Holocene Advisors LP Has $3.78 Million Stock Holdings in Iridium Communications Inc. (NASDAQ:IRDM)

Holocene Advisors LP increased its holdings in shares of Iridium Communications Inc. (NASDAQ:IRDM) by 57.0% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 124,135 shares of the technology company’s stock after acquiring an additional 45,085 shares during the period. Holocene Advisors LP owned about 0.11% of Iridium Communications worth $3,780,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the business. State of Alaska Department of Revenue raised its stake in Iridium Communications by 2.8% during the third quarter. State of Alaska Department of Revenue now owns 13,750 shares of the technology company’s stock worth $418,000 after acquiring an additional 375 shares in the last quarter. Daiwa Securities Group Inc. grew its holdings in shares of Iridium Communications by 4.2% in the 2nd quarter. Daiwa Securities Group Inc. now owns 11,389 shares of the technology company’s stock worth $303,000 after purchasing an additional 462 shares during the last quarter. GAMMA Investing LLC increased its position in shares of Iridium Communications by 25.2% during the 3rd quarter. GAMMA Investing LLC now owns 2,399 shares of the technology company’s stock worth $73,000 after purchasing an additional 483 shares in the last quarter. Point72 Asia Singapore Pte. Ltd. lifted its holdings in Iridium Communications by 6.2% during the 2nd quarter. Point72 Asia Singapore Pte. Ltd. now owns 11,480 shares of the technology company’s stock valued at $306,000 after purchasing an additional 671 shares during the last quarter. Finally, Mcdonald Partners LLC boosted its position in Iridium Communications by 4.1% in the second quarter. Mcdonald Partners LLC now owns 17,925 shares of the technology company’s stock valued at $477,000 after buying an additional 700 shares in the last quarter. Institutional investors own 84.36% of the company’s stock.

Iridium Communications Price Performance

Iridium Communications stock opened at $30.21 on Friday. The business’s fifty day moving average is $29.77 and its two-hundred day moving average is $28.23. 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 firm has a market cap of $3.44 billion, a P/E ratio of 32.14 and a beta of 0.65. 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 (EPS) for the quarter, topping 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 business had revenue of $212.77 million for the quarter, compared to the consensus estimate of $205.68 million. Equities research analysts forecast that Iridium Communications Inc. will post 0.8 earnings per share for the current fiscal year.

Iridium Communications announced that its Board of Directors has authorized a stock buyback program on Thursday, September 19th that permits the company to buyback $500.00 million in shares. This buyback authorization permits the technology company to repurchase up to 14.2% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s management believes its stock is undervalued.

Insiders Place Their Bets

In other Iridium Communications news, insider Suzanne E. Mcbride sold 4,420 shares of the stock in a transaction on Monday, November 4th. The stock was 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 in the company, valued at approximately $5,388,855.56. This trade represents a 2.36 % decrease in their position. 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 Iridium Communications 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 $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. Insiders own 2.00% of the company’s stock.

Wall Street Analyst Weigh In

Separately, BWS Financial reaffirmed a “neutral” rating and set a $30.00 price objective on shares of Iridium Communications in a report on Monday, October 21st. Two investment analysts have rated the stock with a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has an average 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.