Meeder Asset Management Inc. Makes New Investment in Iridium Communications Inc. (NASDAQ:IRDM)

Meeder Asset Management Inc. purchased a new stake in shares of Iridium Communications Inc. (NASDAQ:IRDM) in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 13,365 shares of the technology company’s stock, valued at approximately $407,000.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. State of Alaska Department of Revenue grew its position 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 valued at $418,000 after buying an additional 375 shares during the period. Daiwa Securities Group Inc. boosted its stake in shares of Iridium Communications by 4.2% during the 2nd quarter. Daiwa Securities Group Inc. now owns 11,389 shares of the technology company’s stock worth $303,000 after acquiring an additional 462 shares during the last quarter. GAMMA Investing LLC grew 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 valued at $73,000 after acquiring an additional 483 shares during the period. Point72 Asia Singapore Pte. Ltd. grew its position in shares of 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 acquiring an additional 671 shares during the period. Finally, Mcdonald Partners LLC increased its stake in shares of Iridium Communications by 4.1% in the 2nd quarter. Mcdonald Partners LLC now owns 17,925 shares of the technology company’s stock worth $477,000 after purchasing an additional 700 shares in the last quarter. Hedge funds and other institutional investors own 84.36% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on the company. BWS Financial reiterated a “neutral” rating and set a $30.00 target price on shares of Iridium Communications in a research report on Monday, October 21st. Barclays boosted their price objective on Iridium Communications from $44.00 to $45.00 and gave the company an “overweight” rating in a research note on Wednesday, July 24th. Two research analysts have rated the stock with a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Iridium Communications presently has a consensus rating of “Moderate Buy” and a consensus target price of $41.00.

Iridium Communications Trading Down 4.4 %

Shares of IRDM stock opened at $27.32 on Wednesday. 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 fifty day simple moving average of $29.47 and a two-hundred day simple moving average of $28.27. The firm has a market capitalization of $3.11 billion, a PE ratio of 29.06 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 released its quarterly earnings data on Thursday, October 17th. The technology company reported $0.21 earnings per share for the quarter, topping analysts’ consensus estimates of $0.20 by $0.01. The firm had revenue of $212.77 million during the quarter, compared to analyst estimates of $205.68 million. Iridium Communications had a return on equity of 14.34% and a net margin of 14.09%. On average, analysts predict that Iridium Communications Inc. will post 0.8 EPS for the current fiscal year.

Iridium Communications declared that its Board of Directors has approved 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 repurchase up to 14.2% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s management believes its shares are undervalued.

Insiders Place Their Bets

In other Iridium Communications news, 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 sale, the director now directly owns 254,824 shares in the company, valued at approximately $7,489,277.36. The trade was a 13.08 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Suzanne E. Mcbride sold 4,420 shares of the stock in a transaction dated Monday, November 4th. The shares were sold at an average price of $29.48, for a total transaction of $130,301.60. Following the transaction, the insider now directly owns 182,797 shares of the company’s stock, valued at $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 corporate insiders.

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.