Inspire Investing LLC Purchases 28,119 Shares of Iridium Communications Inc. (NASDAQ:IRDM)

Inspire Investing LLC raised its holdings in Iridium Communications Inc. (NASDAQ:IRDM - Free Report) by 185.7% during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 43,265 shares of the technology company's stock after buying an additional 28,119 shares during the period. Inspire Investing LLC's holdings in Iridium Communications were worth $1,256,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in the business. Vanguard Personalized Indexing Management LLC boosted its holdings in shares of Iridium Communications by 100.0% during the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 21,014 shares of the technology company's stock worth $559,000 after buying an additional 10,509 shares during the period. Intech Investment Management LLC acquired a new position in shares of Iridium Communications in the second quarter valued at approximately $435,000. Sei Investments Co. bought a new position in shares of Iridium Communications during the second quarter worth approximately $2,592,000. Magnetar Financial LLC acquired a new stake in Iridium Communications during the 2nd quarter worth approximately $279,000. Finally, Marshall Wace LLP bought a new stake in Iridium Communications in the 2nd quarter valued at $218,000. 84.36% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

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

Iridium Communications Price Performance

IRDM stock traded up $1.61 during mid-day trading on Friday, hitting $31.02. The stock had a trading volume of 1,335,125 shares, compared to its average volume of 849,520. The firm has a fifty day simple moving average of $29.26 and a 200 day simple moving average of $28.57. The firm has a market capitalization of $3.53 billion, a P/E ratio of 33.00 and a beta of 0.65. The company has a current ratio of 2.62, a quick ratio of 2.01 and a debt-to-equity ratio of 2.68. Iridium Communications Inc. has a 52 week low of $24.14 and a 52 week high of $37.13.

Iridium Communications Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, December 31st. Shareholders of record on Monday, December 16th were issued a $0.14 dividend. This represents a $0.56 dividend on an annualized basis and a dividend yield of 1.81%. The ex-dividend date of this dividend was Monday, December 16th. Iridium Communications's dividend payout ratio is presently 59.58%.

Insider Transactions at Iridium Communications

In related news, insider Suzanne E. Mcbride sold 4,420 shares of the firm's stock in a transaction on Monday, November 4th. The stock was sold at an average price of $29.48, for a total transaction of $130,301.60. Following the sale, the insider now owns 182,797 shares of the company's stock, valued at $5,388,855.56. This trade represents a 2.36 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Thomas Fitzpatrick sold 12,500 shares of the business's stock in a transaction dated Friday, January 10th. The stock was sold at an average price of $28.53, for a total value of $356,625.00. Following the sale, the director now owns 241,030 shares in the company, valued at approximately $6,876,585.90. This trade represents a 4.93 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 16,977 shares of company stock valued at $488,593. Corporate insiders own 2.00% of the company's stock.

About Iridium Communications

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.