Iridium Communications Inc. (NASDAQ:IRDM) Shares Purchased by Point72 Asia Singapore Pte. Ltd.

Point72 Asia Singapore Pte. Ltd. raised its stake in Iridium Communications Inc. (NASDAQ:IRDM) by 64.9% in the third quarter, HoldingsChannel.com reports. The fund owned 18,936 shares of the technology company’s stock after buying an additional 7,456 shares during the quarter. Point72 Asia Singapore Pte. Ltd.’s holdings in Iridium Communications were worth $577,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors also recently made changes to their positions in the company. Van Berkom & Associates Inc. boosted its position in Iridium Communications by 4.6% during the 2nd quarter. Van Berkom & Associates Inc. now owns 3,480,051 shares of the technology company’s stock valued at $92,639,000 after purchasing an additional 152,232 shares during the period. Sumitomo Mitsui Trust Group Inc. lifted its stake in Iridium Communications by 1.3% in the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 2,508,546 shares of the technology company’s stock valued at $76,385,000 after buying an additional 33,074 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. boosted its holdings in shares of Iridium Communications by 18.5% during the second quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 2,475,472 shares of the technology company’s stock valued at $65,897,000 after acquiring an additional 385,872 shares during the period. Victory Capital Management Inc. boosted its holdings in shares of Iridium Communications by 0.7% during the third quarter. Victory Capital Management Inc. now owns 1,609,649 shares of the technology company’s stock valued at $49,014,000 after acquiring an additional 11,117 shares during the period. Finally, FMR LLC grew its position in shares of Iridium Communications by 26.7% during the third quarter. FMR LLC now owns 942,380 shares of the technology company’s stock worth $28,695,000 after acquiring an additional 198,360 shares during the last quarter. 84.36% of the stock is owned by institutional investors.

Insider Buying and Selling at Iridium Communications

In other news, Director Robert H. Niehaus sold 38,355 shares of the firm’s stock in a transaction dated Wednesday, October 23rd. The shares were 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 owns 254,824 shares in the company, valued at approximately $7,489,277.36. This trade represents a 13.08 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Suzanne E. Mcbride sold 4,420 shares of the business’s stock in a transaction that occurred on Monday, November 4th. The stock was 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 owns 182,797 shares in the company, valued at $5,388,855.56. The trade was a 2.36 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 2.00% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Separately, BWS Financial reissued a “neutral” rating and set a $30.00 target price on shares of Iridium Communications in a research note on Monday, October 21st. Two research analysts have rated the stock with a hold rating, one has assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $41.00.

Iridium Communications Price Performance

Shares of NASDAQ IRDM opened at $30.53 on Tuesday. The stock has a market cap of $3.48 billion, a P/E ratio of 31.62 and a beta of 0.65. The firm’s 50-day simple moving average is $29.72 and its 200 day simple moving average is $28.21. Iridium Communications Inc. has a fifty-two week low of $24.14 and a fifty-two week high of $41.66. The company has a quick ratio of 2.01, a current ratio of 2.62 and a debt-to-equity ratio of 2.68.

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

Iridium Communications announced that its Board of Directors has initiated a share repurchase program on Thursday, September 19th that authorizes the company to buyback $500.00 million in outstanding shares. This buyback authorization authorizes the technology company to repurchase up to 14.2% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s leadership believes its shares are undervalued.

Iridium Communications Company 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.