ArrowMark Colorado Holdings LLC Sells 49,219 Shares of Iridium Communications Inc. (NASDAQ:IRDM)

ArrowMark Colorado Holdings LLC lowered its position in shares of Iridium Communications Inc. (NASDAQ:IRDM) by 3.1% in the third quarter, Holdings Channel reports. The institutional investor owned 1,520,889 shares of the technology company’s stock after selling 49,219 shares during the period. ArrowMark Colorado Holdings LLC’s holdings in Iridium Communications were worth $46,311,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Allspring Global Investments Holdings LLC increased its holdings in shares of Iridium Communications by 7,684.6% during the second 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. Mather Group LLC. bought a new position in Iridium Communications during the 2nd quarter worth $32,000. Blue Trust Inc. increased its stake in Iridium Communications by 109.7% during the 2nd quarter. Blue Trust Inc. now owns 1,491 shares of the technology company’s stock worth $39,000 after acquiring an additional 780 shares during the period. International Assets Investment Management LLC bought a new stake in shares of Iridium Communications during the 2nd quarter valued at $45,000. Finally, Fifth Third Bancorp raised its stake in Iridium Communications by 322.1% in the second quarter. Fifth Third Bancorp now owns 1,735 shares of the technology company’s stock valued at $46,000 after purchasing an additional 1,324 shares in the last quarter. Institutional investors and hedge funds own 84.36% of the company’s stock.

Iridium Communications Trading Up 0.4 %

Shares of Iridium Communications stock opened at $29.72 on Monday. The firm has a market capitalization of $3.38 billion, a PE ratio of 31.62 and a beta of 0.65. The company has a current ratio of 2.62, a quick ratio of 2.01 and a debt-to-equity ratio of 2.68. The firm’s 50 day moving average is $29.72 and its 200 day moving average is $28.22. Iridium Communications Inc. has a 1 year low of $24.14 and a 1 year high of $41.66.

Iridium Communications (NASDAQ:IRDM) last announced its quarterly earnings results on Thursday, October 17th. The technology company reported $0.21 earnings per share (EPS) for the quarter, topping 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 the consensus estimate of $205.68 million. Equities research analysts forecast that Iridium Communications Inc. will post 0.8 earnings per share for the current fiscal year.

Iridium Communications announced that its board has authorized a share repurchase plan on Thursday, September 19th that permits the company to buyback $500.00 million in shares. This buyback authorization permits the technology company to reacquire up to 14.2% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s board believes its stock is undervalued.

Insiders Place Their Bets

In other Iridium Communications news, insider Suzanne E. Mcbride sold 4,420 shares of the company’s stock in a transaction dated Monday, November 4th. The stock was 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 position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Robert H. Niehaus sold 38,355 shares of the stock in a transaction dated Wednesday, October 23rd. The shares were 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 directly owns 254,824 shares of the company’s stock, valued at approximately $7,489,277.36. The trade was a 13.08 % decrease in their position. The disclosure for this sale can be found here. Insiders own 2.00% of the company’s stock.

Analyst Upgrades and Downgrades

Separately, BWS Financial reiterated a “neutral” rating and set a $30.00 price target 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 an average price target 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.