Federated Hermes Inc. boosted its position in shares of Iridium Communications Inc. (NASDAQ:IRDM – Free Report) by 442.9% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 105,150 shares of the technology company’s stock after purchasing an additional 85,783 shares during the period. Federated Hermes Inc. owned approximately 0.08% of Iridium Communications worth $6,512,000 at the end of the most recent quarter.
Other institutional investors also recently bought and sold shares of the company. Allspring Global Investments Holdings LLC raised its stake in shares of Iridium Communications by 4.0% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 5,751 shares of the technology company’s stock valued at $356,000 after acquiring an additional 223 shares during the period. Envestnet Asset Management Inc. raised its stake in shares of Iridium Communications by 1.7% in the 3rd quarter. Envestnet Asset Management Inc. now owns 13,582 shares of the technology company’s stock valued at $603,000 after acquiring an additional 223 shares during the period. Dupont Capital Management Corp raised its stake in shares of Iridium Communications by 37.5% in the 1st quarter. Dupont Capital Management Corp now owns 884 shares of the technology company’s stock valued at $55,000 after acquiring an additional 241 shares during the period. Franklin Resources Inc. raised its stake in shares of Iridium Communications by 1.3% in the 4th quarter. Franklin Resources Inc. now owns 19,896 shares of the technology company’s stock valued at $1,023,000 after acquiring an additional 260 shares during the period. Finally, Amalgamated Bank raised its stake in shares of Iridium Communications by 0.3% in the 4th quarter. Amalgamated Bank now owns 88,712 shares of the technology company’s stock valued at $4,560,000 after acquiring an additional 306 shares during the period. 82.36% of the stock is owned by hedge funds and other institutional investors.
Iridium Communications Stock Performance
NASDAQ IRDM opened at $50.90 on Monday. The company has a quick ratio of 1.71, a current ratio of 2.16 and a debt-to-equity ratio of 1.46. Iridium Communications Inc. has a 52 week low of $42.85 and a 52 week high of $68.34. The stock has a market capitalization of $6.37 billion, a PE ratio of -339.31 and a beta of 1.04. The firm has a 50 day moving average of $58.45 and a two-hundred day moving average of $60.13.
Iridium Communications declared that its board has approved a stock repurchase program on Thursday, July 27th that permits the company to buyback $400.00 million in shares. This buyback authorization permits the technology company to reacquire up to 6.1% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s leadership believes its stock is undervalued.
Wall Street Analyst Weigh In
A number of equities research analysts have recently issued reports on IRDM shares. Raymond James reduced their price target on shares of Iridium Communications from $76.00 to $68.00 and set a “strong-buy” rating on the stock in a research note on Wednesday, July 26th. StockNews.com started coverage on shares of Iridium Communications in a report on Thursday, May 18th. They issued a “hold” rating for the company. Deutsche Bank Aktiengesellschaft started coverage on shares of Iridium Communications in a report on Thursday, June 22nd. They issued a “hold” rating and a $61.00 price objective for the company. Barclays upgraded shares of Iridium Communications from an “equal weight” rating to an “overweight” rating and dropped their price objective for the company from $66.00 to $65.00 in a report on Thursday, July 27th. Finally, Morgan Stanley lifted their price objective on shares of Iridium Communications from $66.00 to $72.00 and gave the company an “overweight” rating in a report on Friday, April 21st. Two analysts have rated the stock with a hold rating, three have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Iridium Communications has an average rating of “Moderate Buy” and an average target price of $68.20.
Get Our Latest Report on Iridium Communications
Iridium Communications Company Profile
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.
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