Iridium Communications Inc. (NASDAQ:IRDM – Get Rating) Director Robert H. Niehaus sold 30,000 shares of Iridium Communications stock in a transaction dated Wednesday, August 3rd. The stock was sold at an average price of $45.19, for a total value of $1,355,700.00. Following the sale, the director now directly owns 311,782 shares in the company, valued at $14,089,428.58. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link.
Iridium Communications Stock Up 0.7 %
Shares of IRDM opened at $45.79 on Friday. Iridium Communications Inc. has a 1 year low of $31.73 and a 1 year high of $48.95. The company has a debt-to-equity ratio of 1.33, a current ratio of 3.23 and a quick ratio of 2.97. The stock has a 50 day simple moving average of $38.75 and a 200-day simple moving average of $37.91.
Get Iridium Communications alerts:Iridium Communications (NASDAQ:IRDM – Get Rating) last issued its earnings results on Tuesday, July 26th. The technology company reported $0.04 earnings per share (EPS) for the quarter. Iridium Communications had a negative return on equity of 0.05% and a negative net margin of 0.09%. The business had revenue of $174.90 million during the quarter, compared to analysts' expectations of $166.46 million. During the same period in the prior year, the firm posted $0.03 EPS. Iridium Communications's quarterly revenue was up 16.6% compared to the same quarter last year. As a group, equities research analysts expect that Iridium Communications Inc. will post 0.09 earnings per share for the current fiscal year.
Iridium Communications announced that its Board of Directors has approved a stock buyback plan on Tuesday, April 19th that permits the company to repurchase $300.00 million in outstanding shares. This repurchase authorization permits the technology company to buy up to 6.3% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company's board believes its shares are undervalued.Wall Street Analyst Weigh In
Separately, StockNews.com upgraded Iridium Communications from a "hold" rating to a "buy" rating in a research note on Tuesday, May 24th. Five equities 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 MarketBeat.com, the company has an average rating of "Buy" and a consensus target price of $50.00.
Institutional Investors Weigh In On Iridium Communications
Several institutional investors and hedge funds have recently made changes to their positions in the company. Select Equity Group L.P. boosted its stake in Iridium Communications by 79.7% in the first quarter. Select Equity Group L.P. now owns 2,171,634 shares of the technology company's stock worth $87,560,000 after purchasing an additional 963,386 shares in the last quarter. State Street Corp increased its position in Iridium Communications by 13.5% in the 1st quarter. State Street Corp now owns 4,733,034 shares of the technology company's stock valued at $190,836,000 after acquiring an additional 564,367 shares in the last quarter. Renaissance Technologies LLC increased its position in Iridium Communications by 174.7% in the 1st quarter. Renaissance Technologies LLC now owns 688,699 shares of the technology company's stock valued at $27,768,000 after acquiring an additional 438,000 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. acquired a new stake in Iridium Communications in the 1st quarter valued at about $10,453,000. Finally, Assenagon Asset Management S.A. increased its position in Iridium Communications by 326.9% in the 2nd quarter. Assenagon Asset Management S.A. now owns 301,309 shares of the technology company's stock valued at $11,317,000 after acquiring an additional 230,735 shares in the last quarter. Institutional investors and hedge funds own 97.98% of the company's stock.
Iridium Communications Company 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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