Suzanne Mcbride Sells 85,454 Shares of Iridium Communications (NASDAQ:IRDM) Stock

Iridium Communications Inc (NASDAQ:IRDM) insider Suzanne Mcbride sold 85,454 shares of the business’s stock in a transaction on Monday, August 17th. The shares were sold at an average price of $50.28, for a total value of $4,296,627.12. Following the completion of the sale, the insider owned 282,017 shares of the company’s stock, valued at $14,179,814.76. This trade represents a 23.25% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link.

Iridium Communications Stock Performance

IRDM stock traded down $0.32 during trading hours on Wednesday, hitting $48.71. 818,984 shares of the stock were exchanged, compared to its average volume of 2,320,215. Iridium Communications Inc has a 12 month low of $15.65 and a 12 month high of $57.18. The company has a current ratio of 2.78, a quick ratio of 2.31 and a debt-to-equity ratio of 3.70. The firm has a market capitalization of $5.16 billion, a P/E ratio of 55.35, a P/E/G ratio of 4.05 and a beta of 0.88. The company has a 50-day simple moving average of $48.09 and a two-hundred day simple moving average of $38.42.

Iridium Communications (NASDAQ:IRDM) last announced its earnings results on Wednesday, July 22nd. The technology company reported $0.09 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.28 by ($0.19). Iridium Communications had a net margin of 10.55% and a return on equity of 22.57%. The business had revenue of $225.24 million during the quarter, compared to the consensus estimate of $220.32 million. During the same period in the previous year, the firm posted $0.20 EPS. The company’s revenue was up 3.8% compared to the same quarter last year. On average, analysts forecast that Iridium Communications Inc will post 0.95 earnings per share for the current fiscal year.

Iridium Communications Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Tuesday, September 15th will be given a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.2%. The ex-dividend date is Tuesday, September 15th. Iridium Communications’s payout ratio is presently 68.18%.

Institutional Trading of Iridium Communications

Hedge funds and other institutional investors have recently modified their holdings of the stock. Quadrant Capital Group LLC lifted its stake in shares of Iridium Communications by 107.5% in the 4th quarter. Quadrant Capital Group LLC now owns 1,430 shares of the technology company’s stock valued at $25,000 after acquiring an additional 741 shares during the last quarter. Larson Financial Group LLC boosted its stake in shares of Iridium Communications by 392.8% during the third quarter. Larson Financial Group LLC now owns 1,508 shares of the technology company’s stock valued at $26,000 after purchasing an additional 1,202 shares in the last quarter. Kestra Advisory Services LLC acquired a new position in shares of Iridium Communications in the fourth quarter valued at approximately $27,000. CIBC Private Wealth Group LLC bought a new position in Iridium Communications in the 3rd quarter valued at approximately $32,000. Finally, Caitong International Asset Management Co. Ltd boosted its position in Iridium Communications by 10,363.2% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 1,988 shares of the technology company’s stock worth $35,000 after buying an additional 1,969 shares during the period. Institutional investors own 84.36% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have weighed in on IRDM. New Street Research raised Iridium Communications from a “neutral” rating to a “buy” rating in a report on Wednesday, July 22nd. Weiss Ratings reiterated a “hold (c)” rating on shares of Iridium Communications in a research note on Friday, July 10th. Oppenheimer boosted their target price on shares of Iridium Communications from $48.00 to $60.00 and gave the company an “outperform” rating in a research report on Wednesday, June 3rd. William Blair lowered shares of Iridium Communications from an “outperform” rating to a “hold” rating in a research report on Monday, June 29th. Finally, BWS Financial restated a “sell” rating and set a $16.00 price objective on shares of Iridium Communications in a research report on Monday, April 27th. Three investment analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has issued 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 $38.67.

Iridium Communications Company Profile

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.