Great West Life Assurance Co. Can Takes Position in Iridium Communications Inc. (NASDAQ:IRDM)

Great West Life Assurance Co. Can purchased a new stake in shares of Iridium Communications Inc. (NASDAQ:IRDMGet Rating) in the third quarter, according to its most recent filing with the SEC. The firm purchased 75,768 shares of the technology company’s stock, valued at approximately $3,363,000. Great West Life Assurance Co. Can owned 0.06% of Iridium Communications at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently modified their holdings of IRDM. Jennison Associates LLC acquired a new position in shares of Iridium Communications during the 3rd quarter worth approximately $592,000. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. raised its position in shares of Iridium Communications by 0.6% during the 3rd quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 40,129 shares of the technology company’s stock worth $1,781,000 after purchasing an additional 221 shares during the last quarter. SG Americas Securities LLC raised its position in shares of Iridium Communications by 209.0% during the 3rd quarter. SG Americas Securities LLC now owns 45,033 shares of the technology company’s stock worth $1,998,000 after purchasing an additional 30,457 shares during the last quarter. New York State Teachers Retirement System raised its position in shares of Iridium Communications by 19.9% during the 3rd quarter. New York State Teachers Retirement System now owns 101,063 shares of the technology company’s stock worth $4,484,000 after purchasing an additional 16,740 shares during the last quarter. Finally, US Bancorp DE raised its position in shares of Iridium Communications by 4.3% during the 3rd quarter. US Bancorp DE now owns 7,522 shares of the technology company’s stock worth $334,000 after purchasing an additional 311 shares during the last quarter. 83.82% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, CEO Matthew J. Desch sold 12,353 shares of the company’s stock in a transaction on Monday, November 7th. The shares were sold at an average price of $52.21, for a total transaction of $644,950.13. Following the completion of the sale, the chief executive officer now directly owns 699,962 shares of the company’s stock, valued at approximately $36,545,016.02. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In related news, Director Parker William Rush sold 27,363 shares of the company’s stock in a transaction on Tuesday, November 1st. The shares were sold at an average price of $52.00, for a total transaction of $1,422,876.00. Following the completion of the sale, the director now directly owns 190,044 shares of the company’s stock, valued at approximately $9,882,288. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Matthew J. Desch sold 12,353 shares of the business’s stock in a transaction on Monday, November 7th. The stock was sold at an average price of $52.21, for a total transaction of $644,950.13. Following the completion of the transaction, the chief executive officer now owns 699,962 shares in the company, valued at approximately $36,545,016.02. The disclosure for this sale can be found here. In the last three months, insiders sold 104,412 shares of company stock valued at $5,627,529. Company insiders own 2.50% of the company’s stock.

Iridium Communications Stock Down 0.5 %

Shares of NASDAQ IRDM opened at $59.58 on Wednesday. Iridium Communications Inc. has a 52-week low of $31.73 and a 52-week high of $62.48. The firm has a fifty day moving average of $53.66 and a 200-day moving average of $48.48. The stock has a market capitalization of $7.49 billion, a PE ratio of 1,489.87 and a beta of 1.11. The company has a quick ratio of 2.52, a current ratio of 2.82 and a debt-to-equity ratio of 1.37.

Iridium Communications Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, March 30th. Investors of record on Wednesday, March 15th will be given a dividend of $0.13 per share. The ex-dividend date is Tuesday, March 14th. This represents a $0.52 dividend on an annualized basis and a yield of 0.87%.

Analyst Upgrades and Downgrades

IRDM has been the subject of several analyst reports. Barclays downgraded Iridium Communications from an “overweight” rating to an “equal weight” rating and cut their price target for the company from $48.00 to $45.00 in a report on Wednesday, October 19th. Morgan Stanley boosted their price target on Iridium Communications from $50.00 to $64.00 and gave the company an “overweight” rating in a report on Monday, October 17th. Raymond James boosted their price target on Iridium Communications from $51.00 to $60.00 and gave the company a “strong-buy” rating in a report on Friday, October 21st. BWS Financial boosted their price target on Iridium Communications from $60.00 to $75.00 and gave the company a “buy” rating in a report on Monday, January 9th. Finally, StockNews.com upgraded Iridium Communications from a “hold” rating to a “buy” rating in a report on Monday, December 26th. One equities research analyst has rated the stock with a hold rating, four have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Iridium Communications presently has a consensus rating of “Buy” and an average price target of $57.60.

Iridium Communications Company Profile

(Get Rating)

Iridium Communications, Inc engages in the provision of global satellite communications services and products. Its products include personal communicators, messengers, and trackers, satellite phones, push-to-talk-devices, broadband, midband, and external terminals, docking stations, apps, and accessories.

See Also

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

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