Iridium Communications (NASDAQ:IRDM) Insider Kathleen Morgan Sells 33,192 Shares of Stock

Iridium Communications Inc (NASDAQ:IRDM) insider Kathleen Morgan sold 33,192 shares of the business’s stock in a transaction on Monday, August 17th. The shares were sold at an average price of $50.35, for a total transaction of $1,671,217.20. Following the sale, the insider owned 124,871 shares of the company’s stock, valued at $6,287,254.85. This trade represents a 21.00% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link.

Iridium Communications Stock Down 0.7%

Shares of NASDAQ IRDM traded down $0.32 during mid-day trading on Wednesday, reaching $48.71. 818,984 shares of the company’s stock traded hands, compared to its average volume of 2,320,215. The stock has a market cap of $5.16 billion, a P/E ratio of 55.35, a PEG ratio of 4.05 and a beta of 0.88. The business has a 50-day simple moving average of $48.09 and a 200 day simple moving average of $38.42. Iridium Communications Inc has a 1-year low of $15.65 and a 1-year high of $57.18. The company has a debt-to-equity ratio of 3.70, a current ratio of 2.78 and a quick ratio of 2.31.

Iridium Communications (NASDAQ:IRDM) last posted its earnings results on Wednesday, July 22nd. The technology company reported $0.09 earnings per share for the quarter, missing analysts’ consensus estimates 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 company’s revenue was up 3.8% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.20 EPS. On average, analysts expect that Iridium Communications Inc will post 0.95 EPS for the current fiscal year.

Iridium Communications Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Tuesday, September 15th will be issued a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.2%. The ex-dividend date is Tuesday, September 15th. Iridium Communications’s dividend payout ratio (DPR) is currently 68.18%.

Institutional Investors Weigh In On Iridium Communications

A number of hedge funds have recently made changes to their positions in the business. Quadrant Capital Group LLC grew its position in Iridium Communications by 107.5% during the fourth quarter. Quadrant Capital Group LLC now owns 1,430 shares of the technology company’s stock valued at $25,000 after buying an additional 741 shares during the period. Larson Financial Group LLC raised its position in Iridium Communications by 392.8% in the third quarter. Larson Financial Group LLC now owns 1,508 shares of the technology company’s stock worth $26,000 after acquiring an additional 1,202 shares during the period. Kestra Advisory Services LLC purchased a new position in Iridium Communications in the fourth quarter valued at about $27,000. CIBC Private Wealth Group LLC purchased a new position in Iridium Communications in the third quarter valued at about $32,000. Finally, Caitong International Asset Management Co. Ltd grew its position in shares of Iridium Communications by 10,363.2% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 1,988 shares of the technology company’s stock valued at $35,000 after acquiring an additional 1,969 shares during the period. 84.36% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on IRDM shares. William Blair lowered Iridium Communications from an “outperform” rating to a “hold” rating in a research report on Monday, June 29th. BWS Financial reiterated a “sell” rating and issued a $16.00 target price on shares of Iridium Communications in a research note on Monday, April 27th. Morgan Stanley increased their target price on shares of Iridium Communications from $26.00 to $54.00 and gave the company an “equal weight” rating in a report on Tuesday, June 30th. Oppenheimer raised their price target 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. Finally, New Street Research upgraded shares of Iridium Communications from a “neutral” rating to a “buy” rating in a report on Wednesday, July 22nd. Three research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, Iridium Communications currently has an average rating of “Hold” and a consensus target price of $38.67.

Iridium Communications Company 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.