Iridium Communications Inc. (NASDAQ:IRDM) Shares Sold by Pacer Advisors Inc.

Pacer Advisors Inc. decreased its holdings in Iridium Communications Inc. (NASDAQ:IRDM) by 7.4% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 711,756 shares of the technology company’s stock after selling 56,591 shares during the period. Pacer Advisors Inc. owned about 0.63% of Iridium Communications worth $21,673,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also modified their holdings of the company. Meeder Asset Management Inc. purchased a new stake in shares of Iridium Communications during the 3rd quarter worth $407,000. Pathstone Holdings LLC lifted its position in shares of Iridium Communications by 14.3% during the 3rd quarter. Pathstone Holdings LLC now owns 61,825 shares of the technology company’s stock worth $1,883,000 after purchasing an additional 7,722 shares during the last quarter. Quest Partners LLC lifted its position in shares of Iridium Communications by 182.2% during the 3rd quarter. Quest Partners LLC now owns 13,877 shares of the technology company’s stock worth $423,000 after purchasing an additional 8,959 shares during the last quarter. Thrivent Financial for Lutherans lifted its position in shares of Iridium Communications by 19.8% during the 3rd quarter. Thrivent Financial for Lutherans now owns 130,370 shares of the technology company’s stock worth $3,970,000 after purchasing an additional 21,522 shares during the last quarter. Finally, Impax Asset Management Group plc purchased a new stake in shares of Iridium Communications during the 3rd quarter worth $697,000. Institutional investors and hedge funds own 84.36% of the company’s stock.

Insider Activity at Iridium Communications

In other news, insider Suzanne E. Mcbride sold 4,420 shares of the company’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 completion of the sale, the insider now directly owns 182,797 shares of the company’s stock, valued at approximately $5,388,855.56. This represents a 2.36 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Robert H. Niehaus sold 38,355 shares of the business’s stock in a transaction dated 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 transaction, the director now owns 254,824 shares in the company, valued at approximately $7,489,277.36. This trade represents a 13.08 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 2.00% of the stock is owned by corporate insiders.

Iridium Communications Price Performance

Shares of IRDM opened at $29.40 on Friday. Iridium Communications Inc. has a 1-year low of $24.14 and a 1-year high of $41.66. The stock has a market cap of $3.35 billion, a PE ratio of 31.28 and a beta of 0.65. 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 firm has a fifty day moving average price of $29.53 and a 200 day moving average price of $28.26.

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

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

Analyst Upgrades and Downgrades

Separately, BWS Financial reaffirmed 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 given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Iridium Communications has a consensus rating of “Moderate Buy” and an average price target of $41.00.

About Iridium Communications

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.