Penserra Capital Management LLC Purchases 5,173 Shares of Iridium Communications Inc. (NASDAQ:IRDM)

Penserra Capital Management LLC boosted its position in shares of Iridium Communications Inc. (NASDAQ:IRDM) by 9.5% in the third quarter, Holdings Channel.com reports. The institutional investor owned 59,640 shares of the technology company’s stock after acquiring an additional 5,173 shares during the period. Penserra Capital Management LLC’s holdings in Iridium Communications were worth $1,816,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in IRDM. State of Alaska Department of Revenue boosted its position in shares of Iridium Communications by 2.8% during the 3rd quarter. State of Alaska Department of Revenue now owns 13,750 shares of the technology company’s stock valued at $418,000 after acquiring an additional 375 shares during the last quarter. Daiwa Securities Group Inc. grew its stake in shares of Iridium Communications by 4.2% in the 2nd quarter. Daiwa Securities Group Inc. now owns 11,389 shares of the technology company’s stock worth $303,000 after buying an additional 462 shares in the last quarter. GAMMA Investing LLC increased its holdings in shares of Iridium Communications by 25.2% in the 3rd quarter. GAMMA Investing LLC now owns 2,399 shares of the technology company’s stock worth $73,000 after buying an additional 483 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. raised its position in shares of Iridium Communications by 6.2% during the 2nd quarter. Point72 Asia Singapore Pte. Ltd. now owns 11,480 shares of the technology company’s stock valued at $306,000 after buying an additional 671 shares in the last quarter. Finally, Mcdonald Partners LLC lifted its holdings in shares of Iridium Communications by 4.1% in the 2nd quarter. Mcdonald Partners LLC now owns 17,925 shares of the technology company’s stock valued at $477,000 after acquiring an additional 700 shares during the last quarter. Hedge funds and other institutional investors own 84.36% of the company’s stock.

Iridium Communications Trading Up 2.0 %

Shares of IRDM opened at $29.99 on Tuesday. The company’s fifty day simple moving average is $29.62 and its 200-day simple moving average is $28.23. The company has a market cap of $3.41 billion, a P/E ratio of 31.90 and a beta of 0.65. The company has a current ratio of 2.62, a quick ratio of 2.01 and a debt-to-equity ratio of 2.68. Iridium Communications Inc. has a twelve month low of $24.14 and a twelve month high of $41.66.

Iridium Communications (NASDAQ:IRDM) last issued its quarterly earnings results on Thursday, October 17th. The technology company reported $0.21 EPS for the quarter, beating the consensus estimate of $0.20 by $0.01. The company had revenue of $212.77 million for the quarter, compared to the consensus estimate of $205.68 million. Iridium Communications had a net margin of 14.09% and a return on equity of 14.34%. As a group, analysts expect that Iridium Communications Inc. will post 0.8 EPS for the current year.

Iridium Communications declared that its board has approved a stock repurchase program on Thursday, September 19th that permits the company to buyback $500.00 million in outstanding shares. This buyback authorization permits the technology company to purchase up to 14.2% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s leadership believes its stock is undervalued.

Analysts Set New Price Targets

Separately, BWS Financial reissued a “neutral” rating and set a $30.00 price objective on shares of Iridium Communications in a research note on Monday, October 21st. Two investment 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 stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $41.00.

Insider Activity

In other news, insider Suzanne E. Mcbride sold 4,420 shares of the business’s stock in a transaction on Monday, November 4th. The shares were sold at an average price of $29.48, for a total transaction of $130,301.60. Following the completion of the sale, the insider now directly owns 182,797 shares of the company’s stock, valued at approximately $5,388,855.56. The trade was a 2.36 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Robert H. Niehaus sold 38,355 shares of the firm’s stock in a transaction dated 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. This represents a 13.08 % decrease in their position. The disclosure for this sale can be found here. Insiders own 2.00% of the company’s stock.

Iridium Communications Profile

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.