Iridium Communications Inc. (NASDAQ:IRDM) Shares Sold by SG Americas Securities LLC

SG Americas Securities LLC cut its stake in shares of Iridium Communications Inc. (NASDAQ:IRDMGet Rating) by 70.6% in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 13,773 shares of the technology company’s stock after selling 33,037 shares during the quarter. SG Americas Securities LLC’s holdings in Iridium Communications were worth $555,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. Comerica Bank boosted its holdings in Iridium Communications by 3.8% in the first quarter. Comerica Bank now owns 61,371 shares of the technology company’s stock valued at $2,538,000 after purchasing an additional 2,255 shares in the last quarter. Dupont Capital Management Corp boosted its holdings in Iridium Communications by 51.4% in the first quarter. Dupont Capital Management Corp now owns 35,718 shares of the technology company’s stock valued at $1,440,000 after purchasing an additional 12,130 shares in the last quarter. Assenagon Asset Management S.A. boosted its holdings in Iridium Communications by 358.9% in the first quarter. Assenagon Asset Management S.A. now owns 70,574 shares of the technology company’s stock valued at $2,846,000 after purchasing an additional 55,195 shares in the last quarter. Louisiana State Employees Retirement System boosted its holdings in Iridium Communications by 1.8% in the first quarter. Louisiana State Employees Retirement System now owns 34,600 shares of the technology company’s stock valued at $1,431,000 after purchasing an additional 600 shares in the last quarter. Finally, Strs Ohio boosted its holdings in Iridium Communications by 8.3% in the first quarter. Strs Ohio now owns 11,700 shares of the technology company’s stock valued at $471,000 after purchasing an additional 900 shares in the last quarter. 97.98% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Separately, StockNews.com raised Iridium Communications from a “hold” rating to a “buy” rating in a report on Tuesday, May 24th. Five equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Buy” and an average target price of $50.00.

Iridium Communications Stock Up 0.7 %

IRDM stock opened at $45.79 on Friday. Iridium Communications Inc. has a twelve month low of $31.73 and a twelve month high of $48.95. The business has a 50 day simple moving average of $38.75 and a 200-day simple moving average of $37.91. The company has a debt-to-equity ratio of 1.33, a current ratio of 3.23 and a quick ratio of 2.97.

Iridium Communications (NASDAQ:IRDMGet Rating) last posted its quarterly earnings data on Tuesday, July 26th. The technology company reported $0.04 earnings per share for the quarter. The business had revenue of $174.90 million during the quarter, compared to the consensus estimate of $166.46 million. Iridium Communications had a negative return on equity of 0.05% and a negative net margin of 0.09%. The company’s revenue was up 16.6% compared to the same quarter last year. During the same period in the prior year, the company earned $0.03 earnings per share. As a group, equities analysts expect that Iridium Communications Inc. will post 0.09 EPS for the current year.

Iridium Communications declared that its board has initiated a stock buyback program on Tuesday, April 19th that allows the company to repurchase $300.00 million in shares. This repurchase authorization allows the technology company to buy up to 6.3% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s board believes its stock is undervalued.

Insider Activity

In other news, Director Robert H. Niehaus sold 30,000 shares of the stock in a transaction that occurred on Wednesday, August 3rd. The stock was sold at an average price of $45.19, for a total value of $1,355,700.00. Following the completion of the sale, the director now directly owns 311,782 shares of the company’s stock, valued at $14,089,428.58. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, Director Robert H. Niehaus sold 30,000 shares of the company’s stock in a transaction that occurred on Wednesday, August 3rd. The stock was sold at an average price of $45.19, for a total transaction of $1,355,700.00. Following the completion of the sale, the director now owns 311,782 shares in the company, valued at $14,089,428.58. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Kathleen A. Morgan sold 3,000 shares of the company’s stock in a transaction that occurred on Thursday, July 28th. The stock was sold at an average price of $44.00, for a total value of $132,000.00. Following the sale, the insider now owns 49,399 shares of the company’s stock, valued at approximately $2,173,556. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 49,801 shares of company stock valued at $2,240,833. 2.50% of the stock is currently owned by company insiders.

Iridium Communications Profile

(Get Rating)

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.

Further Reading

Institutional Ownership by Quarter for Iridium Communications (NASDAQ:IRDM)

Want More Great Investing Ideas?

Receive News & Ratings for Iridium Communications Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Iridium Communications and related companies with MarketBeat.com's FREE daily email newsletter.