Insider Selling: Iridium Communications Inc. (NASDAQ:IRDM) Insider Sells 4,420 Shares of Stock

Iridium Communications Inc. (NASDAQ:IRDM) insider Suzanne E. Mcbride sold 4,420 shares of the business’s stock in a transaction that occurred on Monday, November 4th. The shares were sold at an average price of $29.48, for a total transaction of $130,301.60. Following the sale, the insider now owns 182,797 shares in the company, valued at $5,388,855.56. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Iridium Communications Price Performance

NASDAQ:IRDM traded up $0.11 during trading hours on Tuesday, reaching $29.68. The company had a trading volume of 624,552 shares, compared to its average volume of 1,085,604. The firm has a market capitalization of $3.38 billion, a PE ratio of 31.67 and a beta of 0.65. The stock has a 50-day moving average of $28.86 and a two-hundred day moving average of $28.32. Iridium Communications Inc. has a one year low of $24.14 and a one year high of $41.66. The company has a quick ratio of 2.01, a current ratio of 2.62 and a debt-to-equity ratio of 2.68.

Iridium Communications Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Friday, September 13th were issued a $0.14 dividend. The ex-dividend date of this dividend was Friday, September 13th. This represents a $0.56 annualized dividend and a yield of 1.89%. Iridium Communications’s dividend payout ratio is currently 59.57%.

Iridium Communications declared that its Board of Directors has initiated a stock repurchase plan on Thursday, September 19th that permits the company to repurchase $500.00 million in shares. This repurchase authorization permits the technology company to buy up to 14.2% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s leadership believes its shares are undervalued.

Institutional Trading of Iridium Communications

Several hedge funds have recently added to or reduced their stakes in IRDM. Allspring Global Investments Holdings LLC increased its holdings in Iridium Communications by 7,684.6% during the 2nd quarter. Allspring Global Investments Holdings LLC now owns 1,012 shares of the technology company’s stock worth $27,000 after purchasing an additional 999 shares in the last quarter. Acadian Asset Management LLC acquired a new position in shares of Iridium Communications during the 1st quarter worth about $29,000. Mather Group LLC. acquired a new stake in shares of Iridium Communications in the second quarter valued at approximately $32,000. Blue Trust Inc. boosted its position in Iridium Communications by 109.7% during the second quarter. Blue Trust Inc. now owns 1,491 shares of the technology company’s stock worth $39,000 after purchasing an additional 780 shares during the period. Finally, International Assets Investment Management LLC acquired a new position in Iridium Communications in the 2nd quarter valued at about $45,000. Institutional investors and hedge funds own 84.36% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on IRDM. Barclays lifted their price objective on Iridium Communications from $44.00 to $45.00 and gave the company an “overweight” rating in a research report on Wednesday, July 24th. BWS Financial reiterated a “neutral” rating and set a $30.00 price target on shares of Iridium Communications in a research note on Monday, October 21st. Two investment analysts have rated the stock with a hold rating, one has issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $41.00.

Iridium Communications Company Profile

Iridium Communications Inc provides mobile voice and data communications services and products to businesses, the United States and international governments, non-governmental organizations, and consumers worldwide. The company offers postpaid mobile voice and data satellite communications; prepaid mobile voice satellite communications; push-to-talk; broadband data; and Internet of Things (IoT) services.