Insider Selling: Iridium Communications Inc. (NASDAQ:IRDM) Insider Sells 4,420 Shares of Stock

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

Iridium Communications Price Performance

Shares of IRDM stock traded up $0.11 on Tuesday, reaching $29.68. The company’s stock had a trading volume of 624,552 shares, compared to its average volume of 1,085,604. Iridium Communications Inc. has a 12-month low of $24.14 and a 12-month high of $41.66. The company has a quick ratio of 2.01, a current ratio of 2.62 and a debt-to-equity ratio of 2.68. The company has a market capitalization of $3.38 billion, a P/E ratio of 31.67 and a beta of 0.65. The stock’s 50 day simple moving average is $28.86 and its 200-day simple moving average is $28.32.

Iridium Communications Dividend Announcement

The firm 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 annualized dividend and a dividend yield of 1.89%. The ex-dividend date was Friday, September 13th. Iridium Communications’s dividend payout ratio (DPR) is presently 59.57%.

Iridium Communications declared that its Board of Directors has approved a share buyback program on Thursday, September 19th that authorizes the company to repurchase $500.00 million in outstanding shares. This repurchase authorization authorizes the technology company to purchase up to 14.2% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s board of directors believes its shares are undervalued.

Analyst Ratings Changes

A number of equities research analysts have commented on IRDM shares. Barclays upped their price target on Iridium Communications from $44.00 to $45.00 and gave the company an “overweight” rating in a research report on Wednesday, July 24th. BWS Financial restated a “neutral” rating and issued a $30.00 price target on shares of Iridium Communications in a report on Monday, October 21st. Two 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’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $41.00.

Institutional Trading of Iridium Communications

A number of institutional investors have recently modified their holdings of the company. Mirae Asset Global Investments Co. Ltd. boosted its holdings in shares of Iridium Communications by 427.6% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 72,626 shares of the technology company’s stock valued at $1,900,000 after buying an additional 58,860 shares in the last quarter. Russell Investments Group Ltd. grew its stake in shares of Iridium Communications by 10.4% during the 1st quarter. Russell Investments Group Ltd. now owns 231,976 shares of the technology company’s stock valued at $6,068,000 after purchasing an additional 21,769 shares during the period. Sumitomo Mitsui Trust Holdings Inc. increased its stake in shares of Iridium Communications by 18.5% in the 2nd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 2,475,472 shares of the technology company’s stock worth $65,897,000 after purchasing an additional 385,872 shares in the last quarter. Bayesian Capital Management LP purchased a new stake in Iridium Communications in the first quarter worth about $544,000. Finally, Paralel Advisors LLC bought a new stake in Iridium Communications during the 2nd quarter worth approximately $2,323,000. 84.36% of the stock is currently owned by hedge funds and other institutional investors.

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.