Bamco Inc. NY Has $338.57 Million Stock Holdings in Iridium Communications Inc. (NASDAQ:IRDM)

Bamco Inc. NY trimmed its position in Iridium Communications Inc. (NASDAQ:IRDM) by 0.6% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 11,118,785 shares of the technology company’s stock after selling 64,056 shares during the quarter. Iridium Communications makes up 0.9% of Bamco Inc. NY’s portfolio, making the stock its 24th biggest position. Bamco Inc. NY owned 0.10% of Iridium Communications worth $338,567,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in IRDM. Allspring Global Investments Holdings LLC raised its stake in shares of Iridium Communications by 7,684.6% during the second quarter. Allspring Global Investments Holdings LLC now owns 1,012 shares of the technology company’s stock worth $27,000 after buying an additional 999 shares during the last quarter. Mather Group LLC. acquired a new position in shares of Iridium Communications in the 2nd quarter valued at $32,000. Blue Trust Inc. boosted its position in shares of Iridium Communications by 109.7% in the 2nd quarter. Blue Trust Inc. now owns 1,491 shares of the technology company’s stock worth $39,000 after purchasing an additional 780 shares during the last quarter. International Assets Investment Management LLC bought a new position in shares of Iridium Communications in the 2nd quarter worth $45,000. Finally, Fifth Third Bancorp increased its holdings 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 during the last quarter. 84.36% of the stock is owned by institutional investors.

Iridium Communications Trading Up 0.4 %

Shares of NASDAQ IRDM opened at $29.72 on Monday. Iridium Communications Inc. has a twelve month low of $24.14 and a twelve month high of $41.66. The stock has a market cap of $3.38 billion, a price-to-earnings ratio of 31.62 and a beta of 0.65. 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 company’s fifty day moving average is $29.72 and its 200-day moving average is $28.22.

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

Iridium Communications announced that its Board of Directors has approved a share repurchase plan on Thursday, September 19th that permits the company to repurchase $500.00 million in outstanding shares. This repurchase authorization permits the technology company to repurchase up to 14.2% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s board of directors believes its stock is undervalued.

Wall Street Analysts Forecast Growth

Separately, BWS Financial restated a “neutral” rating and set a $30.00 target price 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 assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $41.00.

Insider Activity

In other Iridium Communications news, insider Suzanne E. Mcbride sold 4,420 shares of the firm’s stock in a transaction that occurred 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 sale, the insider now directly owns 182,797 shares in the company, valued at approximately $5,388,855.56. This trade represents a 2.36 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Robert H. Niehaus sold 38,355 shares of the company’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 transaction of $1,127,253.45. Following the completion of the transaction, the director now owns 254,824 shares of the company’s stock, valued at $7,489,277.36. This trade represents a 13.08 % decrease in their position. The disclosure for this sale can be found here. 2.00% of the stock is currently owned by company insiders.

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.