Axxcess Wealth Management LLC Has $684,000 Stake in Iridium Communications Inc. (NASDAQ:IRDM)

Axxcess Wealth Management LLC grew its position in shares of Iridium Communications Inc. (NASDAQ:IRDM) by 15.2% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 22,467 shares of the technology company’s stock after buying an additional 2,959 shares during the quarter. Axxcess Wealth Management LLC’s holdings in Iridium Communications were worth $684,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also made changes to their positions in the company. Capital Performance Advisors LLP acquired a new stake in shares of Iridium Communications during the 3rd quarter valued at about $57,000. Impax Asset Management Group plc acquired a new stake in shares of Iridium Communications during the 3rd quarter valued at about $697,000. QRG Capital Management Inc. acquired a new stake in Iridium Communications in the 3rd quarter worth approximately $226,000. Van ECK Associates Corp lifted its holdings in Iridium Communications by 18.2% in the 3rd quarter. Van ECK Associates Corp now owns 56,182 shares of the technology company’s stock worth $1,673,000 after purchasing an additional 8,662 shares during the last quarter. Finally, Pinnacle Associates Ltd. lifted its holdings in Iridium Communications by 0.7% in the 3rd quarter. Pinnacle Associates Ltd. now owns 716,341 shares of the technology company’s stock worth $21,813,000 after purchasing an additional 5,030 shares during the last quarter. 84.36% of the stock is currently owned by institutional investors and hedge funds.

Iridium Communications Stock Performance

Shares of NASDAQ IRDM opened at $29.78 on Wednesday. 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 business’s 50 day moving average is $29.31 and its two-hundred day moving average is $28.35. The company has a market cap of $3.39 billion, a P/E ratio of 31.68 and a beta of 0.65. Iridium Communications Inc. has a 12 month low of $24.14 and a 12 month high of $41.66.

Iridium Communications (NASDAQ:IRDM) last issued its quarterly earnings results on Thursday, October 17th. The technology company reported $0.21 EPS for the quarter, topping the consensus estimate of $0.20 by $0.01. The company had revenue of $212.77 million for the quarter, compared to the consensus estimate of $205.68 million. Iridium Communications had a return on equity of 14.34% and a net margin of 14.09%. On average, equities analysts expect that Iridium Communications Inc. will post 0.8 EPS for the current year.

Iridium Communications Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Friday, September 13th were given a dividend of $0.14 per share. This represents a $0.56 dividend on an annualized basis and a dividend yield of 1.88%. The ex-dividend date was Friday, September 13th. Iridium Communications’s dividend payout ratio is presently 59.58%.

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

Analyst Ratings Changes

Several equities research analysts recently weighed in on IRDM shares. Barclays boosted their target price on Iridium Communications from $44.00 to $45.00 and gave the stock an “overweight” rating in a report on Wednesday, July 24th. BWS Financial restated a “neutral” rating and issued a $30.00 target price on shares of Iridium Communications in a report 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 given a strong buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $41.00.

Insider Activity

In related news, Director Robert H. Niehaus sold 38,355 shares of the business’s 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 sale, the director now owns 254,824 shares of the company’s stock, valued at $7,489,277.36. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, 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 value of $130,301.60. Following the sale, the insider now owns 182,797 shares of the company’s stock, valued at $5,388,855.56. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Robert H. Niehaus sold 38,355 shares of the business’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 sale, the director now directly owns 254,824 shares in the company, valued at approximately $7,489,277.36. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. 2.00% of the stock is currently owned by company insiders.

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.