Mutual of America Capital Management LLC Sells 5,542 Shares of Iridium Communications Inc. (NASDAQ:IRDM)

Mutual of America Capital Management LLC trimmed its holdings in shares of Iridium Communications Inc. (NASDAQ:IRDM) by 8.0% during the third quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 63,982 shares of the technology company’s stock after selling 5,542 shares during the period. Mutual of America Capital Management LLC’s holdings in Iridium Communications were worth $1,948,000 as of its most recent filing with the SEC.

Several other hedge funds also recently modified their holdings of the stock. Impax Asset Management Group plc bought a new stake in Iridium Communications in the third quarter valued at $697,000. KBC Group NV boosted its position in shares of Iridium Communications by 25.9% during the 3rd quarter. KBC Group NV now owns 3,796 shares of the technology company’s stock worth $116,000 after purchasing an additional 781 shares in the last quarter. Victory Capital Management Inc. increased its position in Iridium Communications by 0.7% in the 3rd quarter. Victory Capital Management Inc. now owns 1,609,649 shares of the technology company’s stock valued at $49,014,000 after buying an additional 11,117 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. boosted its holdings in Iridium Communications by 1.3% in the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 2,508,546 shares of the technology company’s stock worth $76,385,000 after acquiring an additional 33,074 shares in the last quarter. Finally, Versor Investments LP bought a new position in Iridium Communications in the third quarter worth approximately $1,516,000. Institutional investors own 84.36% of the company’s stock.

Iridium Communications Price Performance

Shares of NASDAQ:IRDM opened at $29.40 on Monday. Iridium Communications Inc. has a fifty-two week low of $24.14 and a fifty-two week high of $41.66. The company’s 50-day moving average is $29.58 and its 200 day moving average is $28.23. 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 company has a market capitalization of $3.35 billion, a P/E ratio of 31.28 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, beating analysts’ consensus estimates of $0.20 by $0.01. The firm had revenue of $212.77 million during the quarter, compared to the consensus estimate of $205.68 million. Iridium Communications had a net margin of 14.09% and a return on equity of 14.34%. On average, equities research analysts forecast that Iridium Communications Inc. will post 0.8 earnings per share for the current year.

Iridium Communications declared that its board has approved a share repurchase plan on Thursday, September 19th that permits the company to repurchase $500.00 million in shares. This repurchase authorization permits the technology company to purchase up to 14.2% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s management believes its shares are undervalued.

Analysts Set New Price Targets

Separately, BWS Financial restated a “neutral” rating and set a $30.00 price target on shares of Iridium Communications in a research note on Monday, October 21st. Two analysts have rated the stock with a hold rating, one has given 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.

Insider Activity

In other news, insider Suzanne E. Mcbride sold 4,420 shares of Iridium Communications 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 transaction, the insider now directly owns 182,797 shares in the company, valued at approximately $5,388,855.56. The trade was a 2.36 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, 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 sale, the director now directly owns 254,824 shares in the company, valued at $7,489,277.36. This trade represents a 13.08 % decrease in their position. The disclosure for this sale can be found here. Insiders own 2.00% of the company’s stock.

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.