Advisors Asset Management Inc. Sells 8,499 Shares of Iridium Communications Inc. (NASDAQ:IRDM)

Advisors Asset Management Inc. cut its stake in Iridium Communications Inc. (NASDAQ:IRDM) by 36.5% in the third quarter, Holdings Channel reports. The institutional investor owned 14,805 shares of the technology company’s stock after selling 8,499 shares during the period. Advisors Asset Management Inc.’s holdings in Iridium Communications were worth $451,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. Meeder Asset Management Inc. bought a new stake in shares of Iridium Communications during the third quarter worth $407,000. Pathstone Holdings LLC lifted its position in shares of Iridium Communications by 14.3% during the third quarter. Pathstone Holdings LLC now owns 61,825 shares of the technology company’s stock worth $1,883,000 after purchasing an additional 7,722 shares during the last quarter. Quest Partners LLC lifted its position in shares of Iridium Communications by 182.2% during the third quarter. Quest Partners LLC now owns 13,877 shares of the technology company’s stock worth $423,000 after purchasing an additional 8,959 shares during the last quarter. Thrivent Financial for Lutherans lifted its position in shares of Iridium Communications by 19.8% during the third quarter. Thrivent Financial for Lutherans now owns 130,370 shares of the technology company’s stock worth $3,970,000 after purchasing an additional 21,522 shares during the last quarter. Finally, Impax Asset Management Group plc bought a new stake in shares of Iridium Communications during the third quarter worth $697,000. 84.36% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Iridium Communications

In other 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 transaction of $1,127,253.45. Following the sale, the director now owns 254,824 shares in the company, valued at approximately $7,489,277.36. The trade was a 13.08 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Suzanne E. Mcbride sold 4,420 shares of the business’s stock in a transaction dated Monday, November 4th. The stock was sold at an average price of $29.48, for a total value of $130,301.60. Following the sale, the insider now owns 182,797 shares in the company, valued at $5,388,855.56. The trade was a 2.36 % decrease in their position. The disclosure for this sale can be found here. 2.00% of the stock is owned by insiders.

Wall Street Analyst Weigh In

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 research analysts have rated the stock with a hold rating, one has issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $41.00.

Iridium Communications Price Performance

IRDM opened at $29.60 on Thursday. The business’s 50-day moving average is $29.63 and its two-hundred day moving average is $28.22. Iridium Communications Inc. has a 1 year low of $24.14 and a 1 year high of $41.66. 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 firm has a market capitalization of $3.37 billion, a PE ratio of 31.77 and a beta of 0.65.

Iridium Communications (NASDAQ:IRDM) last posted its earnings results on Thursday, October 17th. The technology company reported $0.21 earnings per share (EPS) for the quarter, beating 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 company had revenue of $212.77 million for the quarter, compared to analyst estimates of $205.68 million. Research analysts anticipate that Iridium Communications Inc. will post 0.8 earnings per share for the current fiscal year.

Iridium Communications announced that its Board of Directors has authorized a share buyback program on Thursday, September 19th that allows the company to buyback $500.00 million in outstanding shares. This buyback authorization allows the technology company to reacquire up to 14.2% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board believes its shares are undervalued.

Iridium Communications Company 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.