US Bancorp DE Sells 1,242 Shares of Iridium Communications Inc. (NASDAQ:IRDM)

US Bancorp DE lessened its holdings in Iridium Communications Inc. (NASDAQ:IRDM) by 11.2% in the 3rd quarter, HoldingsChannel.com reports. The firm owned 9,822 shares of the technology company’s stock after selling 1,242 shares during the quarter. US Bancorp DE’s holdings in Iridium Communications were worth $299,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Allspring Global Investments Holdings LLC lifted its holdings in shares of Iridium Communications by 7,684.6% during 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 during the period. Acadian Asset Management LLC bought a new position in shares of Iridium Communications in the first quarter worth about $29,000. Mather Group LLC. acquired a new stake in shares of Iridium Communications in the second quarter valued at approximately $32,000. Blue Trust Inc. raised its position in Iridium Communications by 109.7% in 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 last quarter. Finally, International Assets Investment Management LLC acquired a new position in Iridium Communications during the 2nd quarter worth $45,000. Institutional investors own 84.36% of the company’s stock.

Analyst Upgrades and Downgrades

IRDM has been the topic of a number of research reports. BWS Financial restated a “neutral” rating and set a $30.00 target price on shares of Iridium Communications in a research report on Monday, October 21st. Barclays lifted their price objective on Iridium Communications from $44.00 to $45.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 24th. Two investment analysts have rated the stock with a hold rating, one has given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $41.00.

Insider Transactions at Iridium Communications

In other news, Director Robert H. Niehaus sold 38,355 shares of the firm’s stock in a transaction dated 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 transaction, the director now owns 254,824 shares in the company, valued at $7,489,277.36. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, 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 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. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Suzanne E. Mcbride sold 4,420 shares of the company’s stock in a transaction dated 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 sale, the insider now directly owns 182,797 shares in the company, valued at approximately $5,388,855.56. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 2.00% of the company’s stock.

Iridium Communications Stock Performance

IRDM stock opened at $28.86 on Thursday. Iridium Communications Inc. has a 1-year low of $24.14 and a 1-year high of $41.66. The company has a current ratio of 2.62, a quick ratio of 2.01 and a debt-to-equity ratio of 2.68. The firm has a market cap of $3.29 billion, a PE ratio of 30.70 and a beta of 0.65. The business’s 50-day moving average price is $29.35 and its two-hundred day moving average price is $28.36.

Iridium Communications (NASDAQ:IRDM) last posted its quarterly earnings data 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 business had revenue of $212.77 million for the quarter, compared to analysts’ expectations of $205.68 million. Iridium Communications had a net margin of 14.09% and a return on equity of 14.34%. As a group, research analysts forecast that Iridium Communications Inc. will post 0.8 earnings per share for the current year.

Iridium Communications Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, September 30th. Shareholders 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 yield of 1.94%. The ex-dividend date of this dividend was Friday, September 13th. Iridium Communications’s dividend payout ratio (DPR) is currently 59.58%.

Iridium Communications announced that its Board of Directors has initiated a share buyback plan on Thursday, September 19th that allows the company to repurchase $500.00 million in shares. This repurchase authorization allows the technology company to reacquire up to 14.2% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s board 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.