Insider Selling: Iridium Communications (NASDAQ:IRDM) Director Sells $10,507,681.26 in Stock

Iridium Communications Inc (NASDAQ:IRDM) Director Thomas Fitzpatrick sold 209,233 shares of the company’s stock in a transaction on Monday, August 17th. The stock was sold at an average price of $50.22, for a total value of $10,507,681.26. Following the completion of the sale, the director owned 58,306 shares of the company’s stock, valued at $2,928,127.32. This represents a 78.21% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website.

Thomas Fitzpatrick also recently made the following trade(s):

• On Tuesday, August 18th, Thomas Fitzpatrick sold 15,046 shares of Iridium Communications stock. The shares were sold at an average price of $49.20, for a total value of $740,263.20.

Iridium Communications Stock Down 0.7%

Shares of IRDM stock traded down $0.32 on Wednesday, hitting $48.71. The stock had a trading volume of 818,984 shares, compared to its average volume of 2,320,215. The company has a quick ratio of 2.31, a current ratio of 2.78 and a debt-to-equity ratio of 3.70. The business has a 50 day moving average price of $48.09 and a 200 day moving average price of $38.42. The company has a market cap of $5.16 billion, a PE ratio of 55.35, a P/E/G ratio of 4.05 and a beta of 0.88. Iridium Communications Inc has a one year low of $15.65 and a one year high of $57.18.

Iridium Communications (NASDAQ:IRDM) last released its quarterly earnings data on Wednesday, July 22nd. The technology company reported $0.09 earnings per share for the quarter, missing analysts’ consensus estimates of $0.28 by ($0.19). Iridium Communications had a return on equity of 22.57% and a net margin of 10.55%.The business had revenue of $225.24 million during the quarter, compared to analysts’ expectations of $220.32 million. During the same period last year, the company earned $0.20 earnings per share. The firm’s revenue was up 3.8% compared to the same quarter last year. Research analysts anticipate that Iridium Communications Inc will post 0.95 earnings per share for the current fiscal year.

Iridium Communications Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Tuesday, September 15th will be given a $0.15 dividend. This represents a $0.60 annualized dividend and a dividend yield of 1.2%. The ex-dividend date of this dividend is Tuesday, September 15th. Iridium Communications’s dividend payout ratio is presently 68.18%.

Institutional Trading of Iridium Communications

A number of institutional investors have recently modified their holdings of IRDM. Plato Investment Management Ltd purchased a new stake in shares of Iridium Communications during the second quarter worth about $63,000. Root Financial Partners LLC raised its holdings in shares of Iridium Communications by 1,750.0% during the first quarter. Root Financial Partners LLC now owns 1,332 shares of the technology company’s stock worth $37,000 after purchasing an additional 1,260 shares during the last quarter. Quadrant Capital Group LLC lifted its holdings in shares of Iridium Communications by 107.5% in the 4th quarter. Quadrant Capital Group LLC now owns 1,430 shares of the technology company’s stock valued at $25,000 after buying an additional 741 shares during the period. Larson Financial Group LLC lifted its holdings in Iridium Communications by 392.8% in the third quarter. Larson Financial Group LLC now owns 1,508 shares of the technology company’s stock valued at $26,000 after acquiring an additional 1,202 shares during the period. Finally, Kestra Advisory Services LLC purchased a new stake in Iridium Communications during the fourth quarter worth $27,000. 84.36% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

IRDM has been the topic of several research reports. Morgan Stanley lifted their price objective on shares of Iridium Communications from $26.00 to $54.00 and gave the company an “equal weight” rating in a report on Tuesday, June 30th. New Street Research upgraded Iridium Communications from a “neutral” rating to a “buy” rating in a report on Wednesday, July 22nd. William Blair cut Iridium Communications from an “outperform” rating to a “hold” rating in a research report on Monday, June 29th. BWS Financial reiterated a “sell” rating and issued a $16.00 price target on shares of Iridium Communications in a report on Monday, April 27th. Finally, Raymond James Financial reissued a “market perform” rating on shares of Iridium Communications in a research report on Friday, April 24th. Three investment analysts have rated the stock with a Buy rating, four have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $38.67.

About Iridium Communications

Iridium Communications Inc operates a global satellite communications network that delivers voice and data services across land, sea and air. The company’s unique architecture relies on a constellation of 66 low-Earth orbit satellites, enabling real-time connectivity in regions beyond the reach of terrestrial wireless networks. Iridium’s core offerings include satellite voice and messaging services, broadband data terminals, push-to-talk (PTT) interoperability and machine-to-machine (M2M) solutions for the Internet of Things (IoT).

Iridium serves a diverse range of markets, including maritime shipping, aviation, government and defense, energy, and enterprise.