Iridium Communications (NASDAQ:IRDM) Insider Kathleen Morgan Sells 33,192 Shares of Stock

Iridium Communications Inc (NASDAQ:IRDM) insider Kathleen Morgan sold 33,192 shares of the company’s stock in a transaction dated 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 owned 124,871 shares in the company, valued at $6,287,254.85. This represents a 21.00% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link.

Iridium Communications Stock Performance

IRDM stock opened at $48.71 on Thursday. The company has a debt-to-equity ratio of 3.70, a quick ratio of 2.31 and a current ratio of 2.78. The stock has a market cap of $5.16 billion, a P/E ratio of 55.35, a P/E/G ratio of 3.96 and a beta of 0.88. The firm has a 50 day simple moving average of $48.15 and a 200 day simple moving average of $38.61. Iridium Communications Inc has a 52 week low of $15.65 and a 52 week 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 the consensus estimate of $0.28 by ($0.19). Iridium Communications had a net margin of 10.55% and a return on equity of 22.57%. The company had revenue of $225.24 million during the quarter, compared to analyst estimates of $220.32 million. During the same quarter in the prior year, the company posted $0.20 EPS. The firm’s quarterly 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 business also recently declared a quarterly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Tuesday, September 15th will be paid a $0.15 dividend. The ex-dividend date of this dividend is Tuesday, September 15th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.2%. Iridium Communications’s dividend payout ratio is 68.18%.

Hedge Funds Weigh In On Iridium Communications

Institutional investors have recently modified their holdings of the company. Quadrant Capital Group LLC boosted its holdings in shares of Iridium Communications by 107.5% during the 4th quarter. Quadrant Capital Group LLC now owns 1,430 shares of the technology company’s stock worth $25,000 after buying an additional 741 shares during the period. Larson Financial Group LLC lifted its position in Iridium Communications by 392.8% during the 3rd quarter. Larson Financial Group LLC now owns 1,508 shares of the technology company’s stock worth $26,000 after acquiring an additional 1,202 shares during the last quarter. Kestra Advisory Services LLC bought a new stake in Iridium Communications during the fourth quarter valued at about $27,000. CIBC Private Wealth Group LLC acquired a new stake in shares of Iridium Communications in the third quarter valued at about $32,000. Finally, Caitong International Asset Management Co. Ltd increased its stake in shares of Iridium Communications by 10,363.2% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 1,988 shares of the technology company’s stock worth $35,000 after purchasing an additional 1,969 shares during the period. Institutional investors own 84.36% of the company’s stock.

Analyst Ratings Changes

IRDM has been the topic of several research reports. Raymond James Financial reaffirmed a “market perform” rating on shares of Iridium Communications in a research report on Friday, April 24th. William Blair downgraded shares of Iridium Communications from an “outperform” rating to a “hold” rating in a research report on Monday, June 29th. Weiss Ratings restated a “hold (c)” rating on shares of Iridium Communications in a report on Friday, July 10th. Oppenheimer lifted their price objective on shares of Iridium Communications from $48.00 to $60.00 and gave the company an “outperform” rating in a research note on Wednesday, June 3rd. Finally, New Street Research upgraded shares of Iridium Communications from a “neutral” rating to a “buy” rating in a report on Wednesday, July 22nd. Three analysts have rated the stock with a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, Iridium Communications currently has a consensus rating of “Hold” and a consensus target price of $38.67.

Key Iridium Communications News

Here are the key news stories impacting Iridium Communications this week:

• Negative Sentiment: Insiders collectively sold 375,919 shares of Iridium Communications for approximately $18.9 million in transactions dated August 17–18. The sales occurred at prices ranging from $49.20 to $50.51, potentially signaling that several executives and directors viewed the recent stock price as an opportunity to take profits. SEC insider filing
• Negative Sentiment: Director Thomas Fitzpatrick made the largest disposal, selling 209,233 shares for roughly $10.5 million and reducing his reported ownership by 78.21%. He also sold an additional 15,046 shares, bringing his disclosed sales to 224,279 shares. SEC director filing
• Negative Sentiment: Other notable sales included 85,454 shares by Suzanne E. McBride, 33,192 shares by Kathleen A. Morgan, 19,521 shares by EVP Timothy James Last, and 13,473 shares by Chief Accounting Officer Timothy Kapalka. Their reported ownership reductions ranged from 17.29% to 27.38%. SEC insider filings

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.