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Manufacturers Life Insurance Company cut its position in Iridium Communications (NASDAQ:IRDM – Get Rating) by 3.3% in the third quarter, according to the latest 13F file filed with the Securities and Exchange Commission (SEC). The company owned 149,811 shares of technology company stock after selling 5,154 shares during the period. Manufacturers’ Life Insurance Company said at the end of the most recent quarter he owned approximately 0.12% of his Iridium Communications worth $6,647,000.
Other hedge funds have also changed their stakes in the company. Mitsubishi UFJ International Asset Management Co. increased its holding in Iridium Communications by 0.6% in the third quarter. Mitsubishi UFJ International Asset Management Co., Ltd. now owns 40,129 shares in the technology company worth $1,781,000 after purchasing an additional 221 shares in him during this period. Telemus Capital LLC raised his Iridium Communications stake by 4.4% in the third quarter. After purchasing an additional 247 shares during this period, Telemus Capital LLC now owns 5,813 shares of technology company stock valued at $258,000. Institute for Wealth Management LLC. raised his Iridium Communications stake by 1.8% in the third quarter. Institute for Wealth Management LLC. After purchasing an additional 256 shares during the period, he now owns 14,312 shares of technology company stock valued at $635,000. US Bancorp DE increased his Iridium Communications stake by 4.3% in the third quarter. US Bancorp DE now owns 7,522 shares of the technology company worth $334,000 after purchasing an additional 311 shares during this period. Finally, Creative Planning increased his Iridium Communications holding by 3.9% in the second quarter. Creative Planning now owns 8,468 shares of the technology company worth $318,000 after purchasing an additional 320 shares during this period. Currently 83.82% of the shares are owned by institutional investors and hedge funds.
Iridium Communications Price/Performance Ratio
NASDAQ:IRDM opened at $59.05 on Monday. Iridium Communications Inc. has a one-year low of $31.73 and a one-year high of $62.48. The company has a current ratio of 2.82, a quick ratio of 2.52 and a debt to equity ratio of 1.37. The company has a 50-day simple moving average of $54.08 and a 200-day simple moving average of $48.93. The stock has a market cap of $7.42 billion, a PE ratio of 1,476.62 and a beta of 1.11.
Iridium Communications Dividend Notice
The company recently announced a quarterly dividend payable on Thursday, March 30. Investors of record on Wednesday, March 15 will receive a dividend of $0.13. The ex-dividend date is Tuesday, March 14. This represents his $0.52 dividend and his 0.88% dividend yield on an annualized basis.
Insider activity at Iridium Communications
In related news, CEO Matthew J. Desch sold 2,800 shares of the company on Monday, January 9th. The shares sold at an average price of $59.99 for a total of $167,972.00. Following the closing of the transaction, the CEO now directly owns 592,291 shares of the Company’s stock valued at $35,531,537.09. The transaction was disclosed in documents filed with the Securities and Exchange Commission, which are available at this link. In another news from Iridium Communications, CEO Matthew J. Desch said on Monday, January 9th that he sold 2,800 shares of Iridium Communications stock. The shares were sold at an average price of $59.99, and the transaction totaled him $167,972.00. Following the closing of the transaction, the CEO now directly owns 592,291 shares of the Company’s stock valued at $35,531,537.09. The deal is disclosed in documents filed with the SEC and available on his website. CAO Timothy Kapalka also sold 6,250 shares of Iridium Communications stock in a transaction on Monday, November 7th. The shares sold at an average price of $52.50 for a total transaction value of $328,125.00. Following the transaction, the Chief Accounting Officer now directly owns 19,896 shares of the Company’s stock valued at $1,044,540. Please see here for the disclosure of this sale. In the past three months, the insider has sold 102,030 shares of his company stock worth $5,505,451. His 2.50% of the shares are owned by corporate insiders.
Analyst upgrades and downgrades
Several brokerage firms have commented on the IRDM. Morgan Stanley raised its price target on Iridium Communications shares from $50.00 to his $64.00 in a report Monday, Oct. 17, giving the stock an “overweight” rating. Raymond James raised his price target for Iridium Communications from $51.00 to $60.00, giving the company a “strong buy” rating, in a report on Friday, Oct. 21. StockNews.com upgraded Iridium Communications’ stock from a ‘hold’ rating to a ‘buy’ rating in a report on Monday, December 26th. In a report on Monday, January 9, BWS Financial raised its price target for Iridium Communications from $60.00 to $75.00, giving the company a ‘buy’ rating. Finally, Barclays downgraded Iridium Communications’ stock from an ‘overweight’ rating to an ‘equal weight’ rating and lowered the company’s price target from $48.00 to $45.00 in its Wednesday October 19 report. One of his stock research analysts gave the stock a hold rating, three issued a buy rating, and one gave the company a strong buy rating. Based on MarketBeat data, Iridium Communications currently has a consensus rating of “buy” and an average price target of $61.00.
About Iridium Communications
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Iridium Communications, Inc is engaged in providing global satellite communications services and products. The Company’s products include personal communicators, messengers, trackers, satellite phones, push-to-talk devices, broadband, midband, external terminals, docking stations, apps and accessories.
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Want to know which other hedge funds hold IRDMs? Visit HoldingsChannel.com to get the latest Iridium Communications Inc. (NASDAQ:IRDM – Get Rating) 13F filings and insider trading.
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