Suzanne E. Mcbride Sells 4,420 Shares of Iridium Communications Inc. (NASDAQ:IRDM) Stock

Iridium Communications Inc. (NASDAQ:IRDM) insider Suzanne E. Mcbride sold 4,420 shares of the firm’s 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 in the company, valued at $5,388,855.56. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Iridium Communications Price Performance

Shares of IRDM opened at $29.22 on Friday. The company has a debt-to-equity ratio of 2.68, a quick ratio of 2.01 and a current ratio of 2.62. The company has a 50 day moving average price of $29.10 and a 200-day moving average price of $28.36. Iridium Communications Inc. has a fifty-two week low of $24.14 and a fifty-two week high of $41.66. The stock has a market capitalization of $3.33 billion, a PE ratio of 31.09 and a beta of 0.65.

Iridium Communications Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Friday, September 13th were issued a dividend of $0.14 per share. The ex-dividend date of this dividend was Friday, September 13th. This represents a $0.56 dividend on an annualized basis and a yield of 1.92%. Iridium Communications’s dividend payout ratio is currently 59.58%.

Iridium Communications declared that its board has approved a stock buyback program on Thursday, September 19th that authorizes the company to repurchase $500.00 million in shares. This repurchase authorization authorizes the technology company to repurchase up to 14.2% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s management believes its stock is undervalued.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on the stock. Barclays raised their target price on shares of Iridium Communications from $44.00 to $45.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 24th. BWS Financial reaffirmed a “neutral” rating and set a $30.00 target price on shares of Iridium Communications in a research report on Monday, October 21st. Two analysts have rated the stock with a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $41.00.

Institutional Investors Weigh In On Iridium Communications

A number of hedge funds have recently made changes to their positions in IRDM. State of Michigan Retirement System raised its holdings in Iridium Communications by 2.4% in the first quarter. State of Michigan Retirement System now owns 30,459 shares of the technology company’s stock worth $797,000 after purchasing an additional 700 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. grew its position in shares of Iridium Communications by 427.6% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 72,626 shares of the technology company’s stock worth $1,900,000 after buying an additional 58,860 shares during the last quarter. BNP Paribas Financial Markets grew its position in shares of Iridium Communications by 116.0% in the 1st quarter. BNP Paribas Financial Markets now owns 265,474 shares of the technology company’s stock worth $6,945,000 after buying an additional 142,568 shares during the last quarter. Janney Montgomery Scott LLC raised its stake in shares of Iridium Communications by 19.7% during the 1st quarter. Janney Montgomery Scott LLC now owns 53,948 shares of the technology company’s stock worth $1,411,000 after acquiring an additional 8,869 shares in the last quarter. Finally, FORA Capital LLC boosted its stake in Iridium Communications by 57.0% in the first quarter. FORA Capital LLC now owns 30,342 shares of the technology company’s stock valued at $794,000 after acquiring an additional 11,022 shares in the last quarter. 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.