28,601 Shares in Iridium Communications Inc. (NASDAQ:IRDM) Bought by Advisors Preferred LLC

Advisors Preferred LLC purchased a new stake in shares of Iridium Communications Inc. (NASDAQ:IRDM - Free Report) during the 4th quarter, according to its most recent filing with the SEC. The institutional investor purchased 28,601 shares of the technology company's stock, valued at approximately $846,000.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Marshall Wace LLP bought a new stake in shares of Iridium Communications in the 2nd quarter valued at about $218,000. Creative Planning boosted its stake in shares of Iridium Communications by 57.8% during the 2nd quarter. Creative Planning now owns 25,548 shares of the technology company's stock worth $680,000 after acquiring an additional 9,359 shares in the last quarter. GAMMA Investing LLC grew its stake in Iridium Communications by 25.2% in the 3rd quarter. GAMMA Investing LLC now owns 2,399 shares of the technology company's stock valued at $73,000 after acquiring an additional 483 shares during the period. CWM LLC increased its stake in Iridium Communications by 546.5% during the 3rd quarter. CWM LLC now owns 14,547 shares of the technology company's stock worth $443,000 after buying an additional 12,297 shares in the last quarter. Finally, IQ EQ FUND MANAGEMENT IRELAND Ltd purchased a new stake in shares of Iridium Communications during the third quarter worth $1,963,000. Hedge funds and other institutional investors own 84.36% of the company's stock.

Insiders Place Their Bets

In other news, Director Thomas Fitzpatrick sold 12,500 shares of the firm's stock in a transaction on Friday, January 10th. The stock was sold at an average price of $28.53, for a total transaction of $356,625.00. Following the transaction, the director now directly owns 241,030 shares of the company's stock, valued at approximately $6,876,585.90. This trade represents a 4.93 % 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. 2.00% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of research analysts have commented on IRDM shares. BWS Financial reaffirmed a "neutral" rating and issued a $30.00 target price on shares of Iridium Communications in a research report on Monday, October 21st. Cantor Fitzgerald initiated coverage on shares of Iridium Communications in a research note on Friday, January 24th. They set an "overweight" rating and a $40.00 price target on the stock. Two investment analysts have rated the stock with a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $40.75.

Iridium Communications Stock Down 0.3 %

NASDAQ IRDM traded down $0.09 on Wednesday, hitting $27.72. 1,351,747 shares of the stock traded hands, compared to its average volume of 980,919. Iridium Communications Inc. has a twelve month low of $24.14 and a twelve month high of $36.32. The stock has a 50-day moving average of $29.13 and a 200 day moving average of $28.81. The company has a current ratio of 2.62, a quick ratio of 2.01 and a debt-to-equity ratio of 2.68. The company has a market capitalization of $3.16 billion, a P/E ratio of 29.49 and a beta of 0.65.

Iridium Communications Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, December 31st. Shareholders of record on Monday, December 16th were paid a dividend of $0.14 per share. This represents a $0.56 dividend on an annualized basis and a yield of 2.02%. The ex-dividend date of this dividend was Monday, December 16th. Iridium Communications's payout ratio is 59.58%.

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.