Iridium Communications Inc. (NASDAQ:IRDM) Shares Sold by Malaga Cove Capital LLC

Malaga Cove Capital LLC lessened its position in Iridium Communications Inc. (NASDAQ:IRDM) by 2.5% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 28,632 shares of the technology company’s stock after selling 730 shares during the period. Malaga Cove Capital LLC’s holdings in Iridium Communications were worth $872,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Allspring Global Investments Holdings LLC lifted its stake in shares of Iridium Communications by 7,684.6% during 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 during the period. Acadian Asset Management LLC acquired a new stake in Iridium Communications in the 1st quarter worth about $29,000. Mather Group LLC. purchased a new stake in Iridium Communications in the 2nd quarter valued at about $32,000. Blue Trust Inc. increased its stake in shares of Iridium Communications by 109.7% during the 2nd 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 last quarter. Finally, International Assets Investment Management LLC purchased a new position in shares of Iridium Communications during the 2nd quarter worth about $45,000. Hedge funds and other institutional investors own 84.36% of the company’s stock.

Iridium Communications Trading Up 2.1 %

Shares of IRDM stock opened at $30.30 on Thursday. The company has a quick ratio of 2.01, a current ratio of 2.62 and a debt-to-equity ratio of 2.68. Iridium Communications Inc. has a fifty-two week low of $24.14 and a fifty-two week high of $41.66. The firm’s 50 day moving average price is $29.03 and its two-hundred day moving average price is $28.35. The stock has a market cap of $3.45 billion, a price-to-earnings ratio of 32.23 and a beta of 0.65.

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

Iridium Communications Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Friday, September 13th were given a dividend of $0.14 per share. The ex-dividend date of this dividend was Friday, September 13th. This represents a $0.56 dividend on an annualized basis and a yield of 1.85%. Iridium Communications’s dividend payout ratio (DPR) is 59.58%.

Insider Activity at Iridium Communications

In other news, Director Robert H. Niehaus sold 38,355 shares of the company’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 sale, the director now owns 254,824 shares of the company’s stock, valued at $7,489,277.36. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, insider Suzanne E. Mcbride sold 4,420 shares of Iridium Communications stock in a transaction on Monday, November 4th. The shares were sold at an average price of $29.48, for a total transaction of $130,301.60. Following the sale, 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 position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Robert H. Niehaus sold 38,355 shares of the company’s stock in a transaction dated 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 completion of the transaction, the director now directly 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. 2.00% of the stock is owned by insiders.

Analysts Set New Price Targets

Several equities analysts recently commented on IRDM shares. Barclays upped their price target 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. BWS Financial restated a “neutral” rating and set a $30.00 price objective on shares of Iridium Communications in a report on Monday, October 21st. Two research 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 stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $41.00.

Iridium Communications Company 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.