Amalgamated Bank Has $1.73 Million Holdings in Iridium Communications Inc. (NASDAQ:IRDM)

Amalgamated Bank cut its holdings in Iridium Communications Inc. (NASDAQ:IRDM) by 7.9% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 56,702 shares of the technology company’s stock after selling 4,897 shares during the period. Amalgamated Bank’s holdings in Iridium Communications were worth $1,727,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in IRDM. Allspring Global Investments Holdings LLC grew 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 buying an additional 999 shares in the last quarter. Acadian Asset Management LLC bought a new position in shares of Iridium Communications in the first quarter valued at $29,000. Mather Group LLC. bought a new position in shares of Iridium Communications in the second quarter valued at $32,000. Blue Trust Inc. grew its stake in shares of Iridium Communications by 109.7% in the second quarter. Blue Trust Inc. now owns 1,491 shares of the technology company’s stock valued at $39,000 after buying an additional 780 shares in the last quarter. Finally, International Assets Investment Management LLC bought a new position in shares of Iridium Communications in the second quarter valued at $45,000. 84.36% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on the stock. BWS Financial reissued a “neutral” rating and issued a $30.00 target price on shares of Iridium Communications in a research note on Monday, October 21st. Barclays lifted 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. Two research 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 stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $41.00.

Insider Activity

In related news, Director Robert H. Niehaus sold 38,355 shares of the business’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 of the company’s stock, valued at $7,489,277.36. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In related news, insider Suzanne E. Mcbride sold 4,420 shares of the business’s stock in a transaction dated Monday, November 4th. The stock was sold at an average price of $29.48, for a total value of $130,301.60. Following the completion of the transaction, 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 ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Robert H. Niehaus sold 38,355 shares of the business’s stock in a transaction dated 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 transaction, the director now directly owns 254,824 shares of the company’s stock, valued at approximately $7,489,277.36. This trade 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.

Iridium Communications Trading Down 1.9 %

IRDM stock opened at $29.78 on Wednesday. The company has a debt-to-equity ratio of 2.68, a current ratio of 2.62 and a quick ratio of 2.01. The company has a fifty day moving average price of $29.31 and a two-hundred day moving average price of $28.35. Iridium Communications Inc. has a one year low of $24.14 and a one year high of $41.66. The stock has a market cap of $3.39 billion, a price-to-earnings ratio of 31.68 and a beta of 0.65.

Iridium Communications (NASDAQ:IRDM) last announced its earnings results on Thursday, October 17th. The technology company reported $0.21 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.20 by $0.01. The company had revenue of $212.77 million during 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%. Equities analysts anticipate that Iridium Communications Inc. will post 0.8 EPS for the current year.

Iridium Communications Dividend Announcement

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

Iridium Communications declared that its board has approved a share buyback plan on Thursday, September 19th that authorizes the company to repurchase $500.00 million in shares. This repurchase authorization authorizes the technology company to buy up to 14.2% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s leadership believes its shares are 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.