Iridium Communications (NASDAQ:IRDM) EVP Sells $267,393.15 in Stock

Iridium Communications Inc (NASDAQ:IRDM) EVP Timothy Last sold 5,769 shares of the business’s stock in a transaction on Tuesday, September 15th. The shares were sold at an average price of $46.35, for a total value of $267,393.15. Following the completion of the sale, the executive vice president owned 84,130 shares of the company’s stock, valued at $3,899,425.50. This trade represents a 6.42% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link.

Timothy James Last also recently made the following trade(s):

• On Monday, August 17th, Timothy Last sold 19,521 shares of Iridium Communications stock. The stock was sold at an average price of $50.34, for a total value of $982,687.14.

Iridium Communications Stock Down 1.5%

IRDM opened at $46.77 on Friday. The stock has a fifty day moving average of $47.68 and a 200-day moving average of $42.42. The company has a market capitalization of $4.96 billion, a P/E ratio of 53.15, a P/E/G ratio of 3.83 and a beta of 0.87. Iridium Communications Inc has a fifty-two week low of $15.65 and a fifty-two week high of $57.18. The company has a debt-to-equity ratio of 3.70, a quick ratio of 2.31 and a current ratio of 2.78.

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

Iridium Communications Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Tuesday, September 15th will be given a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.3%. The ex-dividend date is Tuesday, September 15th. Iridium Communications’s dividend payout ratio is presently 68.18%.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on IRDM. William Blair downgraded shares of Iridium Communications from an “outperform” rating to a “hold” rating in a research report on Monday, June 29th. New Street Research raised Iridium Communications from a “neutral” rating to a “buy” rating in a research report on Wednesday, July 22nd. Morgan Stanley raised their price objective on Iridium Communications from $26.00 to $54.00 and gave the stock an “equal weight” rating in a research note on Tuesday, June 30th. Oppenheimer lifted their price objective on Iridium Communications from $48.00 to $60.00 and gave the company an “outperform” rating in a report on Wednesday, June 3rd. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of Iridium Communications in a report on Friday, July 10th. Three investment analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $41.20.

Institutional Trading of Iridium Communications

A number of hedge funds have recently added to or reduced their stakes in IRDM. BlackRock Inc. bought a new stake in Iridium Communications during the 2nd quarter worth approximately $737,587,000. Bank of New York Mellon Corp acquired a new position in shares of Iridium Communications during the second quarter worth $62,751,000. Van ECK Associates Corp lifted its holdings in shares of Iridium Communications by 50.9% during the second quarter. Van ECK Associates Corp now owns 2,270,799 shares of the technology company’s stock worth $124,553,000 after purchasing an additional 766,171 shares during the period. Sculptor Capital LP bought a new stake in shares of Iridium Communications in the second quarter worth $25,725,000. Finally, Man Group plc acquired a new stake in Iridium Communications in the second quarter valued at $22,842,000. Institutional investors and hedge funds own 84.36% of the company’s stock.

About Iridium Communications

Iridium Communications Inc provides global satellite-based voice and data communications services. Its network is designed to support connectivity across land, oceans, airways and polar regions, serving customers in areas where terrestrial communications infrastructure is limited or unavailable.

The company offers satellite phones, broadband and narrowband data services, push-to-talk communications, and Internet of Things connectivity. Its product portfolio includes Iridium Certus broadband services, Iridium GO! satellite Wi-Fi products, satellite phones, specialized IoT services and solutions for asset tracking, monitoring and machine-to-machine communications.