Iridium Communications Inc $IRDM Stock Holdings Increased by CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT

CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT grew its position in shares of Iridium Communications Inc (NASDAQ:IRDM) by 76.5% in the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 416,500 shares of the technology company’s stock after acquiring an additional 180,500 shares during the quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT’s holdings in Iridium Communications were worth $19,950,000 as of its most recent filing with the SEC.

Other large investors have also recently added to or reduced their stakes in the company. Signaturefd LLC raised its stake in shares of Iridium Communications by 45.9% during the third quarter. Signaturefd LLC now owns 1,357 shares of the technology company’s stock valued at $65,000 after purchasing an additional 427 shares in the last quarter. Fifth Third Wealth Advisors LLC grew its holdings in shares of Iridium Communications by 248.9% in the 3rd quarter. Fifth Third Wealth Advisors LLC now owns 17,482 shares of the technology company’s stock worth $837,000 after acquiring an additional 12,471 shares during the last quarter. Axxcess Wealth Management LLC acquired a new stake in Iridium Communications during the 3rd quarter worth about $233,000. Crossmark Global Holdings Inc. lifted its position in shares of Iridium Communications by 34.3% in the 3rd quarter. Crossmark Global Holdings Inc. now owns 64,260 shares of the technology company’s stock valued at $3,078,000 after acquiring an additional 16,406 shares in the last quarter. Finally, Pinnacle Associates Ltd. boosted its stake in Iridium Communications by 1.6% in the 3rd quarter. Pinnacle Associates Ltd. now owns 401,167 shares of the technology company’s stock worth $19,216,000 after purchasing an additional 6,488 shares during the period. 84.36% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on the stock. New Street Research upgraded shares of Iridium Communications from a “neutral” rating to a “buy” rating in a research report on Wednesday, July 22nd. William Blair lowered Iridium Communications from an “outperform” rating to a “hold” rating in a report on Monday, June 29th. Weiss Ratings raised Iridium Communications from a “hold (c)” rating to a “hold (c+)” rating in a research report on Wednesday, October 21st. Finally, Morgan Stanley lifted their price target on Iridium Communications from $26.00 to $54.00 and gave the company an “equal weight” rating in a report on Tuesday, June 30th. Three equities research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $41.20.

Insider Buying and Selling at Iridium Communications

In related news, CAO Timothy Kapalka sold 13,473 shares of the stock in a transaction dated Monday, August 17th. The shares were sold at an average price of $50.51, for a total value of $680,521.23. Following the completion of the sale, the chief accounting officer owned 35,731 shares in the company, valued at approximately $1,804,772.81. This trade represents a 27.38% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Kathleen Morgan sold 33,192 shares of the company’s stock in a transaction that occurred on Monday, August 17th. The shares were sold at an average price of $50.35, for a total value of $1,671,217.20. Following the completion of the transaction, the insider directly owned 124,871 shares of the company’s stock, valued at approximately $6,287,254.85. This trade represents a 21.00% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 381,688 shares of company stock valued at $19,146,390 in the last three months. Company insiders own 2.70% of the company’s stock.

Iridium Communications Stock Performance

IRDM opened at $44.51 on Tuesday. Iridium Communications Inc has a 52-week low of $15.65 and a 52-week high of $57.18. The company has a market cap of $4.73 billion, a PE ratio of 29.48, a price-to-earnings-growth ratio of 3.54 and a beta of 0.84. The company has a debt-to-equity ratio of 3.34, a quick ratio of 0.72 and a current ratio of 0.91. The stock has a 50-day moving average of $47.16 and a 200-day moving average of $39.05.

Iridium Communications (NASDAQ:IRDM) last issued its quarterly earnings data on Tuesday, October 20th. The technology company reported $0.98 earnings per share for the quarter, topping analysts’ consensus estimates of $0.34 by $0.64. Iridium Communications had a net margin of 18.06% and a return on equity of 22.04%. The business had revenue of $245.73 million during the quarter, compared to analysts’ expectations of $236.30 million. During the same period in the previous year, the company earned $0.35 earnings per share. As a group, equities research analysts forecast that Iridium Communications Inc will post 0.97 earnings per share for the current fiscal year.

Iridium Communications Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, September 30th. Investors of record on Tuesday, September 15th were paid a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a yield of 1.3%. The ex-dividend date was Tuesday, September 15th. Iridium Communications’s dividend payout ratio is presently 39.74%.

Iridium Communications Company Profile

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.