Nordea Investment Management AB Buys 57,690 Shares of Iridium Communications Inc. (NASDAQ:IRDM)

Nordea Investment Management AB raised its position in shares of Iridium Communications Inc. (NASDAQ:IRDM) by 30.2% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 248,602 shares of the technology company’s stock after acquiring an additional 57,690 shares during the quarter. Nordea Investment Management AB owned approximately 0.22% of Iridium Communications worth $7,264,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in IRDM. Capital Performance Advisors LLP purchased a new position in Iridium Communications during the third quarter valued at $57,000. GAMMA Investing LLC grew its holdings in Iridium Communications by 25.2% in the third quarter. GAMMA Investing LLC now owns 2,399 shares of the technology company’s stock worth $73,000 after purchasing an additional 483 shares during the period. KBC Group NV lifted its holdings in shares of Iridium Communications by 25.9% during the third quarter. KBC Group NV now owns 3,796 shares of the technology company’s stock valued at $116,000 after purchasing an additional 781 shares during the last quarter. Quarry LP grew its stake in shares of Iridium Communications by 12.4% in the 2nd quarter. Quarry LP now owns 7,533 shares of the technology company’s stock worth $201,000 after buying an additional 832 shares during the last quarter. Finally, Capstone Investment Advisors LLC purchased a new position in Iridium Communications during the third quarter valued at $215,000. Institutional investors own 84.36% of the company’s stock.

Insider Buying and Selling

In other Iridium Communications news, insider Suzanne E. Mcbride sold 4,420 shares of the stock in a transaction that occurred on Monday, November 4th. The shares were 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. This trade represents a 2.36 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Robert H. Niehaus sold 38,355 shares of the company’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 completion of the sale, the director now owns 254,824 shares of the company’s stock, valued at $7,489,277.36. This trade represents a 13.08 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 42,832 shares of company stock valued at $1,259,221 over the last 90 days. Company insiders own 2.00% of the company’s stock.

Analysts Set New Price Targets

Separately, BWS Financial restated a “neutral” rating and set a $30.00 price target on shares of Iridium Communications in a report on Monday, October 21st. Two research analysts have rated the stock with a hold rating, one has given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Iridium Communications currently has an average rating of “Moderate Buy” and an average target price of $41.00.

Iridium Communications Stock Down 2.4 %

Iridium Communications stock opened at $29.05 on Friday. The firm has a market cap of $3.31 billion, a price-to-earnings ratio of 30.90 and a beta of 0.65. The company has a current ratio of 2.62, a quick ratio of 2.01 and a debt-to-equity ratio of 2.68. Iridium Communications Inc. has a 12 month low of $24.14 and a 12 month high of $39.42. The stock has a fifty day simple moving average of $29.53 and a two-hundred day simple moving average of $28.44.

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

Iridium Communications announced that its board has approved a share buyback plan 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 shares through open market purchases. Shares buyback plans are typically an indication that the company’s leadership believes its shares are undervalued.

Iridium Communications Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, December 31st. Stockholders of record on Monday, December 16th were issued a dividend of $0.14 per share. The ex-dividend date of this dividend was Monday, December 16th. This represents a $0.56 annualized dividend and a dividend yield of 1.93%. Iridium Communications’s payout ratio is 59.57%.

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.