Iridium Communications Inc $IRDM Stock Sold by State of Alaska Department of Revenue

State of Alaska Department of Revenue cut its stake in Iridium Communications Inc (NASDAQ:IRDM) by 48.9% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 17,801 shares of the technology company’s stock after selling 17,017 shares during the period. State of Alaska Department of Revenue’s holdings in Iridium Communications were worth $852,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. CoreCap Advisors LLC grew its holdings in shares of Iridium Communications by 69.0% in the 3rd quarter. CoreCap Advisors LLC now owns 1,021 shares of the technology company’s stock worth $49,000 after acquiring an additional 417 shares during the period. Plato Investment Management Ltd purchased a new position in Iridium Communications in the 2nd quarter valued at approximately $63,000. Root Financial Partners LLC increased its stake in Iridium Communications by 1,750.0% in the 1st quarter. Root Financial Partners LLC now owns 1,332 shares of the technology company’s stock valued at $37,000 after purchasing an additional 1,260 shares in the last quarter. Clearstead Trust LLC acquired a new position in Iridium Communications during the second quarter worth $99,000. Finally, IFP Advisors Inc raised its holdings in Iridium Communications by 346.9% during the second quarter. IFP Advisors Inc now owns 1,850 shares of the technology company’s stock worth $101,000 after purchasing an additional 1,436 shares during the last quarter. 84.36% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

IRDM has been the subject of a number of research analyst reports. Weiss Ratings restated a “hold (c)” rating on shares of Iridium Communications in a research report on Tuesday, October 6th. New Street Research raised shares of Iridium Communications from a “neutral” rating to a “buy” rating in a research note on Wednesday, July 22nd. Morgan Stanley raised their target price on shares of Iridium Communications from $26.00 to $54.00 and gave the company an “equal weight” rating in a report on Tuesday, June 30th. Finally, William Blair cut shares of Iridium Communications from an “outperform” rating to a “hold” rating in a research report on Monday, June 29th. Three analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, Iridium Communications has a consensus rating of “Hold” and a consensus target price of $41.20.

Insider Activity at Iridium Communications

In related news, Director Thomas Fitzpatrick sold 209,233 shares of the stock in a transaction on Monday, August 17th. The stock was sold at an average price of $50.22, for a total value of $10,507,681.26. Following the transaction, the director directly owned 58,306 shares of the company’s stock, valued at approximately $2,928,127.32. This trade represents a 78.21% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Timothy Last sold 19,521 shares of the firm’s stock in a transaction dated Monday, August 17th. The stock was sold at an average price of $50.34, for a total value of $982,687.14. Following the completion of the transaction, the executive vice president owned 93,413 shares in the company, valued at approximately $4,702,410.42. This trade represents a 17.29% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders have sold 381,688 shares of company stock worth $19,146,390. Corporate insiders own 2.70% of the company’s stock.

Iridium Communications Trading Up 0.7%

Shares of IRDM opened at $44.25 on Thursday. Iridium Communications Inc has a fifty-two week low of $15.65 and a fifty-two week high of $57.18. The company has a market capitalization of $4.69 billion, a PE ratio of 29.30, a price-to-earnings-growth ratio of 3.55 and a beta of 0.84. The stock has a fifty day moving average of $47.45 and a two-hundred day moving average of $45.94. The company has a debt-to-equity ratio of 3.70, a quick ratio of 2.31 and a current ratio of 2.78.

Iridium Communications (NASDAQ:IRDM) last released its earnings results on Tuesday, October 20th. The technology company reported $0.98 EPS for the quarter, beating the consensus estimate of $0.34 by $0.64. Iridium Communications had a return on equity of 23.33% and a net margin of 18.06%. The firm had revenue of $245.73 million during the quarter, compared to analyst estimates of $236.30 million. During the same period in the prior year, the firm posted $0.35 earnings per share. As a group, analysts forecast that Iridium Communications Inc will post 0.95 EPS for the current year.

Iridium Communications Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, September 30th. Stockholders of record on Tuesday, September 15th were paid a dividend of $0.15 per share. The ex-dividend date of this dividend was Tuesday, September 15th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.4%. Iridium Communications’s dividend payout ratio is currently 68.18%.

Iridium Communications Company Profile

Iridium Communications Inc provides global satellite communications services through the Iridium satellite network. The company offers voice and data connectivity for customers in remote and difficult-to-reach locations, supporting applications in maritime, aviation, government, emergency services, transportation, industrial, and recreational markets.

Its product portfolio includes satellite phones, broadband services, specialized voice and data terminals, and Internet of Things connectivity for tracking, monitoring, and machine-to-machine communications.