Iridium Communications Inc. (NASDAQ:IRDM) Shares Acquired by Algert Global LLC

Algert Global LLC increased its position in shares of Iridium Communications Inc. (NASDAQ:IRDM) by 54.0% during the third quarter, Holdings Channel reports. The fund owned 365,121 shares of the technology company’s stock after acquiring an additional 128,018 shares during the quarter. Algert Global LLC’s holdings in Iridium Communications were worth $11,118,000 at the end of the most recent quarter.

A number of other hedge funds have also recently bought and sold shares of the company. Sumitomo Mitsui Trust Holdings Inc. lifted its stake in shares of Iridium Communications by 18.5% during the 2nd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 2,475,472 shares of the technology company’s stock worth $65,897,000 after purchasing an additional 385,872 shares during the period. Bayesian Capital Management LP acquired a new position in Iridium Communications in the first quarter valued at $544,000. Paralel Advisors LLC purchased a new position in Iridium Communications during the second quarter worth about $2,323,000. Cetera Investment Advisers acquired a new stake in Iridium Communications in the 1st quarter worth about $1,939,000. Finally, Los Angeles Capital Management LLC purchased a new stake in Iridium Communications in the 2nd quarter valued at about $1,899,000. Institutional investors and hedge funds own 84.36% of the company’s stock.

Wall Street Analysts Forecast Growth

Separately, BWS Financial reiterated a “neutral” rating and set a $30.00 price objective on shares of Iridium Communications in a report 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. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $41.00.

Insider Transactions at Iridium Communications

In other Iridium Communications news, insider Suzanne E. Mcbride sold 4,420 shares of the firm’s stock in a transaction dated Monday, November 4th. The stock was sold at an average price of $29.48, for a total value of $130,301.60. Following the transaction, the insider now directly owns 182,797 shares of the company’s stock, valued at $5,388,855.56. This trade represents a 2.36 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Robert H. Niehaus sold 38,355 shares of the company’s stock in a transaction dated Wednesday, October 23rd. The stock was sold at an average price of $29.39, for a total value of $1,127,253.45. Following the completion of the sale, the director now directly owns 254,824 shares of the company’s stock, valued at $7,489,277.36. The trade was a 13.08 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 2.00% of the company’s stock.

Iridium Communications Stock Up 3.3 %

Shares of NASDAQ IRDM opened at $29.40 on Friday. The company has a quick ratio of 2.01, a current ratio of 2.62 and a debt-to-equity ratio of 2.68. The stock has a market capitalization of $3.35 billion, a PE ratio of 31.28 and a beta of 0.65. The firm has a fifty day moving average of $29.53 and a 200-day moving average of $28.26. Iridium Communications Inc. has a 52-week low of $24.14 and a 52-week high of $41.66.

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

Iridium Communications announced that its Board of Directors has initiated a stock buyback plan on Thursday, September 19th that permits the company to repurchase $500.00 million in shares. This repurchase authorization permits the technology company to reacquire up to 14.2% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s leadership believes its shares are undervalued.

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.