Impax Asset Management Group plc Buys New Holdings in Iridium Communications Inc. (NASDAQ:IRDM)

Impax Asset Management Group plc purchased a new position in Iridium Communications Inc. (NASDAQ:IRDM) during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund purchased 22,902 shares of the technology company’s stock, valued at approximately $697,000.

A number of other large investors have also bought and sold shares of IRDM. Russell Investments Group Ltd. increased its stake in shares of Iridium Communications by 10.4% in the first quarter. Russell Investments Group Ltd. now owns 231,976 shares of the technology company’s stock worth $6,068,000 after buying an additional 21,769 shares during the period. Sumitomo Mitsui Trust Holdings Inc. increased its position in shares of Iridium Communications by 18.5% in the second quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 2,475,472 shares of the technology company’s stock valued at $65,897,000 after acquiring an additional 385,872 shares during the period. Bayesian Capital Management LP purchased a new stake in shares of Iridium Communications during the first quarter worth about $544,000. Paralel Advisors LLC purchased a new stake in shares of Iridium Communications during the second quarter worth about $2,323,000. Finally, Cetera Investment Advisers bought a new stake in shares of Iridium Communications in the first quarter worth about $1,939,000. 84.36% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on IRDM shares. BWS Financial reiterated a “neutral” rating and issued a $30.00 price objective on shares of Iridium Communications in a report on Monday, October 21st. Barclays lifted their price target on shares of Iridium Communications from $44.00 to $45.00 and gave the company an “overweight” rating in a report on Wednesday, July 24th. Two 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’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $41.00.

Insider Buying and Selling

In other news, Director Robert H. Niehaus sold 38,355 shares of the business’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 value of $1,127,253.45. Following the sale, the director now directly owns 254,824 shares of the company’s stock, valued at $7,489,277.36. The trade was a 13.08 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Suzanne E. Mcbride sold 4,420 shares of the firm’s stock in a transaction that occurred 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 transaction, the insider now directly owns 182,797 shares of the company’s stock, valued at approximately $5,388,855.56. This trade represents a 2.36 % 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 Stock Down 4.5 %

Shares of NASDAQ:IRDM opened at $28.31 on Friday. The firm has a market capitalization of $3.22 billion, a P/E ratio of 30.12 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. The stock has a 50 day moving average price of $29.41 and a 200-day moving average price of $28.32. Iridium Communications Inc. has a 52-week low of $24.14 and a 52-week high of $41.66.

Iridium Communications (NASDAQ:IRDM) last issued its quarterly earnings results on Thursday, October 17th. The technology company reported $0.21 earnings per share for the quarter, topping the consensus estimate of $0.20 by $0.01. The company had revenue of $212.77 million for the quarter, compared to analysts’ expectations of $205.68 million. Iridium Communications had a return on equity of 14.34% and a net margin of 14.09%. As a group, equities research analysts anticipate that Iridium Communications Inc. will post 0.8 EPS for the current fiscal year.

Iridium Communications Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Friday, September 13th were given a dividend of $0.14 per share. The ex-dividend date was Friday, September 13th. This represents a $0.56 dividend on an annualized basis and a yield of 1.98%. Iridium Communications’s dividend payout ratio (DPR) is currently 59.58%.

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 purchase up to 14.2% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s board believes its shares are undervalued.

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.