stock has a market cap of $3.31 billion, a price-to-earnings ratio of 30.90 and a beta of 0.65.

Iridium Communications (NASDAQ:IRDM) last released its earnings results on Thursday, October 17th. The technology company reported $0.21 earnings per share for the quarter, topping the consensus estimate of $0.20 by $0.01. Iridium Communications had a return on equity of 14.34% and a net margin of 14.09%. The business had revenue of $212.77 million during the quarter, compared to the consensus estimate of $205.68 million. On average, equities analysts forecast that Iridium Communications Inc. will post 0.8 EPS for the current year.

Iridium Communications declared that its Board of Directors has initiated a stock buyback program on Thursday, September 19th that allows the company to buyback $500.00 million in shares. This buyback authorization allows the technology company to reacquire up to 14.2% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s board of directors believes its stock is undervalued.

Iridium Communications Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, December 31st. Investors of record on Monday, December 16th were paid 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 was Monday, December 16th. Iridium Communications’s dividend payout ratio (DPR) is currently 59.57%.

Analysts Set New Price Targets

Separately, BWS Financial reissued a “neutral” rating and set a $30.00 price objective 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 given a strong buy rating to the company. According to MarketBeat.com, Iridium Communications currently has a consensus rating of “Moderate Buy” and a consensus price target of $41.00.

About Iridium Communications

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.