Iridium Communications (NASDAQ:IRDM) Stock Price Down 5.3% – Should You Sell?

Iridium Communications Inc. (NASDAQ:IRDM)’s stock price fell 5.3% on Wednesday . The stock traded as low as $27.83 and last traded at $27.77. 452,837 shares traded hands during trading, a decline of 62% from the average session volume of 1,203,263 shares. The stock had previously closed at $29.33.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on IRDM shares. Cantor Fitzgerald began coverage on Iridium Communications in a research note on Friday, January 24th. They set an “overweight” rating and a $40.00 target price on the stock. StockNews.com upgraded shares of Iridium Communications from a “hold” rating to a “buy” rating in a research note on Thursday, February 27th. Finally, Barclays lowered their price target on shares of Iridium Communications from $45.00 to $38.00 and set an “overweight” rating on the stock in a report on Monday.

Iridium Communications Stock Down 6.8 %

The firm’s fifty day moving average is $29.71 and its 200 day moving average is $29.34. The company has a debt-to-equity ratio of 3.05, a quick ratio of 1.25 and a current ratio of 1.73. The firm has a market cap of $2.98 billion, a P/E ratio of 28.79, a P/E/G ratio of 1.28 and a beta of 0.70.

Iridium Communications (NASDAQ:IRDM) last issued its quarterly earnings data on Thursday, February 13th. The technology company reported $0.31 EPS for the quarter, beating analysts’ consensus estimates of $0.15 by $0.16. The firm had revenue of $212.99 million for the quarter, compared to analyst estimates of $203.78 million. Iridium Communications had a return on equity of 15.66% and a net margin of 13.58%. As a group, equities research analysts anticipate that Iridium Communications Inc. will post 0.89 earnings per share for the current fiscal year.

Iridium Communications Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Monday, March 17th will be given a $0.14 dividend. This represents a $0.56 annualized dividend and a dividend yield of 2.05%. The ex-dividend date of this dividend is Monday, March 17th. Iridium Communications’s payout ratio is presently 58.95%.

Insider Transactions at Iridium Communications

In other Iridium Communications news, Director Thomas Fitzpatrick sold 12,500 shares of the firm’s 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 owns 241,030 shares of the company’s stock, valued at $6,876,585.90. This trade represents a 4.93 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 2.00% of the stock is owned by insiders.

Institutional Investors Weigh In On Iridium Communications

A number of institutional investors have recently bought and sold shares of the business. Castle Rock Wealth Management LLC bought a new position in Iridium Communications in the 4th quarter valued at $1,918,000. Total Wealth Planning & Management Inc. purchased a new position in shares of Iridium Communications during the fourth quarter worth approximately $273,000. PharVision Advisers LLC purchased a new position in Iridium Communications during the 4th quarter worth $873,000. Two Sigma Advisers LP lifted its holdings in shares of Iridium Communications by 6.6% in the 4th quarter. Two Sigma Advisers LP now owns 8,100 shares of the technology company’s stock worth $235,000 after buying an additional 500 shares during the period. Finally, Tidal Investments LLC purchased a new position in shares of Iridium Communications during the fourth quarter valued at $610,000. Hedge funds and other institutional investors own 84.36% of the company’s stock.

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.