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

Nisa Investment Advisors LLC lessened its holdings in Iridium Communications Inc (NASDAQ:IRDM) by 52.8% in the 3rd quarter, Holdings Channel.com reports. The firm owned 12,889 shares of the technology company’s stock after selling 14,409 shares during the quarter. Nisa Investment Advisors LLC’s holdings in Iridium Communications were worth $617,000 as of its most recent SEC filing.

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

Insider Transactions at Iridium Communications

In other Iridium Communications news, EVP Timothy Last sold 5,769 shares of the company’s stock in a transaction that occurred on Tuesday, September 15th. The stock was sold at an average price of $46.35, for a total value of $267,393.15. Following the sale, the executive vice president owned 84,130 shares in the company, valued at approximately $3,899,425.50. This represents a 6.42% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Thomas Fitzpatrick sold 15,046 shares of the firm’s stock in a transaction dated Tuesday, August 18th. The shares were sold at an average price of $49.20, for a total value of $740,263.20. Following the sale, the director owned 43,260 shares in the company, valued at $2,128,392. This trade represents a 25.81% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders have sold 381,688 shares of company stock valued at $19,146,390. 2.70% of the stock is owned by insiders.

Iridium Communications Price Performance

Shares of NASDAQ IRDM opened at $45.65 on Wednesday. Iridium Communications Inc has a fifty-two week low of $15.65 and a fifty-two week high of $57.18. The business has a 50-day simple moving average of $47.07 and a two-hundred day simple moving average of $39.18.

Iridium Communications (NASDAQ:IRDM) last announced its quarterly earnings data on Tuesday, October 20th. The technology company reported $0.98 earnings per share for the quarter, beating analysts’ consensus estimates of $0.34 by $0.64. The company had revenue of $245.73 million for the quarter, compared to analysts’ expectations of $236.30 million. During the same period last year, the firm earned $0.35 earnings per share. As a group, equities research analysts forecast that Iridium Communications Inc will post 0.98 earnings per share for the current fiscal year.

Iridium Communications Dividend Announcement

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

Analyst Ratings Changes

A number of brokerages recently weighed in on IRDM. New Street Research upgraded Iridium Communications from a “neutral” rating to a “buy” rating in a research note on Wednesday, July 22nd. 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. Finally, Morgan Stanley raised their target price on shares of Iridium Communications from $26.00 to $54.00 and gave the company an “equal weight” rating in a research note on Tuesday, June 30th. Three equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, Iridium Communications currently has a consensus rating of “Hold” and a consensus target price of $41.20.

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.