Key Points
- Iridium EVP Timothy James Last sold 5,769 shares at an average price of $46.35, totaling $267,393.15. His remaining direct holdings fell 6.42% to 84,130 shares; he also sold 19,521 shares in August.
- Iridium reported quarterly revenue of $225.24 million, ahead of estimates, but earnings of $0.09 per share missed expectations of $0.28. Revenue increased 3.8% year over year.
- The company declared a quarterly dividend of $0.15 per share, or $0.60 annualized, representing a 1.3% yield. Analysts’ average rating is “Hold,” with an average price target of $41.20.
Iridium Communications Inc (NASDAQ:IRDM - Get Free Report) EVP Timothy Last sold 5,769 shares of the business's stock in a transaction dated Tuesday, September 15th. The stock was sold at an average price of $46.35, for a total value of $267,393.15. Following the completion of the sale, the executive vice president directly owned 84,130 shares of the company's stock, valued at $3,899,425.50. This represents a 6.42% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link.
Timothy James Last also recently made the following trade(s):
- On Monday, August 17th, Timothy Last sold 19,521 shares of Iridium Communications stock. The shares were sold at an average price of $50.34, for a total value of $982,687.14.
Iridium Communications Stock Up 0.4%
Shares of IRDM stock opened at $47.28 on Thursday. The stock's 50 day simple moving average is $47.81 and its 200 day simple moving average is $42.22. The company has a debt-to-equity ratio of 3.70, a quick ratio of 2.31 and a current ratio of 2.78. Iridium Communications Inc has a twelve month low of $15.65 and a twelve month high of $57.18. The company has a market capitalization of $5.01 billion, a price-to-earnings ratio of 53.73, a PEG ratio of 3.80 and a beta of 0.87.
Iridium Communications (NASDAQ:IRDM - Get Free Report) last posted its earnings results 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). The company had revenue of $225.24 million during the quarter, compared to analyst estimates of $220.32 million. Iridium Communications had a return on equity of 22.57% and a net margin of 10.55%.The firm's revenue for the quarter was up 3.8% compared to the same quarter last year. During the same quarter last year, the firm posted $0.20 earnings per share. 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. Stockholders of record on Tuesday, September 15th will be paid a $0.15 dividend. 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 payout ratio is presently 68.18%.
Analysts Set New Price Targets
IRDM has been the topic of a number of research analyst reports. William Blair lowered 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. Oppenheimer raised their price target on Iridium Communications from $48.00 to $60.00 and gave the company an "outperform" rating in a research report on Wednesday, June 3rd. Finally, Weiss Ratings reaffirmed a "hold (c)" rating on shares of Iridium Communications in a research report on Friday, July 10th. Three investment analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, Iridium Communications presently has an average rating of "Hold" and an average price target of $41.20.
View Our Latest Stock Analysis on IRDM
Institutional Investors Weigh In On Iridium Communications
Several hedge funds and other institutional investors have recently modified their holdings of the stock. Silver Heights Capital Management Inc increased its holdings in Iridium Communications by 1.2% in the 4th quarter. Silver Heights Capital Management Inc now owns 5,251,133 shares of the technology company's stock valued at $91,265,000 after buying an additional 61,430 shares during the period. Edgestream Partners L.P. bought a new position in shares of Iridium Communications during the 1st quarter worth about $2,083,000. WINTON GROUP Ltd acquired a new stake in shares of Iridium Communications during the 4th quarter valued at about $718,000. Daiwa Securities Group Inc. increased its stake in Iridium Communications by 67.5% in the fourth quarter. Daiwa Securities Group Inc. now owns 112,700 shares of the technology company's stock valued at $1,959,000 after acquiring an additional 45,400 shares during the period. Finally, Fifth Third Bancorp raised its position in Iridium Communications by 2,810.5% in the first quarter. Fifth Third Bancorp now owns 39,786 shares of the technology company's stock worth $1,104,000 after purchasing an additional 38,419 shares in the last quarter. Institutional investors and hedge funds own 84.36% of the company's stock.
Iridium Communications Company Profile
(
Get Free Report)
Iridium Communications Inc provides global satellite-based voice and data communications services. Its network is designed to support connectivity across land, oceans, airways and polar regions, serving customers in areas where terrestrial communications infrastructure is limited or unavailable.
The company offers satellite phones, broadband and narrowband data services, push-to-talk communications, and Internet of Things connectivity. Its product portfolio includes Iridium Certus broadband services, Iridium GO! satellite Wi-Fi products, satellite phones, specialized IoT services and solutions for asset tracking, monitoring and machine-to-machine communications.
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