Inspire Advisors LLC Buys Shares of 7,493 Iridium Communications Inc. (NASDAQ:IRDM)

Inspire Advisors LLC purchased a new position in shares of Iridium Communications Inc. (NASDAQ:IRDM) in the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor purchased 7,493 shares of the technology company’s stock, valued at approximately $228,000.

Several other large investors have also made changes to their positions in IRDM. Daiwa Securities Group Inc. raised its position in Iridium Communications by 4.2% during the second quarter. Daiwa Securities Group Inc. now owns 11,389 shares of the technology company’s stock valued at $303,000 after purchasing an additional 462 shares in the last quarter. GAMMA Investing LLC lifted its position in shares of Iridium Communications by 25.2% during the 3rd quarter. GAMMA Investing LLC now owns 2,399 shares of the technology company’s stock worth $73,000 after buying an additional 483 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. lifted its position in shares of Iridium Communications by 6.2% during the 2nd quarter. Point72 Asia Singapore Pte. Ltd. now owns 11,480 shares of the technology company’s stock worth $306,000 after buying an additional 671 shares during the last quarter. State of Michigan Retirement System boosted its stake in Iridium Communications by 2.4% in the first quarter. State of Michigan Retirement System now owns 30,459 shares of the technology company’s stock valued at $797,000 after buying an additional 700 shares in the last quarter. Finally, Mcdonald Partners LLC grew its position in Iridium Communications by 4.1% in the second quarter. Mcdonald Partners LLC now owns 17,925 shares of the technology company’s stock valued at $477,000 after acquiring an additional 700 shares during the last quarter. Institutional investors and hedge funds own 84.36% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on IRDM shares. BWS Financial restated a “neutral” rating and issued a $30.00 price target on shares of Iridium Communications in a research note on Wednesday, July 24th. Barclays raised their target price on shares of Iridium Communications from $44.00 to $45.00 and gave the company an “overweight” rating in a research report on Wednesday, July 24th. Two research analysts have rated the stock with a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $41.00.

Iridium Communications Stock Performance

Shares of IRDM stock opened at $31.60 on Friday. The firm has a market capitalization of $3.84 billion, a price-to-earnings ratio of 150.48 and a beta of 0.65. The company has a current ratio of 2.25, a quick ratio of 1.52 and a debt-to-equity ratio of 2.08. The business’s 50-day moving average price is $28.30 and its 200-day moving average price is $27.96. Iridium Communications Inc. has a 12 month low of $24.14 and a 12 month high of $42.38.

Iridium Communications (NASDAQ:IRDM) last posted its earnings results on Tuesday, July 23rd. The technology company reported $0.27 EPS for the quarter, topping the consensus estimate of $0.17 by $0.10. Iridium Communications had a net margin of 11.08% and a return on equity of 10.23%. The business had revenue of $201.07 million for the quarter, compared to the consensus estimate of $204.01 million. During the same period last year, the company earned ($0.24) EPS. The firm’s revenue was up 4.1% compared to the same quarter last year. Equities research analysts forecast that Iridium Communications Inc. will post 0.81 EPS for the current year.

Iridium Communications Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Investors 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 dividend on an annualized basis and a yield of 1.77%. Iridium Communications’s payout ratio is 266.67%.

Iridium Communications announced that its board has approved a share repurchase plan on Thursday, September 19th that authorizes the company to repurchase $500.00 million in outstanding shares. This repurchase authorization authorizes the technology company to buy up to 14.2% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s management believes its stock is 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.