Bamco Inc. NY Sells 64,056 Shares of Iridium Communications Inc. (NASDAQ:IRDM)

Bamco Inc. NY trimmed its stake in Iridium Communications Inc. (NASDAQ:IRDM) by 0.6% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 11,118,785 shares of the technology company’s stock after selling 64,056 shares during the period. Iridium Communications comprises about 0.9% of Bamco Inc. NY’s investment portfolio, making the stock its 24th biggest position. Bamco Inc. NY owned about 9.77% of Iridium Communications worth $338,567,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds also recently made changes to their positions in the company. Point72 Asia Singapore Pte. Ltd. grew its position in Iridium Communications by 64.9% during the third quarter. Point72 Asia Singapore Pte. Ltd. now owns 18,936 shares of the technology company’s stock worth $577,000 after buying an additional 7,456 shares in the last quarter. Edgestream Partners L.P. lifted its position in shares of Iridium Communications by 38.4% in the 3rd quarter. Edgestream Partners L.P. now owns 48,656 shares of the technology company’s stock worth $1,482,000 after acquiring an additional 13,504 shares during the period. Verition Fund Management LLC grew its holdings in shares of Iridium Communications by 18.6% during the 3rd quarter. Verition Fund Management LLC now owns 52,951 shares of the technology company’s stock worth $1,612,000 after purchasing an additional 8,320 shares in the last quarter. Captrust Financial Advisors bought a new stake in shares of Iridium Communications during the third quarter valued at approximately $226,000. Finally, Capstone Investment Advisors LLC acquired a new position in shares of Iridium Communications in the third quarter valued at $215,000. Institutional investors own 84.36% of the company’s stock.

Wall Street Analysts Forecast Growth

Separately, BWS Financial reiterated a “neutral” rating and set a $30.00 price target on shares of Iridium Communications in a research note on Monday, October 21st. Two equities research analysts have rated the stock with a hold rating, one has given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $41.00.

Iridium Communications Stock Up 0.4 %

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

Iridium Communications (NASDAQ:IRDM) last announced its quarterly earnings results on Thursday, October 17th. The technology company reported $0.21 EPS for the quarter, beating the consensus estimate of $0.20 by $0.01. Iridium Communications had a return on equity of 14.34% and a net margin of 14.09%. The business had revenue of $212.77 million for the quarter, compared to analyst estimates of $205.68 million. Equities analysts forecast that Iridium Communications Inc. will post 0.8 earnings per share for the current fiscal year.

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

Insider Transactions at Iridium Communications

In related news, Director Robert H. Niehaus sold 38,355 shares of the 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 directly owns 254,824 shares in the company, valued at $7,489,277.36. This represents a 13.08 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Suzanne E. Mcbride sold 4,420 shares of the firm’s stock in a transaction on Monday, November 4th. The shares were sold at an average price of $29.48, for a total value of $130,301.60. Following the sale, the insider now directly owns 182,797 shares of the company’s stock, valued at $5,388,855.56. This represents 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 owned by insiders.

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.