Nisa Investment Advisors LLC Sells 14,409 Shares of Iridium Communications Inc $IRDM

Nisa Investment Advisors LLC lessened its stake in shares of Iridium Communications Inc (NASDAQ:IRDM) by 52.8% during the 3rd quarter, according to its most recent 13F filing with the SEC. The firm owned 12,889 shares of the technology company’s stock after selling 14,409 shares during the period. Nisa Investment Advisors LLC’s holdings in Iridium Communications were worth $617,000 at the end of the most recent quarter.

A number of other institutional investors also recently bought and sold shares of IRDM. Commonwealth Financial Services LLC lifted its holdings in shares of Iridium Communications by 20.6% in the 3rd quarter. Commonwealth Financial Services LLC now owns 6,271 shares of the technology company’s stock worth $300,000 after acquiring an additional 1,072 shares during the last quarter. USA Financial Formulas purchased a new position in shares of Iridium Communications during the 3rd quarter worth about $178,000. Fortitude Family Office LLC boosted its stake in shares of Iridium Communications by 3,345.0% during the 3rd quarter. Fortitude Family Office LLC now owns 2,756 shares of the technology company’s stock worth $132,000 after purchasing an additional 2,676 shares during the period. Sax Wealth Advisors LLC bought a new position in Iridium Communications during the 3rd quarter valued at about $238,000. Finally, GAMMA Investing LLC grew its holdings in Iridium Communications by 45.2% during the 3rd quarter. GAMMA Investing LLC now owns 4,390 shares of the technology company’s stock valued at $210,000 after purchasing an additional 1,367 shares during the last quarter. 84.36% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other news, insider Suzanne E. Mcbride sold 85,454 shares of the firm’s stock in a transaction that occurred on Monday, August 17th. The shares were sold at an average price of $50.28, for a total transaction of $4,296,627.12. Following the transaction, the insider directly owned 282,017 shares of the company’s stock, valued at approximately $14,179,814.76. This trade represents a 23.25% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Thomas Fitzpatrick sold 15,046 shares of Iridium Communications stock in a transaction that occurred on Tuesday, August 18th. The shares were sold at an average price of $49.20, for a total transaction of $740,263.20. Following the sale, the director directly owned 43,260 shares of the company’s stock, valued at $2,128,392. This represents a 25.81% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 381,688 shares of company stock worth $19,146,390 over the last 90 days. Corporate insiders own 2.70% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on the stock. Weiss Ratings raised shares of Iridium Communications from a “hold (c)” rating to a “hold (c+)” rating in a research report on Wednesday, October 21st. New Street Research raised shares of Iridium Communications from a “neutral” rating to a “buy” rating in a research note on Wednesday, July 22nd. Finally, Morgan Stanley boosted 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. Three analysts have rated the stock with a Buy rating, four have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, Iridium Communications currently has an average rating of “Hold” and a consensus target price of $41.20.

Iridium Communications Trading Up 2.6%

IRDM stock opened at $45.65 on Wednesday. The business’s fifty day simple moving average is $47.07 and its two-hundred day simple moving average is $39.18. Iridium Communications Inc has a twelve month low of $15.65 and a twelve month high of $57.18.

Iridium Communications (NASDAQ:IRDM) last posted its quarterly earnings results on Tuesday, October 20th. The technology company reported $0.98 EPS for the quarter, topping analysts’ consensus estimates of $0.34 by $0.64. The company had revenue of $245.73 million during the quarter, compared to the consensus estimate of $236.30 million. During the same quarter in the previous year, the company posted $0.35 earnings per share. Analysts forecast that Iridium Communications Inc will post 0.98 EPS for the current year.

Iridium Communications Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, September 30th. Shareholders of record on Tuesday, September 15th were given a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 1.3%. The ex-dividend date of this dividend was Tuesday, September 15th.

About Iridium Communications

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.