Impax Asset Management Group plc Takes $697,000 Position in Iridium Communications Inc. (NASDAQ:IRDM)

Impax Asset Management Group plc acquired a new stake in Iridium Communications Inc. (NASDAQ:IRDM) during the third quarter, Holdings Channel reports. The institutional investor acquired 22,902 shares of the technology company’s stock, valued at approximately $697,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Vanguard Group Inc. raised its holdings in shares of Iridium Communications by 2.9% in the first quarter. Vanguard Group Inc. now owns 12,090,326 shares of the technology company’s stock valued at $316,283,000 after purchasing an additional 336,989 shares during the last quarter. Van Berkom & Associates Inc. increased its holdings in Iridium Communications by 4.6% during the second quarter. Van Berkom & Associates Inc. now owns 3,480,051 shares of the technology company’s stock worth $92,639,000 after buying an additional 152,232 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. increased its holdings in Iridium Communications by 18.5% during the second quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 2,475,472 shares of the technology company’s stock worth $65,897,000 after buying an additional 385,872 shares during the last quarter. Victory Capital Management Inc. increased its holdings in Iridium Communications by 6,491.3% during the second quarter. Victory Capital Management Inc. now owns 1,598,532 shares of the technology company’s stock worth $42,553,000 after buying an additional 1,574,280 shares during the last quarter. Finally, Jacobs Levy Equity Management Inc. increased its holdings in Iridium Communications by 13.5% during the first quarter. Jacobs Levy Equity Management Inc. now owns 1,213,709 shares of the technology company’s stock worth $31,751,000 after buying an additional 144,710 shares during the last quarter. 84.36% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other news, Director Robert H. Niehaus sold 38,355 shares of the business’s stock in a transaction dated 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 of the company’s stock, valued at approximately $7,489,277.36. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In other news, Director Robert H. Niehaus sold 38,355 shares of the business’s stock in a transaction dated 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 of the company’s stock, valued at approximately $7,489,277.36. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Suzanne E. Mcbride sold 4,420 shares of the business’s stock in a transaction dated Monday, November 4th. The shares were 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 directly owns 182,797 shares of the company’s stock, 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. 2.00% of the stock is currently owned by company insiders.

Iridium Communications Trading Up 2.1 %

IRDM stock opened at $30.30 on Thursday. 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 fifty day moving average price of $29.03 and a two-hundred day moving average price of $28.35. Iridium Communications Inc. has a one year low of $24.14 and a one year high of $41.66. The stock has a market cap of $3.45 billion, a price-to-earnings ratio of 32.23 and a beta of 0.65.

Iridium Communications announced that its board has authorized a stock buyback program on Thursday, September 19th that permits the company to buyback $500.00 million in shares. This buyback authorization permits the technology company to buy up to 14.2% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s leadership believes its stock is undervalued.

Iridium Communications Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Friday, September 13th were given a $0.14 dividend. The ex-dividend date was Friday, September 13th. This represents a $0.56 dividend on an annualized basis and a dividend yield of 1.85%. Iridium Communications’s payout ratio is presently 59.58%.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on the stock. Barclays boosted their target price on shares of Iridium Communications from $44.00 to $45.00 and gave the stock an “overweight” rating in a report on Wednesday, July 24th. BWS Financial restated a “neutral” rating and set a $30.00 target price on shares of Iridium Communications in a report 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 data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price 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.