Iridium Communications (NASDAQ:IRDM) Insider Suzanne Mcbride Sells 85,454 Shares of Stock

Key Points

• Insider Suzanne McBride sold 85,454 Iridium shares at an average price of $50.28, generating approximately $4.30 million and reducing her position by 23.25%.
• Iridium’s latest quarterly results included adjusted EPS of $0.09, below the $0.28 consensus estimate, while revenue rose 3.8% year over year to $225.24 million. Shares recently traded near $48.71.
• The company declared a quarterly dividend of $0.15 per share, equal to a 1.2% annualized yield. Analysts’ average rating is “Hold,” with a consensus price target of $38.67.

Iridium Communications Inc (NASDAQ:IRDM - Get Free Report) insider Suzanne Mcbride sold 85,454 shares of Iridium Communications stock in a transaction that occurred on Monday, August 17th. The stock was sold at an average price of $50.28, for a total transaction of $4,296,627.12. Following the transaction, the insider directly owned 282,017 shares in the company, valued at $14,179,814.76. The trade was a 23.25% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link.

Iridium Communications Trading Down 0.7%

Shares of IRDM traded down $0.32 during trading hours on Wednesday, reaching $48.71. The stock had a trading volume of 818,984 shares, compared to its average volume of 2,320,215. The company has a market cap of $5.16 billion, a P/E ratio of 55.35, a P/E/G ratio of 4.05 and a beta of 0.88. Iridium Communications Inc has a 52 week low of $15.65 and a 52 week high of $57.18. The company has a quick ratio of 2.31, a current ratio of 2.78 and a debt-to-equity ratio of 3.70. The firm has a 50-day moving average of $48.09 and a 200 day moving average of $38.42.

Iridium Communications (NASDAQ:IRDM - Get Free Report) last released its quarterly earnings data 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). Iridium Communications had a net margin of 10.55% and a return on equity of 22.57%. The business had revenue of $225.24 million for the quarter, compared to the consensus estimate of $220.32 million. During the same quarter last year, the firm earned $0.20 EPS. The company's revenue for the quarter was up 3.8% on a year-over-year basis. On average, sell-side analysts expect that Iridium Communications Inc will post 0.95 earnings per share for the current fiscal year.

Iridium Communications Dividend Announcement

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

Analyst Ratings Changes

Several equities research analysts have commented on IRDM shares. Morgan Stanley boosted their target price on Iridium Communications from $26.00 to $54.00 and gave the company an "equal weight" rating in a research note on Tuesday, June 30th. BWS Financial reissued a "sell" rating and issued a $16.00 price objective on shares of Iridium Communications in a research report on Monday, April 27th. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Iridium Communications in a research report on Friday, July 10th. New Street Research raised shares of Iridium Communications from a "neutral" rating to a "buy" rating in a research report on Wednesday, July 22nd. Finally, Oppenheimer increased their price objective on shares of Iridium Communications from $48.00 to $60.00 and gave the stock an "outperform" rating in a research note on Wednesday, June 3rd. Three equities research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat, Iridium Communications presently has an average rating of "Hold" and a consensus target price of $38.67.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in IRDM. Plato Investment Management Ltd bought a new stake in Iridium Communications in the 2nd quarter valued at $63,000. Root Financial Partners LLC raised its position in shares of Iridium Communications by 1,750.0% in the first quarter. Root Financial Partners LLC now owns 1,332 shares of the technology company's stock valued at $37,000 after purchasing an additional 1,260 shares during the period. Quadrant Capital Group LLC lifted its stake in shares of Iridium Communications by 107.5% during the 4th quarter. Quadrant Capital Group LLC now owns 1,430 shares of the technology company's stock worth $25,000 after buying an additional 741 shares during the last quarter. Larson Financial Group LLC grew its stake in Iridium Communications by 392.8% in the 3rd quarter. Larson Financial Group LLC now owns 1,508 shares of the technology company's stock valued at $26,000 after buying an additional 1,202 shares during the last quarter. Finally, Kestra Advisory Services LLC bought a new position in Iridium Communications in the 4th quarter valued at about $27,000. 84.36% of the stock is currently owned by institutional investors.

About Iridium Communications

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