7,051 Shares in Iridium Communications Inc. (NASDAQ:IRDM) Purchased by Capstone Investment Advisors LLC

Capstone Investment Advisors LLC purchased a new stake in Iridium Communications Inc. (NASDAQ:IRDM) in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 7,051 shares of the technology company’s stock, valued at approximately $215,000.

Several other hedge funds have also bought and sold shares of IRDM. Allspring Global Investments Holdings LLC increased its holdings in shares of Iridium Communications by 7,684.6% during the 2nd 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 in the last quarter. Mather Group LLC. purchased a new position in Iridium Communications in the second quarter valued at $32,000. Blue Trust Inc. increased its holdings 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 buying an additional 780 shares in the last quarter. International Assets Investment Management LLC acquired a new position in shares of Iridium Communications in the second quarter worth about $45,000. Finally, Fifth Third Bancorp boosted its stake in shares of Iridium Communications by 322.1% during the 2nd quarter. Fifth Third Bancorp now owns 1,735 shares of the technology company’s stock worth $46,000 after acquiring an additional 1,324 shares in the last quarter. Hedge funds and other institutional investors own 84.36% of the company’s stock.

Analyst Upgrades and Downgrades

Separately, BWS Financial restated a “neutral” rating and issued a $30.00 price target on shares of Iridium Communications in a research note on Monday, October 21st. Two equities 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 stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $41.00.

Insider Activity at Iridium Communications

In other Iridium Communications news, Director Robert H. Niehaus sold 38,355 shares of the company’s stock in a transaction 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 completion of the transaction, the director now owns 254,824 shares in the company, valued at $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 is available at this hyperlink. Also, 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 in the company, valued at approximately $5,388,855.56. The trade was a 2.36 % decrease in their position. The disclosure for this sale can be found here. 2.00% of the stock is currently owned by corporate insiders.

Iridium Communications Price Performance

Shares of NASDAQ IRDM opened at $29.72 on Friday. Iridium Communications Inc. has a one year low of $24.14 and a one year high of $41.66. The company has a debt-to-equity ratio of 2.68, a quick ratio of 2.01 and a current ratio of 2.62. The firm has a market cap of $3.38 billion, a PE ratio of 31.62 and a beta of 0.65. The firm has a fifty day moving average of $29.72 and a 200 day moving average of $28.24.

Iridium Communications (NASDAQ:IRDM) last released its quarterly earnings data on Thursday, October 17th. The technology company reported $0.21 earnings per share (EPS) 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 business had revenue of $212.77 million during the quarter, compared to analysts’ expectations of $205.68 million. As a group, research analysts predict that Iridium Communications Inc. will post 0.8 EPS for the current fiscal year.

Iridium Communications declared that its Board of Directors has initiated a share repurchase program on Thursday, September 19th that allows the company to buyback $500.00 million in outstanding shares. This buyback authorization allows the technology company to purchase up to 14.2% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s management believes its stock is undervalued.

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.