NFJ Investment Group LLC Takes Position in Iridium Communications Inc. (NASDAQ:IRDM)

NFJ Investment Group LLC acquired a new stake in Iridium Communications Inc. (NASDAQ:IRDM) in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 59,680 shares of the technology company’s stock, valued at approximately $1,817,000. NFJ Investment Group LLC owned 0.05% of Iridium Communications at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. Allspring Global Investments Holdings LLC boosted its position in shares of Iridium Communications by 7,684.6% in the second quarter. Allspring Global Investments Holdings LLC now owns 1,012 shares of the technology company’s stock valued at $27,000 after acquiring an additional 999 shares during the period. Mather Group LLC. purchased a new stake in Iridium Communications in the second quarter valued at approximately $32,000. Blue Trust Inc. raised its stake in Iridium Communications by 109.7% in the second quarter. Blue Trust Inc. now owns 1,491 shares of the technology company’s stock valued at $39,000 after purchasing an additional 780 shares in the last quarter. International Assets Investment Management LLC purchased a new stake in Iridium Communications in the second quarter valued at approximately $45,000. Finally, Fifth Third Bancorp raised its stake in Iridium Communications by 322.1% in the second quarter. Fifth Third Bancorp now owns 1,735 shares of the technology company’s stock valued at $46,000 after purchasing an additional 1,324 shares in the last quarter. 84.36% of the stock is currently owned by institutional investors.

Iridium Communications Trading Up 2.4 %

Shares of IRDM opened at $30.64 on Thursday. The company has a market capitalization of $3.49 billion, a P/E ratio of 32.60 and a beta of 0.65. Iridium Communications Inc. has a 1-year low of $24.14 and a 1-year high of $41.66. The firm’s 50 day simple moving average is $29.77 and its 200 day simple moving average is $28.22. The company has a debt-to-equity ratio of 2.68, a current ratio of 2.62 and a quick ratio of 2.01.

Iridium Communications (NASDAQ:IRDM) last posted its quarterly earnings results on Thursday, October 17th. The technology company reported $0.21 EPS for the quarter, topping the consensus estimate of $0.20 by $0.01. The firm 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%. Sell-side analysts forecast that Iridium Communications Inc. will post 0.8 earnings per share for the current fiscal year.

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

Insiders Place Their Bets

In other news, Director Robert H. Niehaus sold 38,355 shares of the firm’s stock in a transaction that occurred on Wednesday, October 23rd. The shares were sold at an average price of $29.39, for a total value of $1,127,253.45. Following 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 ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Suzanne E. Mcbride sold 4,420 shares of the firm’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 transaction, the insider now owns 182,797 shares in the company, valued at $5,388,855.56. This represents a 2.36 % decrease in their position. The disclosure for this sale can be found here. Insiders own 2.00% of the company’s stock.

Wall Street Analyst Weigh In

Separately, BWS Financial reaffirmed a “neutral” rating and issued 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 issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $41.00.

About Iridium Communications

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.