13,365 Shares in Iridium Communications Inc. (NASDAQ:IRDM) Bought by Meeder Asset Management Inc.

Meeder Asset Management Inc. acquired a new stake in shares of Iridium Communications Inc. (NASDAQ:IRDM) in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 13,365 shares of the technology company’s stock, valued at approximately $407,000.

Other institutional investors and hedge funds have also made changes to their positions in the company. Victory Capital Management Inc. raised its position in shares of Iridium Communications by 6,491.3% during the 2nd quarter. Victory Capital Management Inc. now owns 1,598,532 shares of the technology company’s stock valued at $42,553,000 after buying an additional 1,574,280 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. raised its position in Iridium Communications by 18.5% during the second quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 2,475,472 shares of the technology company’s stock valued at $65,897,000 after purchasing an additional 385,872 shares during the period. Vanguard Group Inc. raised its position in Iridium Communications by 2.9% during the first quarter. Vanguard Group Inc. now owns 12,090,326 shares of the technology company’s stock valued at $316,283,000 after purchasing an additional 336,989 shares during the period. American Century Companies Inc. lifted its stake in shares of Iridium Communications by 429.2% in the 2nd quarter. American Century Companies Inc. now owns 334,396 shares of the technology company’s stock valued at $8,902,000 after purchasing an additional 271,203 shares during the last quarter. Finally, Van Berkom & Associates Inc. boosted its holdings in shares of Iridium Communications by 4.6% in the 2nd quarter. Van Berkom & Associates Inc. now owns 3,480,051 shares of the technology company’s stock worth $92,639,000 after purchasing an additional 152,232 shares during the period. 84.36% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Iridium Communications

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

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on the company. Barclays increased their price target on Iridium Communications from $44.00 to $45.00 and gave the company an “overweight” rating in a report on Wednesday, July 24th. BWS Financial reiterated a “neutral” rating and set a $30.00 price objective on shares of Iridium Communications in a research report on Monday, October 21st. Two 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 MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $41.00.

Iridium Communications Trading Down 4.4 %

Shares of NASDAQ IRDM opened at $27.32 on Wednesday. Iridium Communications Inc. has a fifty-two week low of $24.14 and a fifty-two week high of $41.66. 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 cap of $3.11 billion, a price-to-earnings ratio of 29.06 and a beta of 0.65. The business’s 50 day moving average price is $29.47 and its 200-day moving average price is $28.27.

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

Iridium Communications announced that its board has approved a stock repurchase plan on Thursday, September 19th that allows the company to repurchase $500.00 million in shares. This repurchase authorization allows the technology company to buy up to 14.2% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board 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.