Suzanne E. Mcbride Sells 4,420 Shares of Iridium Communications Inc. (NASDAQ:IRDM) Stock

Iridium Communications Inc. (NASDAQ:IRDM) insider Suzanne E. Mcbride sold 4,420 shares of Iridium Communications stock in a transaction dated Monday, November 4th. The stock was sold at an average price of $29.48, for a total value of $130,301.60. Following the sale, the insider now owns 182,797 shares of the company’s stock, valued at approximately $5,388,855.56. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link.

Iridium Communications Trading Up 2.1 %

NASDAQ IRDM opened at $30.30 on Thursday. The company has a market cap of $3.45 billion, a P/E ratio of 32.23 and a beta of 0.65. Iridium Communications Inc. has a 12 month low of $24.14 and a 12 month high of $41.66. The company has a debt-to-equity ratio of 2.68, a current ratio of 2.62 and a quick ratio of 2.01. The company has a 50-day moving average of $29.03 and a 200-day moving average of $28.35.

Iridium Communications Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Friday, September 13th were paid a dividend of $0.14 per share. This represents a $0.56 dividend on an annualized basis and a yield of 1.85%. The ex-dividend date of this dividend was Friday, September 13th. Iridium Communications’s dividend payout ratio is currently 59.58%.

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

Analysts Set New Price Targets

A number of equities research analysts have recently commented on the stock. BWS Financial reiterated a “neutral” rating and set a $30.00 price target on shares of Iridium Communications in a report on Monday, October 21st. Barclays lifted their target price on shares of Iridium Communications from $44.00 to $45.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 24th. Two research 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. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $41.00.

Institutional Trading of Iridium Communications

A number of institutional investors and hedge funds have recently made changes to their positions in the company. Impax Asset Management Group plc acquired a new position in Iridium Communications in the third quarter valued at $697,000. KBC Group NV lifted its stake in shares of Iridium Communications by 25.9% in the 3rd quarter. KBC Group NV now owns 3,796 shares of the technology company’s stock valued at $116,000 after purchasing an additional 781 shares in the last quarter. Victory Capital Management Inc. grew its holdings in shares of Iridium Communications by 0.7% during the 3rd quarter. Victory Capital Management Inc. now owns 1,609,649 shares of the technology company’s stock worth $49,014,000 after purchasing an additional 11,117 shares during the period. Sumitomo Mitsui Trust Group Inc. increased its position in Iridium Communications by 1.3% during the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 2,508,546 shares of the technology company’s stock worth $76,385,000 after purchasing an additional 33,074 shares in the last quarter. Finally, Versor Investments LP purchased a new position in Iridium Communications in the third quarter valued at approximately $1,516,000. 84.36% of the stock is currently owned by institutional investors and hedge funds.

About Iridium Communications

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.