Iridium Communications Inc. (NASDAQ:IRDM) Shares Sold by Quantinno Capital Management LP

Quantinno Capital Management LP reduced its holdings in shares of Iridium Communications Inc. (NASDAQ:IRDM) by 22.3% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 9,548 shares of the technology company’s stock after selling 2,737 shares during the period. Quantinno Capital Management LP’s holdings in Iridium Communications were worth $291,000 at the end of the most recent quarter.

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

Iridium Communications Trading Down 0.7 %

NASDAQ:IRDM opened at $30.21 on Monday. The company has a debt-to-equity ratio of 2.68, a quick ratio of 2.01 and a current ratio of 2.62. Iridium Communications Inc. has a 1 year low of $24.14 and a 1 year high of $41.66. The stock has a market cap of $3.44 billion, a P/E ratio of 32.14 and a beta of 0.65. The stock has a 50-day simple moving average of $29.75 and a 200-day simple moving average of $28.22.

Iridium Communications (NASDAQ:IRDM) last announced its quarterly earnings results on Thursday, October 17th. The technology company reported $0.21 EPS for the quarter, beating the consensus estimate of $0.20 by $0.01. The company had revenue of $212.77 million for the quarter, compared to analyst estimates of $205.68 million. Iridium Communications had a net margin of 14.09% and a return on equity of 14.34%. As a group, analysts anticipate that Iridium Communications Inc. will post 0.8 earnings per share for the current fiscal year.

Iridium Communications Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Monday, December 16th will be paid a $0.14 dividend. The ex-dividend date is Monday, December 16th. This represents a $0.56 annualized dividend and a yield of 1.85%. Iridium Communications’s dividend payout ratio is presently 59.58%.

Iridium Communications declared that its Board of Directors has initiated 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 buy up to 14.2% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s leadership believes its stock is undervalued.

Analyst Upgrades and Downgrades

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

Insiders Place Their Bets

In other news, Director Robert H. Niehaus sold 38,355 shares of the firm’s 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 sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Suzanne E. Mcbride sold 4,420 shares of Iridium Communications stock in a transaction on Monday, November 4th. The shares were sold at an average price of $29.48, for a total transaction of $130,301.60. Following the completion of the transaction, the insider now directly 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. Corporate insiders own 2.00% of the company’s stock.

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.