Iridium Communications Inc. (NASDAQ:IRDM) Shares Sold by M&T Bank Corp

M&T Bank Corp decreased its position in Iridium Communications Inc. (NASDAQ:IRDM) by 21.9% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 7,311 shares of the technology company’s stock after selling 2,047 shares during the quarter. M&T Bank Corp’s holdings in Iridium Communications were worth $222,000 at the end of the most recent quarter.

A number of other institutional investors also recently added to or reduced their stakes in the company. State Street Corp increased its position in shares of Iridium Communications by 0.9% during the third quarter. State Street Corp now owns 4,269,883 shares of the technology company’s stock worth $130,018,000 after purchasing an additional 36,851 shares in the last quarter. Van Berkom & Associates Inc. lifted its stake in Iridium Communications by 4.6% in the second quarter. Van Berkom & Associates Inc. now owns 3,480,051 shares of the technology company’s stock valued at $92,639,000 after buying an additional 152,232 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. boosted its holdings in shares of Iridium Communications by 1.3% in the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 2,508,546 shares of the technology company’s stock valued at $76,385,000 after acquiring an additional 33,074 shares during the period. Victory Capital Management Inc. increased its holdings in shares of Iridium Communications by 0.7% in the 3rd quarter. Victory Capital Management Inc. now owns 1,609,649 shares of the technology company’s stock valued at $49,014,000 after acquiring an additional 11,117 shares during the period. Finally, FMR LLC raised its position in Iridium Communications by 26.7% in the 3rd quarter. FMR LLC now owns 942,380 shares of the technology company’s stock valued at $28,695,000 after purchasing an additional 198,360 shares during the last quarter. Hedge funds and other institutional investors own 84.36% of the company’s stock.

Insiders Place Their Bets

In related news, insider Suzanne E. Mcbride sold 4,420 shares of the company’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 $5,388,855.56. This represents a 2.36 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Robert H. Niehaus sold 38,355 shares of the firm’s stock in a transaction on 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. This trade represents a 13.08 % decrease in their position. The disclosure for this sale can be found here. 2.00% of the stock is currently owned by insiders.

Iridium Communications Price Performance

Iridium Communications stock opened at $29.50 on Friday. The company has a debt-to-equity ratio of 2.68, a current ratio of 2.62 and a quick ratio of 2.01. The business has a 50 day simple moving average of $29.75 and a 200-day simple moving average of $28.23. Iridium Communications Inc. has a 12 month low of $24.14 and a 12 month high of $41.63. The stock has a market capitalization of $3.36 billion, a PE ratio of 31.38 and a beta of 0.65.

Iridium Communications (NASDAQ:IRDM) last announced its quarterly earnings data on Thursday, October 17th. The technology company reported $0.21 earnings per share (EPS) for the quarter, beating 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 for the quarter, compared to analysts’ expectations of $205.68 million. Equities analysts predict that Iridium Communications Inc. will post 0.8 earnings per share for the current year.

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

Iridium Communications Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Monday, December 16th will be issued a $0.14 dividend. This represents a $0.56 dividend on an annualized basis and a yield of 1.90%. The ex-dividend date is Monday, December 16th. Iridium Communications’s dividend payout ratio is presently 59.57%.

Wall Street Analysts Forecast Growth

Separately, BWS Financial reissued a “neutral” rating and set a $30.00 price objective 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 given a strong buy rating to the stock. According to MarketBeat.com, Iridium Communications presently 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.