Pacer Advisors Inc. Has $21.52 Million Stock Position in Iridium Communications Inc. (NASDAQ:IRDM)

Pacer Advisors Inc. lifted its holdings in shares of Iridium Communications Inc. (NASDAQ:IRDM) by 4.2% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 741,577 shares of the technology company’s stock after purchasing an additional 29,821 shares during the period. Pacer Advisors Inc.’s holdings in Iridium Communications were worth $21,521,000 as of its most recent filing with the SEC.

Several other institutional investors also recently modified their holdings of the business. Sei Investments Co. acquired a new position in Iridium Communications during the 2nd quarter worth about $2,592,000. Marshall Wace LLP acquired a new position in shares of Iridium Communications in the second quarter worth approximately $218,000. Algert Global LLC boosted its holdings in Iridium Communications by 28.4% in the second quarter. Algert Global LLC now owns 237,103 shares of the technology company’s stock valued at $6,312,000 after acquiring an additional 52,513 shares during the last quarter. Creative Planning increased its position in Iridium Communications by 57.8% during the 2nd quarter. Creative Planning now owns 25,548 shares of the technology company’s stock valued at $680,000 after purchasing an additional 9,359 shares during the period. Finally, Quarry LP increased its position in Iridium Communications by 12.4% during the 2nd quarter. Quarry LP now owns 7,533 shares of the technology company’s stock valued at $201,000 after purchasing an additional 832 shares during the period. Institutional investors own 84.36% of the company’s stock.

Insider Buying and Selling

In other news, 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 $5,388,855.56. The trade was a 2.36 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Thomas Fitzpatrick sold 12,500 shares of the firm’s stock in a transaction dated Friday, January 10th. The shares were sold at an average price of $28.53, for a total transaction of $356,625.00. Following the completion of the transaction, the director now directly owns 241,030 shares in the company, valued at approximately $6,876,585.90. The trade was a 4.93 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 16,977 shares of company stock valued at $488,593. 2.00% of the stock is owned by company insiders.

Iridium Communications Stock Down 3.9 %

Shares of NASDAQ IRDM opened at $29.82 on Tuesday. The company has a quick ratio of 2.01, a current ratio of 2.62 and a debt-to-equity ratio of 2.68. The firm has a market cap of $3.40 billion, a PE ratio of 31.72 and a beta of 0.65. The company’s fifty day simple moving average is $29.33 and its 200 day simple moving average is $28.67. Iridium Communications Inc. has a 12-month low of $24.14 and a 12-month high of $37.13.

Iridium Communications Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, December 31st. Stockholders of record on Monday, December 16th were paid a $0.14 dividend. The ex-dividend date of this dividend was Monday, December 16th. This represents a $0.56 annualized dividend and a dividend yield of 1.88%. Iridium Communications’s dividend payout ratio is presently 59.58%.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on IRDM. Cantor Fitzgerald began coverage on shares of Iridium Communications in a research note on Friday. They issued an “overweight” rating and a $40.00 price objective on the stock. BWS Financial reiterated a “neutral” rating and set a $30.00 price target on shares of Iridium Communications in a report on Monday, October 21st. Two analysts have rated the stock with a hold rating, two have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $40.75.

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.