Pallas Capital Advisors LLC purchased a new position in Iridium Communications Inc. (NASDAQ:IRDM – Free Reportin the third quarter, according to the most recent Form 13F filed with the Securities and Exchange Commission (SEC). The institutional investor purchased 7,861 shares of the technology company, valued at approximately $227,000.

Other institutional investors and hedge funds have also recently modified their holdings in the company. Alaska State Department of Revenue increased its position in shares of Iridium Communications by 2.8% in the third quarter. The Alaska State Department of Revenue now owns 13,750 shares of the technology company’s stock valued at $418,000 after purchasing an additional 375 shares during the last quarter. Daiwa Securities Group Inc. It increased its position in shares of Iridium Communications by 4.2% in the second quarter. Daiwa Securities Group Inc. now owns 11,389 shares of the technology company’s stock valued at $303,000 after purchasing an additional 462 shares during the last quarter. GAMMA Investing LLC increased its position in shares of Iridium Communications by 25.2% in the third 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. Point72 Asia Singapore Pte. Ltd. increased its position in shares of Iridium Communications by 6.2% in the second quarter. Point72 Asia Singapore Pte. Ltd. now owns 11,480 shares of the technology company’s stock valued at $306,000 after purchasing an additional 671 shares during the last quarter. Finally, Michigan State Retirement System increased its position in shares of Iridium Communications by 2.4% in the first quarter. Michigan State Retirement System now owns 30,459 shares of the technology company’s stock valued at $797,000 after purchasing an additional 700 shares during the last quarter. 84.36% of the shares are held by hedge funds and other institutional investors.

Analyst Rating Changes

IRDM has been the subject of many research analyst reports. Barclays raised their price objective on shares of Iridium Communications from $44.00 to $45.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 24th. BWS Financial reiterated a “neutral” rating and set a $30.00 price objective on shares of Iridium Communications in a research report on Monday, October 21st. Two analysts have rated the stock with a hold rating, one with a buy rating and the other with a strong buy rating. The stock has an average rating of “Moderate Buy” and a consensus price target of $41.00, according to data from MarketBeat.com.

Get Our Latest Report on Iridium Communications

Insider Buying and Selling at Iridium Communications

Director on the other hand Robert H. Niehaus He sold 38,355 shares of stock in a transaction that occurred on Wednesday, October 23. The stock was sold at an average price of $29.39, for a total transaction of $1,127,253.45. Following the completion of the sale, the executive now owns 254,824 shares of the company’s stock, valued at approximately $7,489,277.36. This represents a 0.00% decrease in their stock ownership. The transaction was disclosed in a document filed with the SEC and available at: this bridge. Company insiders own 2.00% of the company’s shares.

Iridium Communications Stock Drops 0.1%

shares NASDAQ IRDM It opened at $29.31 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-equity ratio of 2.68, a current ratio of 2.62 and a quick ratio of 2.01. The firm’s 50-day simple moving average is $28.73 and its two-hundred-day simple moving average is $28.22. The stock has a market cap of $3.34 billion, a P/E ratio of 31.18, and a beta of 0.65.

Iridium Communications Announces Dividend

The firm also recently announced its quarterly dividend, which was paid on Monday, September 30th. A dividend of $0.14 per share was distributed to shareholders of record on Friday, September 13. This represents a dividend of $0.56 and a yield of 1.91% on an annualized basis. The ex-dividend date for this dividend was Friday, September 13th. Iridium Communications’ payout ratio is currently 59.57%.

Iridium Communications announced that its board of directors authorized a share repurchase plan on Thursday, September 19, authorizing the company to repurchase $500.00 million in shares. This buyback authority allows the tech company to repurchase up to 14.2% of its shares through open market purchases. Share repurchase plans are often an indication that the company’s board of directors believes the stock is undervalued.

İridyum İletişim Company Profile

(Free Report)

Iridium Communications Inc. provides mobile voice and data communications services and products to businesses, 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.

Additional Reading

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