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Great West Life Assurance Co. Can Takes Position in Iridium Communications Inc. (NASDAQ:IRDM)

Defense World · Jan 25, 2023 06:31

Great West Life Assurance Co. Can acquired a new stake in Iridium Communications Inc. (NASDAQ:IRDM – Get Rating) in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 75,768 shares of the technology company's stock, valued at approximately $3,363,000.

Other institutional investors and hedge funds have also made changes to their positions in the company. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. boosted its holdings in Iridium Communications by 0.6% during the third quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 40,129 shares of the technology company's stock worth $1,781,000 after buying an additional 221 shares in the last quarter. Telemus Capital LLC boosted its holdings in Iridium Communications by 4.4% during the third quarter. Telemus Capital LLC now owns 5,813 shares of the technology company's stock worth $258,000 after buying an additional 247 shares in the last quarter. Institute for Wealth Management LLC. boosted its holdings in Iridium Communications by 1.8% during the third quarter. Institute for Wealth Management LLC. now owns 14,312 shares of the technology company's stock worth $635,000 after buying an additional 256 shares in the last quarter. US Bancorp DE lifted its position in shares of Iridium Communications by 4.3% in the 3rd quarter. US Bancorp DE now owns 7,522 shares of the technology company's stock valued at $334,000 after acquiring an additional 311 shares in the last quarter. Finally, Creative Planning lifted its position in shares of Iridium Communications by 3.9% in the 2nd quarter. Creative Planning now owns 8,468 shares of the technology company's stock valued at $318,000 after acquiring an additional 320 shares in the last quarter. 83.82% of the stock is currently owned by institutional investors.

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Insider Transactions at Iridium Communications

In other news, CAO Timothy Kapalka sold 2,382 shares of the stock in a transaction on Monday, October 31st. The shares were sold at an average price of $51.25, for a total transaction of $122,077.50. Following the transaction, the chief accounting officer now owns 19,896 shares in the company, valued at approximately $1,019,670. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other news, CAO Timothy Kapalka sold 2,382 shares of the stock in a transaction on Monday, October 31st. The shares were sold at an average price of $51.25, for a total transaction of $122,077.50. Following the transaction, the chief accounting officer now owns 19,896 shares in the company, valued at approximately $1,019,670. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Parker William Rush sold 27,363 shares of the firm's stock in a transaction on Tuesday, November 1st. The shares were sold at an average price of $52.00, for a total transaction of $1,422,876.00. Following the completion of the transaction, the director now owns 190,044 shares in the company, valued at $9,882,288. The disclosure for this sale can be found here. Insiders have sold a total of 104,412 shares of company stock worth $5,627,529 in the last 90 days. 2.50% of the stock is owned by insiders.

Iridium Communications Stock Down 0.5 %

IRDM stock opened at $59.58 on Wednesday. Iridium Communications Inc. has a 12-month low of $31.73 and a 12-month high of $62.48. The company has a quick ratio of 2.52, a current ratio of 2.82 and a debt-to-equity ratio of 1.37. The company has a market cap of $7.49 billion, a price-to-earnings ratio of 1,489.87 and a beta of 1.11. The company has a 50 day moving average of $53.66 and a two-hundred day moving average of $48.48.

Iridium Communications Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, March 30th. Stockholders of record on Wednesday, March 15th will be paid a dividend of $0.13 per share. The ex-dividend date of this dividend is Tuesday, March 14th. This represents a $0.52 annualized dividend and a dividend yield of 0.87%.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on the stock. Morgan Stanley upped their price target on shares of Iridium Communications from $50.00 to $64.00 and gave the company an "overweight" rating in a research report on Monday, October 17th. StockNews.com upgraded shares of Iridium Communications from a "hold" rating to a "buy" rating in a research report on Monday, December 26th. BWS Financial upped their price target on shares of Iridium Communications from $60.00 to $75.00 and gave the company a "buy" rating in a research report on Monday, January 9th. Raymond James upped their price target on shares of Iridium Communications from $51.00 to $60.00 and gave the company a "strong-buy" rating in a research report on Friday, October 21st. Finally, Barclays downgraded shares of Iridium Communications from an "overweight" rating to an "equal weight" rating and cut their target price for the stock from $48.00 to $45.00 in a research report on Wednesday, October 19th. One analyst has rated the stock with a hold rating, four have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Buy" and an average price target of $57.60.

About Iridium Communications

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Iridium Communications, Inc engages in the provision of global satellite communications services and products. Its products include personal communicators, messengers, and trackers, satellite phones, push-to-talk-devices, broadband, midband, and external terminals, docking stations, apps, and accessories.