Sanctuary Advisors LLC Buys Shares of 14,196 Iridium Communications Inc $IRDM

Sanctuary Advisors LLC purchased a new position in shares of Iridium Communications Inc (NASDAQ:IRDM) during the 2nd quarter, Holdings Channel.com reports. The firm purchased 14,196 shares of the technology company’s stock, valued at approximately $779,000.

A number of other hedge funds have also added to or reduced their stakes in the company. Plato Investment Management Ltd acquired a new position in Iridium Communications during the second quarter valued at approximately $63,000. Root Financial Partners LLC boosted its holdings in shares of 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. Quadrant Capital Group LLC boosted its holdings 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 purchasing an additional 741 shares in the last quarter. Larson Financial Group LLC increased its stake in shares of Iridium Communications by 392.8% in the 3rd 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 during the last quarter. Finally, Kestra Advisory Services LLC bought a new position in shares of Iridium Communications in the 4th quarter valued at $27,000. 84.36% of the stock is owned by institutional investors.

Iridium Communications Stock Down 2.2%

Shares of NASDAQ:IRDM opened at $46.60 on Friday. The company has a fifty day moving average of $48.41 and a 200-day moving average of $39.85. The company has a market capitalization of $4.94 billion, a PE ratio of 52.96, a price-to-earnings-growth ratio of 3.84 and a beta of 0.88. 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 Inc has a 52-week low of $15.65 and a 52-week high of $57.18.

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

Iridium Communications Announces Dividend

The company 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. The ex-dividend date is Tuesday, September 15th. This represents a $0.60 annualized dividend and a yield of 1.3%. Iridium Communications’s dividend payout ratio (DPR) is currently 68.18%.

Insider Transactions at Iridium Communications

In other news, Director Thomas Fitzpatrick sold 209,233 shares of the company’s stock in a transaction that occurred 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 completion of the transaction, the director owned 58,306 shares of the company’s stock, valued at $2,928,127.32. This represents a 78.21% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, insider Suzanne E. Mcbride sold 85,454 shares of the firm’s stock in a transaction that occurred on Monday, August 17th. The shares were 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 owned 282,017 shares of the company’s stock, valued at approximately $14,179,814.76. This trade represents a 23.25% decrease in their position. The SEC filing for this sale provides additional information. In the last ninety days, insiders sold 375,919 shares of company stock valued at $18,878,997. 2.70% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on IRDM. Morgan Stanley upped their price objective on Iridium Communications from $26.00 to $54.00 and gave the stock an “equal weight” rating in a research report on Tuesday, June 30th. Weiss Ratings reiterated a “hold (c)” rating on shares of Iridium Communications in a research report on Friday, July 10th. New Street Research raised Iridium Communications from a “neutral” rating to a “buy” rating in a research note on Wednesday, July 22nd. Oppenheimer boosted their target price on Iridium Communications from $48.00 to $60.00 and gave the stock an “outperform” rating in a research note on Wednesday, June 3rd. Finally, William Blair cut shares of Iridium Communications from an “outperform” rating to a “hold” rating in a report on Monday, June 29th. Three 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.com, Iridium Communications presently has a consensus rating of “Hold” and a consensus price target of $38.67.

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.