17,885 Iridium Communications Inc $IRDM Shares Sold by Vontobel Holding Ltd.

Vontobel Holding Ltd. trimmed its holdings in Iridium Communications Inc (NASDAQ:IRDM) by 53.4% in the 3rd quarter, Holdings Channel reports. The fund owned 15,623 shares of the technology company’s stock after selling 17,885 shares during the quarter. Vontobel Holding Ltd.’s holdings in Iridium Communications were worth $748,000 as of its most recent SEC filing.

A number of other large investors also recently bought and sold shares of the business. CoreCap Advisors LLC boosted its stake in Iridium Communications by 69.0% during the third quarter. CoreCap Advisors LLC now owns 1,021 shares of the technology company’s stock worth $49,000 after acquiring an additional 417 shares in the last quarter. Plato Investment Management Ltd purchased a new stake in Iridium Communications in the second quarter worth about $63,000. Root Financial Partners LLC increased its stake in shares of Iridium Communications by 1,750.0% during the first 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. Clearstead Trust LLC bought a new position in shares of Iridium Communications during the second quarter valued at approximately $99,000. Finally, IFP Advisors Inc lifted its holdings in shares of Iridium Communications by 346.9% during the second quarter. IFP Advisors Inc now owns 1,850 shares of the technology company’s stock valued at $101,000 after purchasing an additional 1,436 shares during the last quarter. 84.36% of the stock is owned by hedge funds and other institutional investors.

Iridium Communications Price Performance

IRDM opened at $43.94 on Wednesday. The stock has a 50-day moving average price of $47.56 and a 200-day moving average price of $45.86. The company has a debt-to-equity ratio of 3.70, a current ratio of 2.78 and a quick ratio of 2.31. The firm has a market cap of $4.66 billion, a PE ratio of 49.93, a P/E/G ratio of 3.56 and a beta of 0.84. Iridium Communications Inc has a 1 year low of $15.65 and a 1 year high of $57.18.

Iridium Communications (NASDAQ:IRDM) last announced its quarterly earnings results on Tuesday, October 20th. The technology company reported $0.98 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.34 by $0.64. Iridium Communications had a net margin of 10.55% and a return on equity of 22.57%. The company had revenue of $245.73 million for the quarter, compared to analysts’ expectations of $236.30 million. During the same quarter in the previous year, the business posted $0.35 EPS. Sell-side analysts predict that Iridium Communications Inc will post 0.95 earnings per share for the current fiscal year.

Iridium Communications Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, September 30th. Shareholders of record on Tuesday, September 15th were issued a $0.15 dividend. The ex-dividend date of this dividend was Tuesday, September 15th. This represents a $0.60 annualized dividend and a yield of 1.4%. Iridium Communications’s payout ratio is 68.18%.

Insider Transactions at Iridium Communications

In related news, Director Thomas Fitzpatrick sold 209,233 shares of the firm’s stock in a transaction that occurred on Monday, August 17th. The shares were sold at an average price of $50.22, for a total transaction of $10,507,681.26. Following the completion of the sale, the director owned 58,306 shares of the company’s stock, valued at $2,928,127.32. This trade represents a 78.21% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Kathleen A. Morgan sold 33,192 shares of the business’s stock in a transaction that occurred on Monday, August 17th. The stock was sold at an average price of $50.35, for a total transaction of $1,671,217.20. Following the completion of the transaction, the insider owned 124,871 shares of the company’s stock, valued at approximately $6,287,254.85. The trade was a 21.00% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders have sold 381,688 shares of company stock valued at $19,146,390. 2.70% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on IRDM shares. Weiss Ratings reiterated a “hold (c)” rating on shares of Iridium Communications in a report on Tuesday, October 6th. New Street Research upgraded Iridium Communications from a “neutral” rating to a “buy” rating in a research note on Wednesday, July 22nd. Morgan Stanley raised their price objective on Iridium Communications from $26.00 to $54.00 and gave the company an “equal weight” rating in a research report on Tuesday, June 30th. Finally, William Blair lowered Iridium Communications from an “outperform” rating to a “hold” rating in a research report on Monday, June 29th. Three research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company has an average rating of “Hold” and an average target price of $41.20.

Iridium Communications Profile

Iridium Communications Inc provides global satellite communications services through the Iridium satellite network. The company offers voice and data connectivity for customers in remote and difficult-to-reach locations, supporting applications in maritime, aviation, government, emergency services, transportation, industrial, and recreational markets.

Its product portfolio includes satellite phones, broadband services, specialized voice and data terminals, and Internet of Things connectivity for tracking, monitoring, and machine-to-machine communications.