Russell Investments Group Ltd. lessened its position in shares of Iridium Communications Inc. (NASDAQ:IRDM – Get Rating) by 6.2% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 83,436 shares of the technology company's stock after selling 5,549 shares during the quarter. Russell Investments Group Ltd. owned about 0.07% of Iridium Communications worth $3,362,000 as of its most recent SEC filing.
Other hedge funds have also recently added to or reduced their stakes in the company. Byrne Asset Management LLC purchased a new position in Iridium Communications during the 4th quarter worth approximately $29,000. CWM LLC grew its stake in shares of Iridium Communications by 95.0% in the 1st quarter. CWM LLC now owns 739 shares of the technology company's stock valued at $30,000 after purchasing an additional 360 shares during the last quarter. Fifth Third Bancorp grew its stake in shares of Iridium Communications by 82.9% in the 4th 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 last quarter. Vienna Asset Management LLC purchased a new position in shares of Iridium Communications in the 4th quarter valued at approximately $169,000. Finally, Comprehensive Financial Consultants Institutional Inc. purchased a new position in shares of Iridium Communications in the 4th quarter valued at approximately $203,000. Hedge funds and other institutional investors own 97.98% of the company's stock.
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Analysts Set New Price Targets
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 issued a strong buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Buy" and a consensus target price of $50.00.
Iridium Communications Price Performance
IRDM opened at $46.05 on Friday. 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 business has a 50 day simple moving average of $39.65 and a 200-day simple moving average of $38.31. Iridium Communications Inc. has a 12 month low of $31.73 and a 12 month high of $48.95.
Iridium Communications (NASDAQ:IRDM – Get Rating) last issued its quarterly earnings data on Tuesday, July 26th. The technology company reported $0.04 earnings per share (EPS) for the quarter. The firm had revenue of $174.90 million during the quarter, compared to analysts' expectations of $166.46 million. Iridium Communications had a negative return on equity of 0.05% and a negative net margin of 0.09%. Iridium Communications's revenue was up 16.6% on a year-over-year basis. During the same period in the previous year, the firm posted $0.03 earnings per share. On average, research analysts anticipate that Iridium Communications Inc. will post 0.09 EPS for the current year.
Iridium Communications announced that its Board of Directors has approved a share buyback plan on Tuesday, April 19th that allows the company to repurchase $300.00 million in shares. This repurchase authorization allows the technology company to buy up to 6.3% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company's leadership believes its shares are undervalued.
Insider Buying and Selling
In other news, Director Barry West sold 3,002 shares of the business's stock in a transaction on Friday, July 29th. The stock was sold at an average price of $44.03, for a total value of $132,178.06. Following the completion of the transaction, the director now directly owns 44,423 shares of the company's stock, valued at $1,955,944.69. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other news, insider Kathleen A. Morgan sold 3,000 shares of the business's stock in a transaction on Thursday, July 28th. The stock was sold at an average price of $44.00, for a total value of $132,000.00. Following the completion of the transaction, the insider now directly owns 49,399 shares of the company's stock, valued at $2,173,556. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Barry West sold 3,002 shares of Iridium Communications stock in a transaction on Friday, July 29th. The shares were sold at an average price of $44.03, for a total value of $132,178.06. Following the completion of the sale, the director now directly owns 44,423 shares of the company's stock, valued at approximately $1,955,944.69. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 49,801 shares of company stock valued at $2,240,833. 2.50% of the stock is owned by insiders.
About Iridium Communications
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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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