Timothy James Last Sells 19,521 Shares of Iridium Communications (NASDAQ:IRDM) Stock

Key Points

• Iridium EVP Timothy James Last sold 19,521 shares at an average price of $50.34, totaling approximately $982,687. Following the transaction, he retained 93,413 shares, a 17.29% reduction in his ownership.
• Iridium shares recently traded at $48.71, while the company’s latest quarterly results showed EPS of $0.09, below the $0.28 consensus estimate, despite revenue of $225.24 million that exceeded expectations.
• The company declared a quarterly dividend of $0.15 per share, equivalent to an annualized $0.60 dividend and a 1.2% yield. Analysts maintain a consensus “Hold” rating, with an average price target of $38.67.

Iridium Communications Inc (NASDAQ:IRDM - Get Free Report) EVP Timothy James Last sold 19,521 shares of the business's stock in a transaction on Monday, August 17th. The stock was sold at an average price of $50.34, for a total transaction of $982,687.14. Following the completion of the sale, the executive vice president directly owned 93,413 shares of the company's stock, valued at $4,702,410.42. This represents a 17.29% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

Iridium Communications Trading Down 0.7%

Shares of NASDAQ:IRDM traded down $0.32 on Wednesday, reaching $48.71. 818,984 shares of the company traded hands, compared to its average volume of 2,320,215. The business's 50-day simple moving average is $48.09 and its 200 day simple moving average is $38.42. Iridium Communications Inc has a 52 week low of $15.65 and a 52 week high of $57.18. The stock has a market capitalization of $5.16 billion, a P/E ratio of 55.35, a price-to-earnings-growth ratio of 4.05 and a beta of 0.88. The company has a current ratio of 2.78, a quick ratio of 2.31 and a debt-to-equity ratio of 3.70.

Iridium Communications (NASDAQ:IRDM - Get Free Report) last released its quarterly earnings data on Wednesday, July 22nd. The technology company reported $0.09 EPS 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 analysts' expectations of $220.32 million. Iridium Communications had a return on equity of 22.57% and a net margin of 10.55%.The firm's quarterly revenue was up 3.8% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.20 EPS. As a group, equities analysts anticipate that Iridium Communications Inc will post 0.95 EPS for the current fiscal year.

Iridium Communications Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, September 30th. Shareholders 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 yield of 1.2%. The ex-dividend date of this dividend is Tuesday, September 15th. Iridium Communications's payout ratio is 68.18%.

Institutional Trading of Iridium Communications

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. boosted its position in shares of Iridium Communications by 7.1% in the 4th quarter. Vanguard Group Inc. now owns 10,157,227 shares of the technology company's stock worth $176,533,000 after purchasing an additional 677,258 shares in the last quarter. Silver Heights Capital Management Inc increased its position in Iridium Communications by 1.2% during 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 in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. increased its position in Iridium Communications by 130.2% during the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 396,642 shares of the technology company's stock valued at $7,044,000 after buying an additional 224,322 shares in the last quarter. Maxi Investments CY Ltd purchased a new position in Iridium Communications during the fourth quarter valued at $7,369,000. Finally, Edgestream Partners L.P. bought a new stake in Iridium Communications in the first quarter worth $2,083,000. Hedge funds and other institutional investors own 84.36% of the company's stock.

Analyst Upgrades and Downgrades

IRDM has been the subject of a number of analyst reports. William Blair lowered Iridium Communications from an "outperform" rating to a "hold" rating in a research note on Monday, June 29th. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Iridium Communications in a research note on Friday, July 10th. Raymond James Financial reiterated a "market perform" rating on shares of Iridium Communications in a report on Friday, April 24th. BWS Financial reissued a "sell" rating and issued a $16.00 price target on shares of Iridium Communications in a report on Monday, April 27th. Finally, Morgan Stanley boosted their price objective on shares of Iridium Communications from $26.00 to $54.00 and gave the company an "equal weight" rating in a research report on Tuesday, June 30th. Three 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, the stock presently has an average rating of "Hold" and an average price target 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.

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