Iridium Communications Inc. (NASDAQ:IRDM) Shares Sold by Cullen Investment Group LTD.

Cullen Investment Group LTD. trimmed its stake in shares of Iridium Communications Inc. (NASDAQ:IRDM) by 2.9% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 33,633 shares of the technology company’s stock after selling 991 shares during the period. Cullen Investment Group LTD.’s holdings in Iridium Communications were worth $976,000 at the end of the most recent quarter.

Several other large investors also recently bought and sold shares of the company. Capital Performance Advisors LLP purchased a new position in Iridium Communications during the third quarter worth approximately $57,000. GAMMA Investing LLC lifted its stake in shares of Iridium Communications by 25.2% in the 3rd quarter. GAMMA Investing LLC now owns 2,399 shares of the technology company’s stock valued at $73,000 after purchasing an additional 483 shares during the last quarter. KBC Group NV increased its position in shares of Iridium Communications by 25.9% during the 3rd quarter. KBC Group NV now owns 3,796 shares of the technology company’s stock worth $116,000 after purchasing an additional 781 shares during the last quarter. Quarry LP raised its holdings in Iridium Communications by 12.4% in the 2nd quarter. Quarry LP now owns 7,533 shares of the technology company’s stock valued at $201,000 after buying an additional 832 shares during the period. Finally, Capstone Investment Advisors LLC acquired a new position in Iridium Communications in the third quarter valued at about $215,000. 84.36% of the stock is currently owned by hedge funds and other institutional investors.

Iridium Communications Stock Down 2.8 %

IRDM stock opened at $27.52 on Tuesday. Iridium Communications Inc. has a 12 month low of $24.14 and a 12 month high of $38.40. The company has a market cap of $3.13 billion, a price-to-earnings ratio of 29.28 and a beta of 0.65. The company has a fifty day moving average price of $29.51 and a 200 day moving average price of $28.50. 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 data 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. The company had revenue of $212.77 million during the quarter, compared to analysts’ expectations of $205.68 million. Iridium Communications had a return on equity of 14.34% and a net margin of 14.09%. Sell-side analysts expect that Iridium Communications Inc. will post 0.8 earnings per share for the current year.

Iridium Communications declared that its Board of Directors has authorized a stock 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 stock through open market purchases. Stock buyback programs are usually a sign that the company’s management believes its stock is undervalued.

Iridium Communications Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, December 31st. Shareholders of record on Monday, December 16th were given a dividend of $0.14 per share. The ex-dividend date was Monday, December 16th. This represents a $0.56 dividend on an annualized basis and a yield of 2.03%. Iridium Communications’s payout ratio is currently 59.57%.

Insider Transactions at Iridium Communications

In other Iridium Communications news, Director Robert H. Niehaus sold 38,355 shares of the stock in a transaction on 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 transaction, the director now owns 254,824 shares in the company, valued at approximately $7,489,277.36. This represents a 13.08 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Suzanne E. Mcbride sold 4,420 shares of the business’s stock in a transaction 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 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. In the last quarter, insiders sold 42,832 shares of company stock worth $1,259,221. Company insiders own 2.00% of the company’s stock.

Wall Street Analysts Forecast Growth

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’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $41.00.

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.