Cullen Investment Group LTD. Sells 991 Shares of Iridium Communications Inc. (NASDAQ:IRDM)

Cullen Investment Group LTD. cut its stake in Iridium Communications Inc. (NASDAQ:IRDM) by 2.9% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 33,633 shares of the technology company’s stock after selling 991 shares during the quarter. Cullen Investment Group LTD.’s holdings in Iridium Communications were worth $976,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. Capital Performance Advisors LLP purchased a new stake in shares of Iridium Communications in the 3rd quarter worth about $57,000. GAMMA Investing LLC increased its holdings in shares of Iridium Communications by 25.2% during the third quarter. GAMMA Investing LLC now owns 2,399 shares of the technology company’s stock valued at $73,000 after acquiring an additional 483 shares in the last quarter. KBC Group NV raised its position in shares of Iridium Communications by 25.9% in the 3rd quarter. KBC Group NV now owns 3,796 shares of the technology company’s stock worth $116,000 after purchasing an additional 781 shares during the last quarter. Quarry LP grew its position in Iridium Communications by 12.4% during the 2nd quarter. Quarry LP now owns 7,533 shares of the technology company’s stock valued at $201,000 after purchasing an additional 832 shares during the last quarter. Finally, Capstone Investment Advisors LLC purchased a new position in Iridium Communications in the third quarter worth about $215,000. Hedge funds and other institutional investors own 84.36% of the company’s stock.

Analyst Upgrades and Downgrades

Separately, BWS Financial reissued a “neutral” rating and issued a $30.00 target price 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 assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Iridium Communications has an average rating of “Moderate Buy” and an average target price of $41.00.

Insider Activity at Iridium Communications

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 completion of the sale, the insider now directly owns 182,797 shares in the company, valued at $5,388,855.56. This represents a 2.36 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, Director Robert H. Niehaus sold 38,355 shares of Iridium Communications 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 completion of the transaction, the director now directly owns 254,824 shares in the company, 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. In the last quarter, insiders sold 42,832 shares of company stock valued at $1,259,221. Insiders own 2.00% of the company’s stock.

Iridium Communications Price Performance

NASDAQ IRDM opened at $27.52 on Tuesday. The stock has a market cap of $3.13 billion, a price-to-earnings ratio of 29.28 and a beta of 0.65. Iridium Communications Inc. has a 12 month low of $24.14 and a 12 month high of $38.40. The company’s 50 day moving average is $29.51 and its two-hundred day moving average is $28.50. 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 released its 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 return on equity of 14.34% and a net margin of 14.09%. The firm had revenue of $212.77 million during the quarter, compared to analysts’ expectations of $205.68 million. As a group, research analysts anticipate that Iridium Communications Inc. will post 0.8 earnings per share for the current year.

Iridium Communications Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, December 31st. Shareholders of record on Monday, December 16th were given a dividend of $0.14 per share. The ex-dividend date was Monday, December 16th. This represents a $0.56 annualized dividend and a yield of 2.03%. Iridium Communications’s dividend payout ratio (DPR) is currently 59.57%.

Iridium Communications declared that its Board of Directors has initiated a share buyback program on Thursday, September 19th that permits the company to repurchase $500.00 million in shares. This repurchase authorization permits the technology company to reacquire up to 14.2% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s board of directors believes its stock is undervalued.

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.