Iridium Communications (NASDAQ:IRDM) Insider Kathleen Morgan Sells 33,192 Shares of Stock

Key Points

• Insider sale: Kathleen Morgan sold 33,192 Iridium shares for approximately $1.67 million, reducing her position by 21% to 124,871 shares.
• Mixed financial performance: Iridium reported quarterly EPS of $0.09, missing the $0.28 consensus estimate, while revenue rose 3.8% year over year to $225.24 million.
• Stock and outlook: Shares traded at $48.71, down 0.7%, and the company declared a $0.15 quarterly dividend. Analysts’ consensus rating was “Hold,” with an average price target of $38.67.

Iridium Communications Inc (NASDAQ:IRDM - Get Free Report) insider Kathleen Morgan sold 33,192 shares of the business's stock in a transaction on Monday, August 17th. The shares were sold at an average price of $50.35, for a total transaction of $1,671,217.20. Following the sale, the insider owned 124,871 shares of the company's stock, valued at $6,287,254.85. This trade represents a 21.00% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link.

Iridium Communications Stock Down 0.7%

Shares of NASDAQ IRDM traded down $0.32 during mid-day trading on Wednesday, reaching $48.71. 818,984 shares of the company's stock traded hands, compared to its average volume of 2,320,215. The stock has a market cap of $5.16 billion, a P/E ratio of 55.35, a PEG ratio of 4.05 and a beta of 0.88. The business has a 50-day simple moving average of $48.09 and a 200 day simple moving average of $38.42. Iridium Communications Inc has a 1-year low of $15.65 and a 1-year 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.

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 analysts' consensus estimates of $0.28 by ($0.19). The business 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 company's revenue was up 3.8% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.20 EPS. On average, analysts expect that Iridium Communications Inc will post 0.95 EPS for the current fiscal year.

Iridium Communications Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Tuesday, September 15th will be issued a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.2%. The ex-dividend date is Tuesday, September 15th. Iridium Communications's dividend payout ratio (DPR) is currently 68.18%.

Institutional Investors Weigh In On Iridium Communications

A number of hedge funds have recently made changes to their positions in the business. Quadrant Capital Group LLC grew its position in Iridium Communications by 107.5% during the fourth quarter. Quadrant Capital Group LLC now owns 1,430 shares of the technology company's stock valued at $25,000 after buying an additional 741 shares during the period. Larson Financial Group LLC raised its position in Iridium Communications by 392.8% in the third quarter. Larson Financial Group LLC now owns 1,508 shares of the technology company's stock worth $26,000 after acquiring an additional 1,202 shares during the period. Kestra Advisory Services LLC purchased a new position in Iridium Communications in the fourth quarter valued at about $27,000. CIBC Private Wealth Group LLC purchased a new position in Iridium Communications in the third quarter valued at about $32,000. Finally, Caitong International Asset Management Co. Ltd grew its position in shares of Iridium Communications by 10,363.2% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 1,988 shares of the technology company's stock valued at $35,000 after acquiring an additional 1,969 shares during the period. 84.36% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on IRDM shares. William Blair lowered Iridium Communications from an "outperform" rating to a "hold" rating in a research report on Monday, June 29th. BWS Financial reiterated a "sell" rating and issued a $16.00 target price on shares of Iridium Communications in a research note on Monday, April 27th. Morgan Stanley increased their target price 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 raised their price target on shares of Iridium Communications from $48.00 to $60.00 and gave the company an "outperform" rating in a research report on Wednesday, June 3rd. Finally, New Street Research upgraded shares of Iridium Communications from a "neutral" rating to a "buy" rating in a report on Wednesday, July 22nd. Three research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, Iridium Communications currently has an average rating of "Hold" and a consensus target price of $38.67.

Iridium Communications Company 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source