Iridium Communications Inc. (NASDAQ:IRDM) Director Sells $356,625.00 in Stock

Iridium Communications Inc. (NASDAQ:IRDMGet Free Report) Director Thomas Fitzpatrick sold 12,500 shares of Iridium Communications stock in a transaction on Friday, January 10th. The shares were sold at an average price of $28.53, for a total value of $356,625.00. Following the sale, the director now directly owns 241,030 shares of the company’s stock, valued at $6,876,585.90. This represents a 4.93 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link.

Iridium Communications Stock Performance

Shares of NASDAQ IRDM traded down $0.32 during midday trading on Tuesday, hitting $27.20. 739,409 shares of the stock traded hands, compared to its average volume of 700,964. The firm has a 50-day moving average of $29.47 and a two-hundred day moving average of $28.50. The firm has a market capitalization of $3.10 billion, a P/E ratio of 28.94 and a beta of 0.65. The company has a debt-to-equity ratio of 2.68, a quick ratio of 2.01 and a current ratio of 2.62. Iridium Communications Inc. has a one year low of $24.14 and a one year high of $38.40.

Iridium Communications (NASDAQ:IRDMGet Free Report) last announced its quarterly earnings results on Thursday, October 17th. The technology company reported $0.21 EPS for the quarter, beating analysts’ consensus estimates of $0.20 by $0.01. Iridium Communications had a net margin of 14.09% and a return on equity of 14.34%. The firm had revenue of $212.77 million during the quarter, compared to the consensus estimate of $205.68 million. On average, equities analysts forecast that Iridium Communications Inc. will post 0.8 EPS for the current fiscal year.

Iridium Communications Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, December 31st. Stockholders of record on Monday, December 16th were paid a dividend of $0.14 per share. The ex-dividend date was Monday, December 16th. This represents a $0.56 annualized dividend and a dividend yield of 2.06%. Iridium Communications’s payout ratio is currently 59.57%.

Iridium Communications declared that its board has initiated a share repurchase plan on Thursday, September 19th that allows the company to buyback $500.00 million in shares. This buyback authorization allows the technology company to repurchase up to 14.2% of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s board of directors believes its stock is undervalued.

Analysts Set New Price Targets

Separately, BWS Financial reiterated a “neutral” rating and set a $30.00 target price on shares of Iridium Communications in a report on Monday, October 21st. Two analysts have rated the stock with a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $41.00.

Check Out Our Latest Research Report on IRDM

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in IRDM. State Street Corp raised its position in shares of Iridium Communications by 0.9% in the third quarter. State Street Corp now owns 4,269,883 shares of the technology company’s stock worth $130,018,000 after acquiring an additional 36,851 shares during the period. Sumitomo Mitsui Trust Group Inc. raised its position in shares of Iridium Communications by 1.3% in the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 2,508,546 shares of the technology company’s stock worth $76,385,000 after acquiring an additional 33,074 shares during the period. Victory Capital Management Inc. raised its position in shares of Iridium Communications by 0.7% in the third quarter. Victory Capital Management Inc. now owns 1,609,649 shares of the technology company’s stock worth $49,014,000 after acquiring an additional 11,117 shares during the period. FMR LLC raised its position in shares of Iridium Communications by 26.7% in the third quarter. FMR LLC now owns 942,380 shares of the technology company’s stock worth $28,695,000 after acquiring an additional 198,360 shares during the period. Finally, Barclays PLC raised its position in shares of Iridium Communications by 19.2% in the third quarter. Barclays PLC now owns 856,901 shares of the technology company’s stock worth $26,093,000 after acquiring an additional 137,924 shares during the period. 84.36% of the stock is currently owned by institutional investors and hedge funds.

Iridium Communications Company Profile

(Get Free Report)

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.

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