Iridium Communications Inc. (NASDAQ:IRDM – Get Rating) EVP Bryan J. Hartin sold 13,799 shares of Iridium Communications stock in a transaction that occurred on Tuesday, August 2nd. The shares were sold at an average price of $45.00, for a total value of $620,955.00. Following the sale, the executive vice president now directly owns 66,941 shares in the company, valued at approximately $3,012,345. The sale was disclosed in a document filed with the SEC, which is available at the SEC website.
Iridium Communications Trading Up 0.7 %
NASDAQ:IRDM opened at $45.79 on Friday. The company has a quick ratio of 2.97, a current ratio of 3.23 and a debt-to-equity ratio of 1.33. Iridium Communications Inc. has a 1 year low of $31.73 and a 1 year high of $48.95. The stock's 50 day simple moving average is $38.75 and its two-hundred day simple moving average is $37.91.
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Iridium Communications (NASDAQ:IRDM – Get Rating) last released its quarterly earnings data on Tuesday, July 26th. The technology company reported $0.04 earnings per share (EPS) for the quarter. The business had revenue of $174.90 million for the quarter, compared to the consensus estimate of $166.46 million. Iridium Communications had a negative return on equity of 0.05% and a negative net margin of 0.09%. The company's revenue was up 16.6% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.03 EPS. As a group, analysts anticipate that Iridium Communications Inc. will post 0.09 earnings per share for the current year.
Iridium Communications declared that its board has authorized a stock buyback plan on Tuesday, April 19th that authorizes the company to buyback $300.00 million in outstanding shares. This buyback authorization authorizes the technology company to reacquire up to 6.3% of its shares through open market purchases. Shares buyback plans are often an indication that the company's board believes its stock is undervalued.
Hedge Funds Weigh In On Iridium Communications
Several large investors have recently modified their holdings of IRDM. Van ECK Associates Corp increased its position in shares of Iridium Communications by 12.6% during the 4th quarter. Van ECK Associates Corp now owns 15,719 shares of the technology company's stock valued at $649,000 after purchasing an additional 1,764 shares during the last quarter. Janney Montgomery Scott LLC increased its position in shares of Iridium Communications by 0.9% during the 4th quarter. Janney Montgomery Scott LLC now owns 58,360 shares of the technology company's stock valued at $2,410,000 after purchasing an additional 541 shares during the last quarter. State of Michigan Retirement System increased its position in shares of Iridium Communications by 1.2% during the 4th quarter. State of Michigan Retirement System now owns 33,500 shares of the technology company's stock valued at $1,383,000 after purchasing an additional 400 shares during the last quarter. Allspring Global Investments Holdings LLC purchased a new position in Iridium Communications during the 4th quarter valued at $1,764,000. Finally, State of New Jersey Common Pension Fund D boosted its holdings in Iridium Communications by 3.7% during the 4th quarter. State of New Jersey Common Pension Fund D now owns 70,251 shares of the technology company's stock valued at $2,901,000 after acquiring an additional 2,534 shares during the period. Institutional investors own 97.98% of the company's stock.
Analyst Upgrades and Downgrades
Separately, StockNews.com raised Iridium Communications from a "hold" rating to a "buy" rating in a research note on Tuesday, May 24th. Five equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Iridium Communications presently has an average rating of "Buy" and a consensus price target of $50.00.
Iridium Communications Company Profile
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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.
Further Reading
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