Cornercap Investment Counsel Inc. Sells 11,169 Shares of Iridium Communications Inc. (NASDAQ:IRDM)

Cornercap Investment Counsel Inc. decreased its position in shares of Iridium Communications Inc. (NASDAQ:IRDM) by 56.9% in the 3rd quarter, according to its most recent 13F filing with the SEC. The firm owned 8,476 shares of the technology company’s stock after selling 11,169 shares during the quarter. Cornercap Investment Counsel Inc.’s holdings in Iridium Communications were worth $258,000 at the end of the most recent quarter.

Several other large investors have also recently modified their holdings of the business. Allspring Global Investments Holdings LLC boosted its holdings in shares of Iridium Communications by 7,684.6% in the 2nd 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 purchased a new stake in shares of Iridium Communications in the first quarter worth $29,000. Mather Group LLC. purchased a new stake in Iridium Communications during the 2nd quarter valued at $32,000. Blue Trust Inc. increased its holdings in shares of 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 in the last quarter. Finally, International Assets Investment Management LLC purchased a new position in shares of Iridium Communications in the second quarter worth $45,000. Hedge funds and other institutional investors own 84.36% of the company’s stock.

Iridium Communications Trading Up 1.0 %

Iridium Communications stock opened at $28.59 on Tuesday. Iridium Communications Inc. has a 52-week low of $24.14 and a 52-week high of $41.66. The company has a market cap of $3.25 billion, a P/E ratio of 30.41 and a beta of 0.65. The company has a quick ratio of 2.01, a current ratio of 2.62 and a debt-to-equity ratio of 2.68. The business has a 50-day simple moving average of $29.45 and a two-hundred day simple moving average of $28.29.

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 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 company had revenue of $212.77 million during the quarter, compared to analyst estimates of $205.68 million. Analysts predict that Iridium Communications Inc. will post 0.8 EPS for the current year.

Iridium Communications declared that its Board of Directors has approved a stock repurchase plan on Thursday, September 19th that permits the company to buyback $500.00 million in outstanding shares. This buyback authorization permits the technology company to purchase up to 14.2% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s management believes its stock is undervalued.

Insider Activity at Iridium Communications

In related news, insider Suzanne E. Mcbride sold 4,420 shares of the business’s stock in a transaction 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 sale, the insider now owns 182,797 shares in the company, valued at approximately $5,388,855.56. The trade was a 2.36 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Robert H. Niehaus sold 38,355 shares of the 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 owns 254,824 shares of the company’s stock, valued at $7,489,277.36. This trade represents a 13.08 % decrease in their position. The disclosure for this sale can be found here. 2.00% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

A number of brokerages have weighed in on IRDM. Barclays boosted their target price on Iridium Communications from $44.00 to $45.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 24th. BWS Financial reissued a “neutral” rating and set a $30.00 price objective on shares of Iridium Communications in a report on Monday, October 21st. Two equities research 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. According to data from MarketBeat, Iridium Communications has an average rating of “Moderate Buy” and an average price target of $41.00.

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.