61,500 Shares in Iridium Communications Inc $IRDM Bought by Oak Thistle LLC

Oak Thistle LLC bought a new position in shares of Iridium Communications Inc (NASDAQ:IRDM) during the 3rd quarter, according to its most recent disclosure with the SEC. The fund bought 61,500 shares of the technology company’s stock, valued at approximately $1,074,000. Oak Thistle LLC owned 0.06% of Iridium Communications at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in the stock. SVB Wealth LLC acquired a new position in shares of Iridium Communications in the first quarter worth approximately $30,000. Johnson Financial Group Inc. bought a new position in Iridium Communications during the 2nd quarter worth approximately $70,000. Carolina Wealth Advisors LLC acquired a new position in shares of Iridium Communications in the 2nd quarter worth approximately $76,000. Financiere des Professionnels Fonds d investissement inc. acquired a new position in shares of Iridium Communications in the 2nd quarter worth approximately $156,000. Finally, Bayforest Capital Ltd boosted its stake in shares of Iridium Communications by 527.7% in the 1st quarter. Bayforest Capital Ltd now owns 6,202 shares of the technology company’s stock valued at $169,000 after purchasing an additional 5,214 shares during the last quarter. Institutional investors and hedge funds own 84.36% of the company’s stock.

Insider Activity at Iridium Communications

In other Iridium Communications news, Director Robert H. Niehaus purchased 30,000 shares of the firm’s stock in a transaction on Tuesday, October 28th. The stock was acquired at an average price of $17.49 per share, for a total transaction of $524,700.00. Following the purchase, the director owned 297,363 shares of the company’s stock, valued at $5,200,878.87. This trade represents a 11.22% increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Thomas Fitzpatrick sold 20,839 shares of the business’s stock in a transaction dated Friday, October 31st. The stock was sold at an average price of $18.00, for a total transaction of $375,102.00. Following the sale, the director directly owned 231,034 shares of the company’s stock, valued at approximately $4,158,612. The trade was a 8.27% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders sold 30,967 shares of company stock valued at $557,406. 2.40% of the stock is owned by company insiders.

Analyst Ratings Changes

IRDM has been the subject of a number of analyst reports. Weiss Ratings downgraded shares of Iridium Communications from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Saturday, October 25th. Raymond James Financial downgraded Iridium Communications from a “strong-buy” rating to an “outperform” rating and decreased their price target for the stock from $39.00 to $26.00 in a report on Thursday, September 11th. Barclays dropped their price objective on Iridium Communications from $31.00 to $25.00 and set an “overweight” rating on the stock in a research note on Wednesday, October 1st. Finally, BWS Financial restated a “sell” rating and set a $16.00 target price on shares of Iridium Communications in a research report on Friday, October 24th. Six equities research analysts have rated the stock with a Buy rating and two have issued a Sell rating to the stock. According to data from MarketBeat, Iridium Communications has an average rating of “Moderate Buy” and a consensus target price of $29.67.

Iridium Communications Stock Performance

Shares of Iridium Communications stock opened at $16.56 on Friday. The business has a 50-day simple moving average of $17.48 and a 200 day simple moving average of $22.52. Iridium Communications Inc has a one year low of $15.65 and a one year high of $34.45. The company has a debt-to-equity ratio of 4.02, a current ratio of 2.67 and a quick ratio of 1.93. The firm has a market capitalization of $1.73 billion, a price-to-earnings ratio of 14.65, a PEG ratio of 1.06 and a beta of 0.61.

Iridium Communications (NASDAQ:IRDM) last announced its quarterly earnings results on Thursday, October 23rd. The technology company reported $0.35 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.26 by $0.09. The business had revenue of $226.94 million for the quarter, compared to analyst estimates of $222.13 million. Iridium Communications had a return on equity of 24.93% and a net margin of 14.44%.The company’s quarterly revenue was up 6.6% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.21 earnings per share. On average, research analysts anticipate that Iridium Communications Inc will post 0.89 earnings per share for the current fiscal year.

Iridium Communications Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, December 31st. Investors of record on Monday, December 15th will be issued a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 3.6%. The ex-dividend date is Monday, December 15th. Iridium Communications’s dividend payout ratio (DPR) is currently 53.10%.

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.