Iridium Communications (NASDAQ:IRDM) Trading Up 3.3% – Here’s What Happened

Iridium Communications Inc. (NASDAQ:IRDM) shares traded up 3.3% on Wednesday . The stock traded as high as $29.93 and last traded at $29.94. 117,460 shares changed hands during trading, a decline of 89% from the average session volume of 1,072,404 shares. The stock had previously closed at $29.00.

Analysts Set New Price Targets

A number of equities analysts have commented on IRDM shares. Barclays decreased their target price on Iridium Communications from $45.00 to $38.00 and set an “overweight” rating for the company in a research note on Monday, March 10th. Cantor Fitzgerald began coverage on Iridium Communications in a research report on Friday, January 24th. They set an “overweight” rating and a $40.00 price objective for the company. Finally, StockNews.com upgraded Iridium Communications from a “hold” rating to a “buy” rating in a research note on Friday, March 21st.

Iridium Communications Stock Down 0.2 %

The firm’s 50 day simple moving average is $29.53 and its 200 day simple moving average is $29.43. The company has a market cap of $3.21 billion, a price-to-earnings ratio of 31.03, a price-to-earnings-growth ratio of 1.28 and a beta of 0.70. The company has a quick ratio of 1.25, a current ratio of 1.73 and a debt-to-equity ratio of 3.05.

Iridium Communications (NASDAQ:IRDM) last posted its earnings results on Thursday, February 13th. The technology company reported $0.31 EPS for the quarter, beating the consensus estimate of $0.15 by $0.16. The firm had revenue of $212.99 million for the quarter, compared to analysts’ expectations of $203.78 million. Iridium Communications had a return on equity of 15.66% and a net margin of 13.58%. Sell-side analysts anticipate that Iridium Communications Inc. will post 0.89 EPS for the current fiscal year.

Iridium Communications Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Monday, March 17th will be paid a dividend of $0.14 per share. This represents a $0.56 dividend on an annualized basis and a dividend yield of 1.90%. The ex-dividend date is Monday, March 17th. Iridium Communications’s dividend payout ratio is currently 58.95%.

Insider Activity at Iridium Communications

In related news, Director Thomas Fitzpatrick sold 12,500 shares of the business’s stock in a transaction that occurred on Friday, January 10th. The stock was sold at an average price of $28.53, for a total transaction of $356,625.00. Following the sale, the director now owns 241,030 shares of the company’s stock, valued at $6,876,585.90. The trade was a 4.93 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 2.00% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Iridium Communications

Hedge funds have recently modified their holdings of the company. Plato Investment Management Ltd acquired a new stake in shares of Iridium Communications in the fourth quarter valued at $32,000. SBI Securities Co. Ltd. acquired a new stake in Iridium Communications in the 4th quarter valued at about $37,000. Pinnacle Holdings LLC lifted its holdings in Iridium Communications by 45.4% in the 4th quarter. Pinnacle Holdings LLC now owns 1,528 shares of the technology company’s stock valued at $44,000 after acquiring an additional 477 shares during the last quarter. Fifth Third Bancorp boosted its position in shares of Iridium Communications by 19.8% during the 4th quarter. Fifth Third Bancorp now owns 2,162 shares of the technology company’s stock valued at $63,000 after purchasing an additional 357 shares in the last quarter. Finally, Covestor Ltd grew its stake in shares of Iridium Communications by 529.6% in the 4th quarter. Covestor Ltd now owns 2,512 shares of the technology company’s stock worth $73,000 after purchasing an additional 2,113 shares during the last quarter. 84.36% of the stock is currently owned by institutional investors and hedge funds.

Iridium Communications Company Profile

Iridium Communications Inc provides mobile voice and data communications services and products to businesses, the United States and international governments, non-governmental organizations, and consumers worldwide. The company offers postpaid mobile voice and data satellite communications; prepaid mobile voice satellite communications; push-to-talk; broadband data; and Internet of Things (IoT) services.