Iridium Expands Stock Buyback by $500M, Boosts Authorization to $1.5B

Iridium Communications Inc. (IRDM) recently announced its fourth stock repurchase authorization in four years. The latest $500 million authorization, approved by its board of directors, is the largest in the company's history. It extends the total buyback authorization to $1.5 billion through Dec. 31, 2027. Iridium's stock repurchase program began in February 2021 with an initial authorization of $300 million. This was followed by another $300 million in March 2022 and $400 million in July 2023. The executi ...