Iridium Communications Inc. (NASDAQ:IRDM) Director Robert H. Niehaus Sells 38,355 Shares

Iridium Communications Inc. (NASDAQ:IRDM) Director Robert H. Niehaus sold 38,355 shares of Iridium Communications stock in a transaction dated Wednesday, October 23rd. The stock was sold at an average price of $29.39, for a total transaction of $1,127,253.45. Following the sale, the director now directly owns 254,824 shares of the company’s stock, valued at $7,489,277.36. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink.

Iridium Communications Price Performance

Shares of Iridium Communications stock opened at $28.94 on Friday. Iridium Communications Inc. has a twelve month low of $24.14 and a twelve month high of $41.66. The company has a quick ratio of 1.52, a current ratio of 2.25 and a debt-to-equity ratio of 2.08. The company has a 50-day simple moving average of $28.48 and a two-hundred day simple moving average of $28.08. The stock has a market capitalization of $3.51 billion, a price-to-earnings ratio of 137.81 and a beta of 0.65.

Iridium Communications (NASDAQ:IRDM) last issued its quarterly earnings data on Tuesday, July 23rd. The technology company reported $0.27 earnings per share for the quarter, topping the consensus estimate of $0.17 by $0.10. Iridium Communications had a net margin of 11.08% and a return on equity of 10.23%. The business had revenue of $201.07 million during the quarter, compared to analysts’ expectations of $204.01 million. During the same quarter in the previous year, the company earned ($0.24) EPS. The business’s revenue was up 4.1% on a year-over-year basis. Analysts forecast that Iridium Communications Inc. will post 0.81 EPS for the current year.

Iridium Communications announced that its Board of Directors has authorized a stock repurchase program on Thursday, September 19th that allows the company to repurchase $500.00 million in shares. This repurchase authorization allows the technology company to buy up to 14.2% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s leadership believes its shares are undervalued.

Iridium Communications Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Friday, September 13th were paid a $0.14 dividend. This represents a $0.56 annualized dividend and a yield of 1.94%. The ex-dividend date was Friday, September 13th. Iridium Communications’s dividend payout ratio (DPR) is 266.67%.

Analyst Upgrades and Downgrades

Several analysts recently commented on IRDM shares. Barclays lifted their target price on shares of Iridium Communications from $44.00 to $45.00 and gave the stock an “overweight” rating in a report on Wednesday, July 24th. BWS Financial reaffirmed a “neutral” rating and set a $30.00 target price on shares of Iridium Communications in a report on Monday. Two investment analysts have rated the stock with a hold rating, one has issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $41.00.

Institutional Trading of Iridium Communications

Several hedge funds and other institutional investors have recently bought and sold shares of IRDM. Allspring Global Investments Holdings LLC raised its stake in Iridium Communications by 7,684.6% in the 2nd quarter. Allspring Global Investments Holdings LLC now owns 1,012 shares of the technology company’s stock worth $27,000 after purchasing an additional 999 shares in the last quarter. Acadian Asset Management LLC acquired a new position in shares of Iridium Communications in the 1st quarter valued at approximately $29,000. Mather Group LLC. acquired a new position in shares of Iridium Communications in the 2nd quarter valued at approximately $32,000. Blue Trust Inc. raised its position in shares of Iridium Communications by 109.7% in the 2nd quarter. Blue Trust Inc. now owns 1,491 shares of the technology company’s stock valued at $39,000 after buying an additional 780 shares in the last quarter. Finally, International Assets Investment Management LLC acquired a new position in shares of Iridium Communications in the 2nd quarter valued at approximately $45,000. Institutional investors and hedge funds own 84.36% of the company’s stock.

Iridium Communications Company Profile

Iridium Communications Inc provides mobile voice and data communications services and products to businesses, the United States and international governments, non-governmental organizations, and consumers worldwide. The company offers postpaid mobile voice and data satellite communications; prepaid mobile voice satellite communications; push-to-talk; broadband data; and Internet of Things (IoT) services.