14,196 Shares in Iridium Communications Inc $IRDM Purchased by Sanctuary Advisors LLC

Sanctuary Advisors LLC purchased a new position in shares of Iridium Communications Inc (NASDAQ:IRDM) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 14,196 shares of the technology company’s stock, valued at approximately $779,000.

Several other institutional investors and hedge funds have also recently bought and sold shares of IRDM. Quantinno Capital Management LP boosted its stake in shares of Iridium Communications by 3.1% during the 2nd quarter. Quantinno Capital Management LP now owns 15,199 shares of the technology company’s stock worth $459,000 after acquiring an additional 461 shares during the period. Empowered Funds LLC raised its stake in Iridium Communications by 4.4% in the 4th quarter. Empowered Funds LLC now owns 11,350 shares of the technology company’s stock valued at $197,000 after acquiring an additional 478 shares during the period. GAMMA Investing LLC raised its stake in Iridium Communications by 19.4% in the 2nd quarter. GAMMA Investing LLC now owns 3,023 shares of the technology company’s stock valued at $166,000 after acquiring an additional 491 shares during the period. Allworth Financial LP lifted its holdings in Iridium Communications by 11.2% during the 4th quarter. Allworth Financial LP now owns 5,677 shares of the technology company’s stock valued at $99,000 after purchasing an additional 572 shares during the last quarter. Finally, Quadrant Capital Group LLC lifted its holdings in Iridium Communications by 107.5% during the 4th quarter. Quadrant Capital Group LLC now owns 1,430 shares of the technology company’s stock valued at $25,000 after purchasing an additional 741 shares during the last quarter. Institutional investors own 84.36% of the company’s stock.

Iridium Communications Stock Down 2.2%

IRDM stock opened at $46.60 on Friday. Iridium Communications Inc has a fifty-two week low of $15.65 and a fifty-two week high of $57.18. The company has a debt-to-equity ratio of 3.70, a current ratio of 2.78 and a quick ratio of 2.31. The stock 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. The business’s fifty day moving average price is $48.41 and its two-hundred day moving average price is $39.85.

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 net margin of 10.55% and a return on equity of 22.57%. The business had revenue of $225.24 million during the quarter, compared to the consensus estimate of $220.32 million. During the same period in the previous year, the firm posted $0.20 EPS. The company’s revenue was up 3.8% compared to the same quarter last year. On average, equities analysts anticipate that Iridium Communications Inc will post 0.95 earnings per share for the current year.

Iridium Communications Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Tuesday, September 15th will be given a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.3%. The ex-dividend date is Tuesday, September 15th. Iridium Communications’s dividend payout ratio is presently 68.18%.

Insider Activity

In other news, insider Kathleen A. Morgan sold 33,192 shares of Iridium Communications 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 sale, the insider directly owned 124,871 shares in the company, valued at approximately $6,287,254.85. The trade was a 21.00% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CAO Timothy Kapalka sold 13,473 shares of Iridium Communications stock in a transaction that occurred on Monday, August 17th. The shares were sold at an average price of $50.51, for a total transaction of $680,521.23. Following the completion of the sale, the chief accounting officer owned 35,731 shares of the company’s stock, valued at approximately $1,804,772.81. The trade was a 27.38% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders have sold 375,919 shares of company stock worth $18,878,997. Insiders own 2.70% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have commented on IRDM shares. Morgan Stanley upped their price objective on shares of Iridium Communications from $26.00 to $54.00 and gave the company an “equal weight” rating in a report on Tuesday, June 30th. Oppenheimer lifted their target price on shares of Iridium Communications from $48.00 to $60.00 and gave the stock an “outperform” rating in a report on Wednesday, June 3rd. Weiss Ratings reiterated a “hold (c)” rating on shares of Iridium Communications in a research note on Friday, July 10th. William Blair cut shares of Iridium Communications from an “outperform” rating to a “hold” rating in a report on Monday, June 29th. Finally, New Street Research raised 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 issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $38.67.

Iridium Communications Profile

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.