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

Axxcess Wealth Management LLC grew its holdings in Iridium Communications Inc. (NASDAQ:IRDM) by 15.2% during the third quarter, Holdings Channel.com reports. The firm owned 22,467 shares of the technology company’s stock after acquiring an additional 2,959 shares during the period. Axxcess Wealth Management LLC’s holdings in Iridium Communications were worth $684,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently bought and sold shares of IRDM. Allspring Global Investments Holdings LLC boosted its stake in 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 worth $27,000 after purchasing an additional 999 shares in the last quarter. Acadian Asset Management LLC acquired a new position in shares of Iridium Communications during the first quarter valued at $29,000. Mather Group LLC. acquired a new position in shares of Iridium Communications during the second quarter valued at $32,000. Blue Trust Inc. lifted its stake in shares of Iridium Communications by 109.7% during the second quarter. Blue Trust Inc. now owns 1,491 shares of the technology company’s stock valued at $39,000 after acquiring an additional 780 shares during the period. Finally, International Assets Investment Management LLC acquired a new position in shares of Iridium Communications during the second quarter valued at $45,000. Institutional investors and hedge funds own 84.36% of the company’s stock.

Iridium Communications Trading Down 1.9 %

NASDAQ IRDM opened at $29.78 on Wednesday. The stock has a 50-day simple moving average of $29.31 and a 200 day simple moving average of $28.35. The company has a market capitalization of $3.39 billion, a PE ratio of 31.68 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 $41.66.

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

Iridium Communications Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Friday, September 13th were issued a $0.14 dividend. The ex-dividend date of this dividend was Friday, September 13th. This represents a $0.56 annualized dividend and a dividend yield of 1.88%. Iridium Communications’s dividend payout ratio (DPR) is currently 59.58%.

Iridium Communications declared that its board has initiated a share buyback program on Thursday, September 19th that permits the company to buyback $500.00 million in shares. This buyback authorization permits the technology company to repurchase up to 14.2% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s board believes its shares are undervalued.

Analyst Ratings Changes

Several brokerages have recently issued reports on IRDM. BWS Financial reaffirmed a “neutral” rating and set a $30.00 price target on shares of Iridium Communications in a research note on Monday, October 21st. Barclays upped their price target on Iridium Communications from $44.00 to $45.00 and gave the company 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 assigned a strong buy rating to the company. Based on data from MarketBeat.com, Iridium Communications currently has an average rating of “Moderate Buy” and an average price target of $41.00.

Insiders Place Their Bets

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

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.