Insider Selling: Iridium Communications (NASDAQ:IRDM) CAO Sells $117,490.00 in Stock

Iridium Communications Inc (NASDAQ:IRDM) CAO Timothy Kapalka sold 3,790 shares of the stock in a transaction dated Thursday, April 2nd. The stock was sold at an average price of $31.00, for a total value of $117,490.00. Following the transaction, the chief accounting officer owned 47,764 shares of the company’s stock, valued at approximately $1,480,684. This trade represents a 7.35% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Timothy Kapalka also recently made the following trade(s):

• On Monday, April 6th, Timothy Kapalka sold 2,043 shares of Iridium Communications stock. The stock was sold at an average price of $33.00, for a total value of $67,419.00.

Iridium Communications Price Performance

Shares of NASDAQ IRDM opened at $34.62 on Thursday. The stock has a market capitalization of $3.63 billion, a price-to-earnings ratio of 32.66, a PEG ratio of 2.22 and a beta of 0.48. The business has a 50-day moving average of $24.77 and a 200-day moving average of $20.39. The company has a debt-to-equity ratio of 3.80, a current ratio of 2.48 and a quick ratio of 1.82. Iridium Communications Inc has a fifty-two week low of $15.65 and a fifty-two week high of $35.12.

Iridium Communications (NASDAQ:IRDM) last announced its quarterly earnings data on Thursday, February 12th. The technology company reported $0.24 earnings per share for the quarter, beating the consensus estimate of $0.23 by $0.01. The company had revenue of $212.94 million during the quarter, compared to analysts’ expectations of $219.14 million. Iridium Communications had a return on equity of 24.01% and a net margin of 13.12%.Iridium Communications’s revenue for the quarter was up .0% compared to the same quarter last year. During the same quarter last year, the company earned $0.32 EPS. As a group, sell-side analysts predict that Iridium Communications Inc will post 0.89 earnings per share for the current fiscal year.

Iridium Communications Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, March 31st. Stockholders of record on Monday, March 16th were issued a $0.15 dividend. The ex-dividend date was Monday, March 16th. This represents a $0.60 annualized dividend and a dividend yield of 1.7%. Iridium Communications’s dividend payout ratio (DPR) is presently 56.60%.

Hedge Funds Weigh In On Iridium Communications

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Vanguard Group Inc. grew its holdings in Iridium Communications by 7.1% during the fourth quarter. Vanguard Group Inc. now owns 10,157,227 shares of the technology company’s stock worth $176,533,000 after purchasing an additional 677,258 shares during the period. ARK Investment Management LLC grew its holdings in Iridium Communications by 21.7% during the third quarter. ARK Investment Management LLC now owns 6,490,108 shares of the technology company’s stock worth $113,317,000 after purchasing an additional 1,156,580 shares during the period. Silver Heights Capital Management Inc grew its holdings in Iridium Communications by 1.2% during the fourth quarter. Silver Heights Capital Management Inc now owns 5,251,133 shares of the technology company’s stock worth $91,265,000 after purchasing an additional 61,430 shares during the period. State Street Corp grew its holdings in Iridium Communications by 18.0% during the fourth quarter. State Street Corp now owns 4,761,749 shares of the technology company’s stock worth $82,759,000 after purchasing an additional 725,856 shares during the period. Finally, Sumitomo Mitsui Trust Group Inc. grew its holdings in Iridium Communications by 0.6% during the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 4,343,670 shares of the technology company’s stock worth $75,840,000 after purchasing an additional 27,907 shares during the period. Institutional investors own 84.36% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on IRDM shares. Weiss Ratings upgraded Iridium Communications from a “sell (d+)” rating to a “hold (c-)” rating in a report on Tuesday, March 10th. Morgan Stanley raised their price objective on Iridium Communications from $24.00 to $26.00 and gave the company an “equal weight” rating in a report on Wednesday, February 18th. Finally, BWS Financial restated a “sell” rating and issued a $16.00 price objective on shares of Iridium Communications in a report on Tuesday, February 17th. Four analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $25.40.

About Iridium Communications

Iridium Communications Inc operates a global satellite communications network that delivers voice and data services across land, sea and air. The company’s unique architecture relies on a constellation of 66 low-Earth orbit satellites, enabling real-time connectivity in regions beyond the reach of terrestrial wireless networks. Iridium’s core offerings include satellite voice and messaging services, broadband data terminals, push-to-talk (PTT) interoperability and machine-to-machine (M2M) solutions for the Internet of Things (IoT).

Iridium serves a diverse range of markets, including maritime shipping, aviation, government and defense, energy, and enterprise.