CreativeOne Wealth LLC Takes $539,000 Position in Iridium Communications Inc. (NASDAQ:IRDM)

CreativeOne Wealth LLC purchased a new stake in Iridium Communications Inc. (NASDAQ:IRDM) during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The fund purchased 17,693 shares of the technology company’s stock, valued at approximately $539,000.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Allspring Global Investments Holdings LLC raised its position in Iridium Communications by 7,684.6% during the 2nd quarter. Allspring Global Investments Holdings LLC now owns 1,012 shares of the technology company’s stock worth $27,000 after buying an additional 999 shares during the last quarter. Mather Group LLC. purchased a new position in Iridium Communications during the second quarter worth about $32,000. Blue Trust Inc. lifted its position in Iridium Communications by 109.7% in the second quarter. Blue Trust Inc. now owns 1,491 shares of the technology company’s stock valued at $39,000 after purchasing an additional 780 shares during the period. International Assets Investment Management LLC purchased a new stake in Iridium Communications in the 2nd quarter valued at approximately $45,000. Finally, Fifth Third Bancorp increased its position in Iridium Communications by 322.1% during the 2nd quarter. Fifth Third Bancorp now owns 1,735 shares of the technology company’s stock worth $46,000 after purchasing an additional 1,324 shares during the period. 84.36% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, Director Robert H. Niehaus sold 38,355 shares of the firm’s stock in a transaction that occurred on Wednesday, October 23rd. The shares were 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 of the company’s stock, valued at $7,489,277.36. This trade represents a 13.08 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Suzanne E. Mcbride sold 4,420 shares of the company’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 completion of the sale, the insider now directly owns 182,797 shares in the company, valued at approximately $5,388,855.56. The trade was a 2.36 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 2.00% of the company’s stock.

Analyst Upgrades and Downgrades

Separately, BWS Financial restated a “neutral” rating and issued a $30.00 price target on shares of Iridium Communications in a research note on Monday, October 21st. Two equities research analysts have rated the stock with a hold rating, one has given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $41.00.

Iridium Communications Trading Up 0.4 %

Shares of IRDM opened at $29.72 on Monday. Iridium Communications Inc. has a twelve month low of $24.14 and a twelve month high of $41.66. The company has a current ratio of 2.62, a quick ratio of 2.01 and a debt-to-equity ratio of 2.68. The firm has a market capitalization of $3.38 billion, a P/E ratio of 31.62 and a beta of 0.65. The firm’s 50-day moving average is $29.72 and its two-hundred day moving average is $28.22.

Iridium Communications (NASDAQ:IRDM) last released its quarterly earnings data on Thursday, October 17th. The technology company reported $0.21 earnings per share for the quarter, beating the consensus estimate of $0.20 by $0.01. The firm had revenue of $212.77 million during the quarter, compared to the consensus estimate of $205.68 million. Iridium Communications had a return on equity of 14.34% and a net margin of 14.09%. On average, research analysts predict that Iridium Communications Inc. will post 0.8 earnings per share for the current fiscal year.

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

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.