Braun Stacey Associates Inc. Buys Shares of 295,922 Iridium Communications Inc $IRDM

Braun Stacey Associates Inc. purchased a new stake in shares of Iridium Communications Inc (NASDAQ:IRDM) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 295,922 shares of the technology company’s stock, valued at approximately $16,231,000. Braun Stacey Associates Inc. owned approximately 0.28% of Iridium Communications as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. Plato Investment Management Ltd acquired a new stake in Iridium Communications during the second quarter valued at $63,000. Root Financial Partners LLC increased its position in Iridium Communications by 1,750.0% in the 1st 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 increased its position in Iridium Communications by 107.5% in the 4th quarter. Quadrant Capital Group LLC now owns 1,430 shares of the technology company’s stock worth $25,000 after purchasing an additional 741 shares during the last quarter. Larson Financial Group LLC raised its stake in shares of 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 purchasing an additional 1,202 shares in the last quarter. Finally, Kestra Advisory Services LLC acquired a new stake in shares of Iridium Communications during the 4th quarter valued at about $27,000. 84.36% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Iridium Communications news, EVP Timothy James Last sold 19,521 shares of the business’s stock in a transaction on Monday, August 17th. The shares were sold at an average price of $50.34, for a total transaction of $982,687.14. Following the completion of the transaction, the executive vice president owned 93,413 shares of the company’s stock, valued at $4,702,410.42. The trade was a 17.29% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Thomas Fitzpatrick sold 209,233 shares of the firm’s stock in a transaction dated Monday, August 17th. The shares were 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 directly owned 58,306 shares in the company, valued at approximately $2,928,127.32. This represents a 78.21% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 375,919 shares of company stock worth $18,878,997 in the last ninety days. 2.70% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several brokerages recently commented on IRDM. Oppenheimer boosted their price target on Iridium Communications from $48.00 to $60.00 and gave the company an “outperform” rating in a research note on Wednesday, June 3rd. William Blair cut shares of Iridium Communications from an “outperform” rating to a “hold” rating in a research note on Monday, June 29th. Morgan Stanley boosted their target price on shares of Iridium Communications from $26.00 to $54.00 and gave the stock an “equal weight” rating in a research report on Tuesday, June 30th. New Street Research upgraded shares of Iridium Communications from a “neutral” rating to a “buy” rating in a report on Wednesday, July 22nd. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of Iridium Communications in a research note on Friday, July 10th. Three investment analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $38.67.

Iridium Communications Stock Down 2.2%

Shares of IRDM stock opened at $46.60 on Friday. The stock’s 50 day simple moving average is $48.41 and its 200 day simple moving average is $39.85. Iridium Communications Inc has a twelve month low of $15.65 and a twelve month high of $57.18. 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 company has a market capitalization of $4.94 billion, a price-to-earnings ratio of 52.96, a PEG ratio of 3.84 and a beta of 0.88.

Iridium Communications (NASDAQ:IRDM) last announced its earnings results on Wednesday, July 22nd. The technology company reported $0.09 earnings per share (EPS) 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 company had revenue of $225.24 million for the quarter, compared to the consensus estimate of $220.32 million. During the same period in the previous year, the company earned $0.20 EPS. The firm’s revenue for the quarter was up 3.8% compared to the same quarter last year. As a group, research analysts predict that Iridium Communications Inc will post 0.95 EPS for the current year.

Iridium Communications Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 30th. Investors of record on Tuesday, September 15th will be issued a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a dividend yield of 1.3%. The ex-dividend date of this dividend is Tuesday, September 15th. Iridium Communications’s dividend payout ratio is currently 68.18%.

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.