Barclays PLC raised its stake in shares of Iridium Communications Inc. (NASDAQ:IRDM – Get Rating) by 29.3% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 64,779 shares of the technology company's stock after purchasing an additional 14,681 shares during the period. Barclays PLC owned 0.05% of Iridium Communications worth $2,875,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. SeaCrest Wealth Management LLC purchased a new position in shares of Iridium Communications in the second quarter worth about $38,000. Fifth Third Bancorp lifted its stake in shares of Iridium Communications by 107.8% in the second quarter. Fifth Third Bancorp now owns 1,172 shares of the technology company's stock worth $44,000 after buying an additional 608 shares in the last quarter. Wipfli Financial Advisors LLC purchased a new position in shares of Iridium Communications in the third quarter worth about $65,000. CWM LLC lifted its stake in shares of Iridium Communications by 101.2% in the third quarter. CWM LLC now owns 1,463 shares of the technology company's stock worth $65,000 after buying an additional 736 shares in the last quarter. Finally, Counterpoint Mutual Funds LLC purchased a new position in shares of Iridium Communications in the second quarter worth about $128,000. 83.82% of the stock is owned by hedge funds and other institutional investors.
Get Iridium Communications alerts:Insider Activity
In other news, CEO Matthew J. Desch sold 12,353 shares of the firm's stock in a transaction that occurred on Monday, November 7th. The shares were sold at an average price of $52.21, for a total value of $644,950.13. Following the completion of the transaction, the chief executive officer now owns 699,962 shares of the company's stock, valued at $36,545,016.02. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In other news, CAO Timothy Kapalka sold 6,250 shares of the firm's stock in a transaction that occurred on Monday, November 7th. The shares were sold at an average price of $52.50, for a total value of $328,125.00. Following the completion of the transaction, the chief accounting officer now owns 19,896 shares of the company's stock, valued at $1,044,540. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CEO Matthew J. Desch sold 12,353 shares of Iridium Communications stock in a transaction that occurred on Monday, November 7th. The stock was sold at an average price of $52.21, for a total transaction of $644,950.13. Following the completion of the transaction, the chief executive officer now owns 699,962 shares of the company's stock, valued at approximately $36,545,016.02. The disclosure for this sale can be found here. Over the last quarter, insiders sold 74,667 shares of company stock valued at $4,082,575. 2.50% of the stock is currently owned by company insiders.
Iridium Communications Trading Up 2.3 %
NASDAQ IRDM opened at $59.84 on Wednesday. The firm has a 50 day simple moving average of $54.39 and a 200-day simple moving average of $49.22. The company has a debt-to-equity ratio of 1.37, a quick ratio of 2.52 and a current ratio of 2.82. Iridium Communications Inc. has a one year low of $31.73 and a one year high of $62.48. The firm has a market cap of $7.52 billion, a price-to-earnings ratio of 1,496.37 and a beta of 1.11.Iridium Communications Announces Dividend
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, March 30th. Stockholders of record on Wednesday, March 15th will be paid a $0.13 dividend. This represents a $0.52 annualized dividend and a dividend yield of 0.87%. The ex-dividend date of this dividend is Tuesday, March 14th.
Wall Street Analysts Forecast Growth
IRDM has been the topic of several research reports. StockNews.com raised shares of Iridium Communications from a "hold" rating to a "buy" rating in a research note on Monday, December 26th. BWS Financial raised their price objective on shares of Iridium Communications from $60.00 to $75.00 and gave the stock a "buy" rating in a research report on Monday, January 9th. Morgan Stanley raised their price objective on shares of Iridium Communications from $50.00 to $64.00 and gave the stock an "overweight" rating in a research report on Monday, October 17th. Barclays cut shares of Iridium Communications from an "overweight" rating to an "equal weight" rating and dropped their price target for the company from $48.00 to $45.00 in a research report on Wednesday, October 19th. Finally, Raymond James lifted their price target on shares of Iridium Communications from $51.00 to $60.00 and gave the company a "strong-buy" rating in a research report on Friday, October 21st. One analyst has rated the stock with a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the company presently has an average rating of "Buy" and a consensus price target of $61.00.
About Iridium Communications
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Iridium Communications, Inc engages in the provision of global satellite communications services and products. Its products include personal communicators, messengers, and trackers, satellite phones, push-to-talk-devices, broadband, midband, and external terminals, docking stations, apps, and accessories.
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