Iridium Communications Inc. (NASDAQ:IRDM) Shares Sold by Corebridge Financial Inc.

Corebridge Financial Inc. lessened its stake in shares of Iridium Communications Inc. (NASDAQ:IRDM - Free Report) by 8.0% in the 4th quarter, according to its most recent disclosure with the SEC. The firm owned 128,928 shares of the technology company's stock after selling 11,179 shares during the period. Corebridge Financial Inc. owned 0.11% of Iridium Communications worth $3,741,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Cerity Partners LLC bought a new position in Iridium Communications in the 3rd quarter worth approximately $1,359,000. FMR LLC boosted its position in shares of Iridium Communications by 26.7% during the 3rd quarter. FMR LLC now owns 942,380 shares of the technology company's stock valued at $28,695,000 after acquiring an additional 198,360 shares during the last quarter. BNP Paribas Financial Markets increased its position in Iridium Communications by 2.6% in the third quarter. BNP Paribas Financial Markets now owns 382,390 shares of the technology company's stock worth $11,644,000 after purchasing an additional 9,511 shares during the last quarter. CreativeOne Wealth LLC purchased a new stake in Iridium Communications during the third quarter valued at $539,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its position in Iridium Communications by 5.7% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 27,714 shares of the technology company's stock worth $844,000 after acquiring an additional 1,488 shares in the last quarter. 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 company's stock in a transaction dated Friday, January 10th. The shares were sold at an average price of $28.53, for a total transaction of $356,625.00. Following the completion of the transaction, the director now owns 241,030 shares of the company's stock, valued at $6,876,585.90. This represents a 4.93 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Corporate insiders own 2.00% of the company's stock.

Remove Ads

Analyst Upgrades and Downgrades

A number of analysts have weighed in on the company. Barclays reduced their target price on Iridium Communications from $45.00 to $38.00 and set an "overweight" rating on the stock in a research note on Monday, March 10th. Cantor Fitzgerald started coverage on shares of Iridium Communications in a research note on Friday, January 24th. They issued an "overweight" rating and a $40.00 price objective for the company. Finally, StockNews.com lowered shares of Iridium Communications from a "buy" rating to a "hold" rating in a report on Saturday, March 29th.

Iridium Communications Stock Performance

IRDM traded down $1.03 during midday trading on Friday, hitting $24.55. 122,441 shares of the company were exchanged, compared to its average volume of 1,110,469. The company has a current ratio of 1.73, a quick ratio of 1.25 and a debt-to-equity ratio of 3.05. Iridium Communications Inc. has a 1-year low of $24.13 and a 1-year high of $35.85. The company's 50 day simple moving average is $29.34 and its 200 day simple moving average is $29.44. The firm has a market capitalization of $2.67 billion, a price-to-earnings ratio of 25.78, a price-to-earnings-growth ratio of 1.28 and a beta of 0.66.

Iridium Communications (NASDAQ:IRDM - Get Free Report) last posted its quarterly earnings data on Thursday, February 13th. The technology company reported $0.31 EPS for the quarter, beating analysts' consensus estimates of $0.15 by $0.16. The business had revenue of $212.99 million for the quarter, compared to analyst estimates of $203.78 million. Iridium Communications had a return on equity of 15.66% and a net margin of 13.58%. As a group, sell-side analysts predict that Iridium Communications Inc. will post 0.89 earnings per share for the current year.

Iridium Communications Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Monday, March 17th were issued a $0.14 dividend. The ex-dividend date of this dividend was Monday, March 17th. This represents a $0.56 annualized dividend and a yield of 2.28%. Iridium Communications's dividend payout ratio (DPR) is presently 58.95%.

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.