Iridium Communications (NASDAQ:IRDM) Insider Suzanne Mcbride Sells 85,454 Shares of Stock

Iridium Communications Inc (NASDAQ:IRDM) insider Suzanne Mcbride sold 85,454 shares of the business’s stock in a transaction dated Monday, August 17th. The stock was sold at an average price of $50.28, for a total value of $4,296,627.12. Following the sale, the insider owned 282,017 shares in the company, valued at $14,179,814.76. The trade was a 23.25% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink.

Iridium Communications Price Performance

Shares of IRDM opened at $48.71 on Thursday. 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 company’s fifty day moving average price is $48.15 and its 200-day moving average price is $38.61. Iridium Communications Inc has a 1-year low of $15.65 and a 1-year high of $57.18. The firm has a market capitalization of $5.16 billion, a PE ratio of 55.35, a price-to-earnings-growth ratio of 3.96 and a beta of 0.88.

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

Iridium Communications Announces Dividend

The company 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 dividend of $0.15 per share. This represents a $0.60 annualized dividend and a dividend yield of 1.2%. The ex-dividend date of this dividend is Tuesday, September 15th. Iridium Communications’s payout ratio is 68.18%.

Hedge Funds Weigh In On Iridium Communications

A number of large investors have recently added to or reduced their stakes in IRDM. Quadrant Capital Group LLC lifted its holdings 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 purchasing an additional 741 shares in the last quarter. Larson Financial Group LLC grew its position in shares of Iridium Communications by 392.8% in the third 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 period. Kestra Advisory Services LLC purchased a new stake in shares of Iridium Communications during the fourth quarter worth about $27,000. CIBC Private Wealth Group LLC purchased a new stake in shares of Iridium Communications during the third quarter worth about $32,000. Finally, Caitong International Asset Management Co. Ltd raised 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 worth $35,000 after purchasing an additional 1,969 shares during the last quarter. 84.36% of the stock is currently owned by institutional investors and hedge funds.

Iridium Communications News Summary

Here are the key news stories impacting Iridium Communications this week:

• Negative Sentiment: Insiders collectively sold 375,919 shares of Iridium Communications for approximately $18.9 million in transactions dated August 17–18. The sales occurred at prices ranging from $49.20 to $50.51, potentially signaling that several executives and directors viewed the recent stock price as an opportunity to take profits. SEC insider filing
• Negative Sentiment: Director Thomas Fitzpatrick made the largest disposal, selling 209,233 shares for roughly $10.5 million and reducing his reported ownership by 78.21%. He also sold an additional 15,046 shares, bringing his disclosed sales to 224,279 shares. SEC director filing
• Negative Sentiment: Other notable sales included 85,454 shares by Suzanne E. McBride, 33,192 shares by Kathleen A. Morgan, 19,521 shares by EVP Timothy James Last, and 13,473 shares by Chief Accounting Officer Timothy Kapalka. Their reported ownership reductions ranged from 17.29% to 27.38%. SEC insider filings

Analysts Set New Price Targets

A number of research analysts have weighed in on the stock. Oppenheimer upped their price objective on shares of Iridium Communications from $48.00 to $60.00 and gave the stock an “outperform” rating in a research report on Wednesday, June 3rd. Morgan Stanley raised their target price 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. Raymond James Financial restated a “market perform” rating on shares of Iridium Communications in a research note on Friday, April 24th. New Street Research raised Iridium Communications from a “neutral” rating to a “buy” rating in a report on Wednesday, July 22nd. Finally, William Blair downgraded 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 issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $38.67.

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.