Iridium Communications Inc. (NASDAQ:IRDM) Shares Sold by ARK Investment Management LLC

ARK Investment Management LLC cut its holdings in shares of Iridium Communications Inc. (NASDAQ:IRDM) by 5.9% in the third quarter, HoldingsChannel.com reports. The institutional investor owned 2,372,791 shares of the technology company’s stock after selling 147,756 shares during the quarter. ARK Investment Management LLC’s holdings in Iridium Communications were worth $72,251,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also bought and sold shares of IRDM. Victory Capital Management Inc. boosted its position in Iridium Communications by 6,491.3% in the 2nd quarter. Victory Capital Management Inc. now owns 1,598,532 shares of the technology company’s stock worth $42,553,000 after purchasing an additional 1,574,280 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. boosted its holdings 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 worth $65,897,000 after buying an additional 385,872 shares in the last quarter. Vanguard Group Inc. grew 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 buying an additional 336,989 shares during the period. American Century Companies Inc. increased its holdings in Iridium Communications by 429.2% in the second quarter. American Century Companies Inc. now owns 334,396 shares of the technology company’s stock valued at $8,902,000 after buying an additional 271,203 shares in the last quarter. Finally, SG Americas Securities LLC increased its stake in shares of Iridium Communications by 281.7% in the 1st quarter. SG Americas Securities LLC now owns 311,956 shares of the technology company’s stock valued at $8,161,000 after purchasing an additional 230,229 shares in the last quarter. 84.36% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other Iridium Communications news, insider Suzanne E. Mcbride sold 4,420 shares of the business’s stock in a transaction on Monday, November 4th. The stock was sold at an average price of $29.48, for a total transaction of $130,301.60. Following the transaction, the insider now owns 182,797 shares of the company’s stock, valued at approximately $5,388,855.56. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In other Iridium Communications news, insider Suzanne E. Mcbride sold 4,420 shares of the business’s 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 transaction, the insider now directly owns 182,797 shares in the company, valued at $5,388,855.56. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Robert H. Niehaus sold 38,355 shares of the firm’s stock in a transaction that occurred 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 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 position. The disclosure for this sale can be found here. Company insiders own 2.00% of the company’s stock.

Iridium Communications Trading Down 3.6 %

Shares of IRDM stock opened at $29.22 on Friday. The stock’s fifty day moving average is $29.10 and its two-hundred day moving average is $28.36. The firm has a market capitalization of $3.33 billion, a P/E ratio of 31.09 and a beta of 0.65. The company has a debt-to-equity ratio of 2.68, a quick ratio of 2.01 and a current ratio of 2.62. Iridium Communications Inc. has a fifty-two week low of $24.14 and a fifty-two week high of $41.66.

Iridium Communications declared that its board has authorized a share 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 buy up to 14.2% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s board believes its stock is undervalued.

Iridium Communications Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Friday, September 13th were issued a dividend of $0.14 per share. This represents a $0.56 annualized dividend and a dividend yield of 1.92%. The ex-dividend date of this dividend was Friday, September 13th. Iridium Communications’s dividend payout ratio is currently 59.58%.

Analysts Set New Price Targets

IRDM has been the subject of several research analyst reports. Barclays upped their target price on Iridium Communications from $44.00 to $45.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 24th. BWS Financial reiterated a “neutral” rating and issued a $30.00 target price 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 assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock presently has an average 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.