IFM Investors Pty Ltd purchased a new position in Iridium Communications Inc. (NASDAQ:IRDM – Get Rating) in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 15,574 shares of the technology company's stock, valued at approximately $628,000.
Several other hedge funds have also recently made changes to their positions in the stock. Byrne Asset Management LLC purchased a new stake in Iridium Communications in the fourth quarter worth approximately $29,000. CWM LLC raised its holdings in Iridium Communications by 95.0% in the 1st quarter. CWM LLC now owns 739 shares of the technology company's stock worth $30,000 after purchasing an additional 360 shares during the period. Fifth Third Bancorp grew its holdings in Iridium Communications by 82.9% during the fourth quarter. Fifth Third Bancorp now owns 1,101 shares of the technology company's stock valued at $45,000 after purchasing an additional 499 shares during the period. Vienna Asset Management LLC purchased a new stake in Iridium Communications in the fourth quarter worth about $169,000. Finally, Comprehensive Financial Consultants Institutional Inc. bought a new position in shares of Iridium Communications in the fourth quarter worth about $203,000. 97.98% of the stock is owned by hedge funds and other institutional investors.
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Analyst Ratings Changes
Separately, StockNews.com raised shares of Iridium Communications from a "hold" rating to a "buy" rating in a report on Tuesday, May 24th. Five research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat, Iridium Communications presently has a consensus rating of "Buy" and an average target price of $50.00.
Insider Buying and Selling at Iridium Communications
In other news, Director Robert H. Niehaus sold 30,000 shares of the company's stock in a transaction that occurred on Wednesday, August 3rd. The stock was sold at an average price of $45.19, for a total transaction of $1,355,700.00. Following the sale, the director now directly owns 311,782 shares of the company's stock, valued at approximately $14,089,428.58. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, Director Robert H. Niehaus sold 30,000 shares of Iridium Communications stock in a transaction dated Wednesday, August 3rd. The shares were sold at an average price of $45.19, for a total transaction of $1,355,700.00. Following the completion of the transaction, the director now directly owns 311,782 shares of the company's stock, valued at approximately $14,089,428.58. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Barry West sold 3,002 shares of the stock in a transaction dated Friday, July 29th. The stock was sold at an average price of $44.03, for a total transaction of $132,178.06. Following the completion of the sale, the director now directly owns 44,423 shares in the company, valued at $1,955,944.69. The disclosure for this sale can be found here. Insiders sold 49,801 shares of company stock worth $2,240,833 in the last quarter. 2.50% of the stock is owned by corporate insiders.
Iridium Communications Price Performance
IRDM stock opened at $45.47 on Monday. The company has a debt-to-equity ratio of 1.33, a quick ratio of 2.97 and a current ratio of 3.23. Iridium Communications Inc. has a 1-year low of $31.73 and a 1-year high of $48.95. The business has a 50 day simple moving average of $38.89 and a two-hundred day simple moving average of $38.01.
Iridium Communications (NASDAQ:IRDM – Get Rating) last posted its earnings results on Tuesday, July 26th. The technology company reported $0.04 earnings per share for the quarter. The company had revenue of $174.90 million during the quarter, compared to analysts' expectations of $166.46 million. Iridium Communications had a negative net margin of 0.09% and a negative return on equity of 0.05%. Iridium Communications's quarterly revenue was up 16.6% on a year-over-year basis. During the same period last year, the company posted $0.03 earnings per share. As a group, equities analysts anticipate that Iridium Communications Inc. will post 0.09 earnings per share for the current fiscal year.
Iridium Communications announced that its board has authorized a stock repurchase program on Tuesday, April 19th that allows the company to buyback $300.00 million in shares. This buyback authorization allows the technology company to purchase up to 6.3% of its stock through open market purchases. Stock buyback programs are usually an indication that the company's management believes its shares are undervalued.
Iridium Communications Profile
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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.
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