Algert Global LLC Grows Stock Position in Iridium Communications Inc. (NASDAQ:IRDM)

Algert Global LLC increased its stake in shares of Iridium Communications Inc. (NASDAQ:IRDM) by 54.0% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 365,121 shares of the technology company’s stock after purchasing an additional 128,018 shares during the quarter. Algert Global LLC owned 0.32% of Iridium Communications worth $11,118,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Allspring Global Investments Holdings LLC lifted its stake in shares of Iridium Communications by 7,684.6% in the 2nd quarter. Allspring Global Investments Holdings LLC now owns 1,012 shares of the technology company’s stock worth $27,000 after acquiring an additional 999 shares during the period. Acadian Asset Management LLC purchased a new position in Iridium Communications during the first quarter worth about $29,000. Mather Group LLC. acquired a new stake in Iridium Communications in the second quarter valued at about $32,000. Blue Trust Inc. boosted its holdings in Iridium Communications by 109.7% in the 2nd quarter. Blue Trust Inc. now owns 1,491 shares of the technology company’s stock valued at $39,000 after purchasing an additional 780 shares in the last quarter. Finally, International Assets Investment Management LLC acquired a new position in Iridium Communications during the second quarter worth $45,000. 84.36% of the stock is currently owned by hedge funds and other institutional investors.

Iridium Communications Trading Up 3.3 %

Shares of Iridium Communications stock opened at $29.40 on Friday. The company has a 50-day moving average of $29.53 and a two-hundred day moving average of $28.26. Iridium Communications Inc. has a 12-month low of $24.14 and a 12-month high of $41.66. The company has a current ratio of 2.62, a quick ratio of 2.01 and a debt-to-equity ratio of 2.68. The stock has a market cap of $3.35 billion, a PE ratio of 31.28 and a beta of 0.65.

Iridium Communications (NASDAQ:IRDM) last released its quarterly earnings data on Thursday, October 17th. The technology company reported $0.21 earnings per share for the quarter, beating the consensus estimate 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 return on equity of 14.34% and a net margin of 14.09%. On average, research analysts anticipate that Iridium Communications Inc. will post 0.8 EPS for the current fiscal year.

Iridium Communications announced that its Board of Directors has initiated a stock buyback plan on Thursday, September 19th that authorizes the company to repurchase $500.00 million in outstanding shares. This repurchase authorization authorizes the technology company to repurchase up to 14.2% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s leadership believes its shares are undervalued.

Analyst Ratings Changes

Separately, BWS Financial reissued a “neutral” rating and issued a $30.00 target price on shares of Iridium Communications in a report 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. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $41.00.

Insider Buying and Selling at Iridium Communications

In related news, Director Robert H. Niehaus sold 38,355 shares of Iridium Communications stock in a transaction that occurred on 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 completion of the transaction, the director now directly owns 254,824 shares in the company, valued at $7,489,277.36. The trade was a 13.08 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Suzanne E. Mcbride sold 4,420 shares of the stock in a transaction 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 sale, the insider now owns 182,797 shares in the company, valued at approximately $5,388,855.56. This trade represents a 2.36 % decrease in their position. The disclosure for this sale can be found here. 2.00% of the stock is owned by corporate insiders.

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.