Iridium Communications (NASDAQ:IRDM) EVP Sells $982,687.14 in Stock

Iridium Communications Inc (NASDAQ:IRDM) EVP Timothy James Last sold 19,521 shares of the business’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 directly owned 93,413 shares of the company’s stock, valued at approximately $4,702,410.42. This trade represents a 17.29% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink.

Iridium Communications Stock Performance

Shares of NASDAQ IRDM opened at $48.98 on Friday. The firm’s 50-day moving average price is $48.16 and its 200-day moving average price is $38.88. The company has a quick ratio of 2.31, a current ratio of 2.78 and a debt-to-equity ratio of 3.70. The company has a market cap of $5.19 billion, a PE ratio of 55.66, a PEG ratio of 3.91 and a beta of 0.88. Iridium Communications Inc has a 52-week low of $15.65 and a 52-week high of $57.18.

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

Iridium Communications Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Shareholders 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 yield of 1.2%. The ex-dividend date of this dividend is Tuesday, September 15th. Iridium Communications’s payout ratio is 68.18%.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on IRDM. 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 note on Wednesday, June 3rd. Morgan Stanley lifted their price objective on Iridium Communications from $26.00 to $54.00 and gave the stock an “equal weight” rating in a report on Tuesday, June 30th. BWS Financial reaffirmed a “sell” rating and issued a $16.00 price objective on shares of Iridium Communications in a report on Monday, April 27th. Weiss Ratings reiterated a “hold (c)” rating on shares of Iridium Communications in a research report on Friday, July 10th. Finally, Raymond James Financial reissued a “market perform” rating on shares of Iridium Communications in a report on Friday, April 24th. Three analysts have rated the stock with a Buy rating, four have given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, Iridium Communications has a consensus rating of “Hold” and a consensus price target of $38.67.

Institutional Trading of Iridium Communications

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. BlackRock Inc. bought a new position in Iridium Communications in the second quarter worth approximately $737,587,000. Vanguard Group Inc. grew its position in shares of Iridium Communications by 7.1% during the 4th quarter. Vanguard Group Inc. now owns 10,157,227 shares of the technology company’s stock valued at $176,533,000 after acquiring an additional 677,258 shares during the period. Silver Heights Capital Management Inc grew its position in shares of Iridium Communications by 1.2% during the 4th quarter. Silver Heights Capital Management Inc now owns 5,251,133 shares of the technology company’s stock valued at $91,265,000 after acquiring an additional 61,430 shares during the period. State Street Corp increased its stake in shares of Iridium Communications by 18.0% in the 4th 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 in the last quarter. Finally, Millennium Management LLC increased its stake in shares of Iridium Communications by 265.8% in the 3rd quarter. Millennium Management LLC now owns 3,039,731 shares of the technology company’s stock worth $53,074,000 after purchasing an additional 2,208,857 shares in the last quarter. 84.36% of the stock is owned by hedge funds and other institutional investors.

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.