Iridium Communications Inc $IRDM Stock Sold by Inspire Investing LLC

Key Points

• Inspire Investing cut its Iridium Communications stake by 41.7% in the third quarter, selling 49,868 shares and retaining 69,839 shares valued at approximately $3.35 million. Institutional investors collectively own 84.36% of IRDM.
• Analyst sentiment remains mixed, with three Buy ratings, four Holds and one Sell; the stock has a consensus rating of Hold and an average price target of $41.20.
• Iridium reported quarterly earnings of $0.98 per share, beating estimates of $0.34, while revenue of $245.73 million also exceeded forecasts. The company maintains a quarterly dividend of $0.15 per share, equal to a 1.4% annual yield.

Inspire Investing LLC lessened its stake in shares of Iridium Communications Inc (NASDAQ:IRDM - Free Report) by 41.7% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 69,839 shares of the technology company's stock after selling 49,868 shares during the period. Inspire Investing LLC owned 0.07% of Iridium Communications worth $3,345,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently modified their holdings of the stock. CoreCap Advisors LLC lifted its stake in Iridium Communications by 69.0% in the 3rd quarter. CoreCap Advisors LLC now owns 1,021 shares of the technology company's stock valued at $49,000 after buying an additional 417 shares in the last quarter. Plato Investment Management Ltd acquired a new stake in Iridium Communications in the 2nd quarter worth about $63,000. Root Financial Partners LLC increased its stake in Iridium Communications by 1,750.0% during the 1st quarter. Root Financial Partners LLC now owns 1,332 shares of the technology company's stock worth $37,000 after buying an additional 1,260 shares in the last quarter. Clearstead Trust LLC purchased a new stake in Iridium Communications during the 2nd quarter worth approximately $99,000. Finally, IFP Advisors Inc increased its stake in Iridium Communications by 346.9% during the 2nd quarter. IFP Advisors Inc now owns 1,850 shares of the technology company's stock worth $101,000 after buying an additional 1,436 shares in the last quarter. Institutional investors and hedge funds own 84.36% of the company's stock.

Analyst Ratings Changes

A number of equities analysts have commented on IRDM shares. New Street Research raised Iridium Communications from a "neutral" rating to a "buy" rating in a report on Wednesday, July 22nd. William Blair lowered Iridium Communications from an "outperform" rating to a "hold" rating in a research note on Monday, June 29th. Morgan Stanley boosted their price target on Iridium Communications from $26.00 to $54.00 and gave the stock an "equal weight" rating in a research report on Tuesday, June 30th. Finally, Weiss Ratings upgraded Iridium Communications from a "hold (c)" rating to a "hold (c+)" rating in a research report on Wednesday. Three analysts have rated the stock with a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, Iridium Communications presently has a consensus rating of "Hold" and a consensus target price of $41.20.

Iridium Communications Stock Performance

NASDAQ:IRDM opened at $44.40 on Friday. The company's 50-day moving average price is $47.21 and its 200-day moving average price is $46.01. The company has a current ratio of 0.91, a quick ratio of 2.31 and a debt-to-equity ratio of 3.34. The company has a market cap of $4.71 billion, a P/E ratio of 29.40, a P/E/G ratio of 3.54 and a beta of 0.84. Iridium Communications Inc has a twelve month low of $15.65 and a twelve month high of $57.18.

Iridium Communications (NASDAQ:IRDM - Get Free Report) last posted its quarterly earnings results on Tuesday, October 20th. The technology company reported $0.98 earnings per share for the quarter, topping analysts' consensus estimates of $0.34 by $0.64. Iridium Communications had a net margin of 18.06% and a return on equity of 22.04%. The firm had revenue of $245.73 million for the quarter, compared to analyst estimates of $236.30 million. During the same period in the previous year, the business posted $0.35 earnings per share. On average, sell-side analysts forecast that Iridium Communications Inc will post 0.97 earnings per share for the current fiscal year.

Iridium Communications Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, September 30th. Shareholders of record on Tuesday, September 15th were paid a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 1.4%. The ex-dividend date of this dividend was Tuesday, September 15th. Iridium Communications's dividend payout ratio (DPR) is 39.74%.

Insiders Place Their Bets

In other news, CAO Timothy Kapalka sold 13,473 shares of the business's stock in a transaction that occurred on Monday, August 17th. The stock was sold at an average price of $50.51, for a total transaction of $680,521.23. Following the transaction, the chief accounting officer directly owned 35,731 shares in the company, valued at $1,804,772.81. The trade was a 27.38% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Suzanne E. Mcbride sold 85,454 shares of the business's stock in a transaction that occurred on Monday, August 17th. The stock was sold at an average price of $50.28, for a total value of $4,296,627.12. Following the transaction, the insider owned 282,017 shares in the company, valued at approximately $14,179,814.76. This represents a 23.25% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders sold 381,688 shares of company stock worth $19,146,390. 2.70% of the stock is currently owned by insiders.

About Iridium Communications

Iridium Communications Inc provides global satellite communications services through the Iridium satellite network. The company offers voice and data connectivity for customers in remote and difficult-to-reach locations, supporting applications in maritime, aviation, government, emergency services, transportation, industrial, and recreational markets.

Its product portfolio includes satellite phones, broadband services, specialized voice and data terminals, and Internet of Things connectivity for tracking, monitoring, and machine-to-machine communications.

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