Braun Stacey Associates Inc. Invests $16.23 Million in Iridium Communications Inc $IRDM

Braun Stacey Associates Inc. bought a new position in shares of Iridium Communications Inc (NASDAQ:IRDM) during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund bought 295,922 shares of the technology company’s stock, valued at approximately $16,231,000.

Several other large investors have also recently bought and sold shares of the stock. Empowered Funds LLC bought a new stake in Iridium Communications in the 2nd quarter valued at $543,000. United Capital Financial Advisors LLC bought a new position in shares of Iridium Communications during the 2nd quarter worth about $257,000. Centaurus Financial Inc. bought a new position in shares of Iridium Communications during the 2nd quarter worth about $122,000. Jefferies Financial Group Inc. acquired a new position in shares of Iridium Communications during the second quarter valued at about $21,727,000. Finally, Public Employees Retirement System of Ohio acquired a new position in shares of Iridium Communications during the second quarter valued at about $1,586,000. 84.36% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on IRDM. Oppenheimer increased 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 boosted their price target on Iridium Communications from $26.00 to $54.00 and gave the company an “equal weight” rating in a research note on Tuesday, June 30th. William Blair downgraded Iridium Communications from an “outperform” rating to a “hold” rating in a research report on Monday, June 29th. New Street Research upgraded Iridium Communications from a “neutral” rating to a “buy” rating in a research report on Wednesday, July 22nd. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of Iridium Communications in a report on Friday, July 10th. Three investment analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $38.67.

Iridium Communications Price Performance

NASDAQ:IRDM opened at $46.60 on Friday. The company has a debt-to-equity ratio of 3.70, a quick ratio of 2.31 and a current ratio of 2.78. The company has a 50-day moving average of $48.41 and a 200-day moving average of $39.85. Iridium Communications Inc has a 52 week low of $15.65 and a 52 week high of $57.18. The company has a market capitalization of $4.94 billion, a price-to-earnings ratio of 52.96, a PEG ratio of 3.84 and a beta of 0.88.

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

Iridium Communications Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Tuesday, September 15th will be paid a $0.15 dividend. This represents a $0.60 annualized dividend and a dividend yield of 1.3%. The ex-dividend date is Tuesday, September 15th. Iridium Communications’s dividend payout ratio is currently 68.18%.

Insider Buying and Selling at Iridium Communications

In other Iridium Communications news, insider Suzanne E. Mcbride sold 85,454 shares of the stock in a transaction on Monday, August 17th. The stock was sold at an average price of $50.28, for a total transaction of $4,296,627.12. Following the completion of the transaction, the insider directly owned 282,017 shares in the company, valued at $14,179,814.76. This represents a 23.25% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Timothy James Last sold 19,521 shares of Iridium Communications stock in a transaction on Monday, August 17th. The shares were sold at an average price of $50.34, for a total value of $982,687.14. Following the transaction, the executive vice president directly owned 93,413 shares of the company’s stock, valued at approximately $4,702,410.42. The trade was a 17.29% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 375,919 shares of company stock worth $18,878,997 over the last three months. 2.70% of the stock is currently owned by insiders.

Iridium Communications 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.