Iridium Communications Inc. (NASDAQ:IRDM) Shares Sold by M&T Bank Corp

M&T Bank Corp trimmed its holdings in Iridium Communications Inc. (NASDAQ:IRDM) by 21.9% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 7,311 shares of the technology company’s stock after selling 2,047 shares during the period. M&T Bank Corp’s holdings in Iridium Communications were worth $222,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently added to or reduced their stakes in IRDM. Allspring Global Investments Holdings LLC grew 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 purchasing an additional 999 shares during the last quarter. Blue Trust Inc. lifted its stake in Iridium Communications by 109.7% in the 2nd quarter. Blue Trust Inc. now owns 1,491 shares of the technology company’s stock valued at $39,000 after buying an additional 780 shares in the last quarter. International Assets Investment Management LLC acquired a new stake in Iridium Communications during the 2nd quarter valued at $45,000. Fifth Third Bancorp increased its position in Iridium Communications by 322.1% during the second quarter. Fifth Third Bancorp now owns 1,735 shares of the technology company’s stock worth $46,000 after buying an additional 1,324 shares in the last quarter. Finally, Signaturefd LLC raised its holdings in shares of Iridium Communications by 83.7% in the second quarter. Signaturefd LLC now owns 1,822 shares of the technology company’s stock worth $49,000 after acquiring an additional 830 shares during the last quarter. 84.36% of the stock is currently owned by hedge funds and other institutional investors.

Iridium Communications Price Performance

Shares of NASDAQ:IRDM opened at $29.50 on Friday. The company has a market cap of $3.36 billion, a P/E ratio of 31.38 and a beta of 0.65. The business has a fifty day simple moving average of $29.75 and a 200-day simple moving average of $28.23. Iridium Communications Inc. has a 52 week low of $24.14 and a 52 week high of $41.63. 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 posted its quarterly earnings data on Thursday, October 17th. The technology company reported $0.21 EPS for the quarter, beating analysts’ consensus estimates of $0.20 by $0.01. The company had revenue of $212.77 million during 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%. Equities research analysts forecast that Iridium Communications Inc. will post 0.8 EPS for the current year.

Iridium Communications declared that its board has authorized a stock buyback plan on Thursday, September 19th that allows the company to buyback $500.00 million in outstanding shares. This buyback authorization allows the technology company to reacquire up to 14.2% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s management believes its stock is undervalued.

Iridium Communications Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Monday, December 16th will be paid a dividend of $0.14 per share. This represents a $0.56 dividend on an annualized basis and a yield of 1.90%. The ex-dividend date of this dividend is Monday, December 16th. Iridium Communications’s dividend payout ratio is currently 59.57%.

Insider Buying and Selling at Iridium Communications

In related 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 value of $130,301.60. Following the transaction, the insider now owns 182,797 shares in the company, valued at approximately $5,388,855.56. This trade represents a 2.36 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Robert H. Niehaus sold 38,355 shares of Iridium Communications 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 transaction, the director now directly 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 disclosure for this sale can be found here. 2.00% of the stock is owned by company insiders.

Analyst Ratings Changes

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

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.