Iridium Communications Inc. (NASDAQ:IRDM) Shares Acquired by Pathstone Holdings LLC

Pathstone Holdings LLC lifted its stake in Iridium Communications Inc. (NASDAQ:IRDM) by 14.3% in the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 61,825 shares of the technology company’s stock after purchasing an additional 7,722 shares during the quarter. Pathstone Holdings LLC owned about 0.05% of Iridium Communications worth $1,883,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in IRDM. Quest Partners LLC increased its stake in shares of Iridium Communications by 182.2% in the 3rd quarter. Quest Partners LLC now owns 13,877 shares of the technology company’s stock worth $423,000 after acquiring an additional 8,959 shares during the last quarter. Thrivent Financial for Lutherans raised its stake in Iridium Communications by 19.8% during the third quarter. Thrivent Financial for Lutherans now owns 130,370 shares of the technology company’s stock worth $3,970,000 after purchasing an additional 21,522 shares during the period. Impax Asset Management Group plc acquired a new position in Iridium Communications in the 3rd quarter valued at about $697,000. KBC Group NV grew its stake in shares of Iridium Communications by 25.9% in the 3rd quarter. KBC Group NV now owns 3,796 shares of the technology company’s stock valued at $116,000 after buying an additional 781 shares during the period. Finally, Victory Capital Management Inc. increased its holdings in shares of Iridium Communications by 0.7% during the 3rd quarter. Victory Capital Management Inc. now owns 1,609,649 shares of the technology company’s stock worth $49,014,000 after buying an additional 11,117 shares during the last quarter. Institutional investors and hedge funds own 84.36% of the company’s stock.

Iridium Communications Price Performance

Iridium Communications stock opened at $29.11 on Wednesday. The company has a debt-to-equity ratio of 2.68, a quick ratio of 2.01 and a current ratio of 2.62. The company has a market capitalization of $3.31 billion, a price-to-earnings ratio of 30.97 and a beta of 0.65. The company’s 50 day simple moving average is $29.62 and its 200-day simple moving average is $28.23. Iridium Communications Inc. has a 1 year low of $24.14 and a 1 year high of $41.66.

Iridium Communications (NASDAQ:IRDM) last released its quarterly earnings results on Thursday, October 17th. The technology company reported $0.21 EPS for the quarter, topping analysts’ consensus estimates of $0.20 by $0.01. Iridium Communications had a return on equity of 14.34% and a net margin of 14.09%. The company had revenue of $212.77 million for the quarter, compared to analysts’ expectations of $205.68 million. As a group, equities research analysts expect that Iridium Communications Inc. will post 0.8 earnings per share for the current year.

Iridium Communications declared that its board has approved a stock buyback program on Thursday, September 19th that authorizes the company to buyback $500.00 million in shares. This buyback authorization authorizes the technology company to repurchase up to 14.2% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s board of directors believes its stock is undervalued.

Insider Activity at Iridium Communications

In other Iridium Communications news, insider Suzanne E. Mcbride sold 4,420 shares of the firm’s 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 completion of the transaction, the insider now owns 182,797 shares of the company’s stock, valued at $5,388,855.56. This trade represents a 2.36 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director Robert H. Niehaus sold 38,355 shares of the business’s stock in a transaction on Wednesday, October 23rd. The stock was sold at an average price of $29.39, for a total transaction 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 approximately $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 company insiders.

Wall Street Analyst Weigh In

Separately, BWS Financial reiterated a “neutral” rating and issued a $30.00 price objective on shares of Iridium Communications in a research report on Monday, October 21st. Two research analysts have rated the stock with a hold rating, one has issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price 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.