Insider Selling: Iridium Communications (NASDAQ:IRDM) Insider Sells $4,296,627.12 in Stock

Iridium Communications Inc (NASDAQ:IRDM) insider Suzanne Mcbride sold 85,454 shares of Iridium Communications 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 transaction, the insider owned 282,017 shares in the company, valued at $14,179,814.76. This represents a 23.25% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink.

Iridium Communications Price Performance

Shares of Iridium Communications stock opened at $48.98 on Friday. The stock has a market cap of $5.19 billion, a P/E ratio of 55.66, a P/E/G ratio of 3.91 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. The stock’s fifty day moving average is $48.16 and its 200 day moving average is $38.88. Iridium Communications Inc has a one year low of $15.65 and a one year high of $57.18.

Iridium Communications (NASDAQ:IRDM) last released 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 company had revenue of $225.24 million for the quarter, compared to the consensus estimate of $220.32 million. Iridium Communications had a net margin of 10.55% and a return on equity of 22.57%. The business’s revenue for the quarter was up 3.8% on a year-over-year basis. During the same period in the prior year, the firm posted $0.20 EPS. Sell-side analysts anticipate that Iridium Communications Inc will post 0.95 earnings per share for the current 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 given a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.2%. The ex-dividend date of this dividend is Tuesday, September 15th. Iridium Communications’s payout ratio is presently 68.18%.

Analysts Set New Price Targets

Several research firms recently issued reports on IRDM. Morgan Stanley increased their target price on shares of Iridium Communications from $26.00 to $54.00 and gave the stock an “equal weight” rating in a report on Tuesday, June 30th. William Blair lowered shares of Iridium Communications from an “outperform” rating to a “hold” rating in a research report on Monday, June 29th. Weiss Ratings reissued a “hold (c)” rating on shares of Iridium Communications in a research note on Friday, July 10th. BWS Financial reissued a “sell” rating and issued a $16.00 price objective on shares of Iridium Communications in a research note on Monday, April 27th. Finally, Oppenheimer raised their price objective 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. 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 company. According to data from MarketBeat.com, Iridium Communications currently has an average rating of “Hold” and a consensus target price of $38.67.

Institutional Investors Weigh In On Iridium Communications

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

About Iridium Communications

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.