Iridium Communications (NASDAQ:IRDM) EVP Timothy James Last Sells 5,769 Shares of Stock

Iridium Communications Inc (NASDAQ:IRDM) EVP Timothy Last sold 5,769 shares of the firm’s stock in a transaction dated Tuesday, September 15th. The stock was sold at an average price of $46.35, for a total transaction of $267,393.15. Following the completion of the transaction, the executive vice president owned 84,130 shares of the company’s stock, valued at approximately $3,899,425.50. The trade was a 6.42% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website.

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 transaction of $982,687.14.

Iridium Communications Stock Up 0.4%

Shares of NASDAQ:IRDM opened at $47.28 on Thursday. The company has a debt-to-equity ratio of 3.70, a quick ratio of 2.31 and a current ratio of 2.78. The company has a market cap of $5.01 billion, a PE ratio of 53.73, a price-to-earnings-growth ratio of 3.80 and a beta of 0.87. Iridium Communications Inc has a 52 week low of $15.65 and a 52 week high of $57.18. The firm has a 50 day simple moving average of $47.81 and a 200 day simple moving average of $42.22.

Iridium Communications (NASDAQ:IRDM) last posted 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). The firm had revenue of $225.24 million for 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 company’s revenue for the quarter was up 3.8% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.20 earnings per share. As a group, research analysts expect that Iridium Communications Inc will post 0.95 earnings per share for the current year.

Iridium Communications Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Tuesday, September 15th will be issued a dividend of $0.15 per share. The ex-dividend date is Tuesday, September 15th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.3%. Iridium Communications’s payout ratio is currently 68.18%.

Institutional Trading of Iridium Communications

Hedge funds and other institutional investors have recently modified their holdings of the company. BlackRock Inc. bought a new stake in Iridium Communications in the second quarter worth approximately $737,587,000. Bank of New York Mellon Corp bought a new position in shares of Iridium Communications during the 2nd quarter valued at $62,751,000. Van ECK Associates Corp raised its holdings in shares of Iridium Communications by 50.9% during the 2nd quarter. Van ECK Associates Corp now owns 2,270,799 shares of the technology company’s stock valued at $124,553,000 after purchasing an additional 766,171 shares in the last quarter. Sculptor Capital LP bought a new position in shares of Iridium Communications during the 2nd quarter valued at $25,725,000. Finally, Man Group plc acquired a new stake in shares of Iridium Communications in the 2nd quarter valued at $22,842,000. 84.36% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities research analysts recently issued reports on the company. Weiss Ratings reissued a “hold (c)” rating on shares of Iridium Communications in a research note on Friday, July 10th. William Blair cut Iridium Communications from an “outperform” rating to a “hold” rating in a research note on Monday, June 29th. Oppenheimer upped their target price on Iridium Communications from $48.00 to $60.00 and gave the company an “outperform” rating in a report on Wednesday, June 3rd. Morgan Stanley increased their price target 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. 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 issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $41.20.

About Iridium Communications

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.