Crossmark Global Holdings Inc. Purchases 31,990 Shares of Iridium Communications Inc. (NASDAQ:IRDM)

Crossmark Global Holdings Inc. boosted its stake in Iridium Communications Inc. (NASDAQ:IRDM - Free Report) by 420.5% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 39,597 shares of the technology company's stock after buying an additional 31,990 shares during the period. Crossmark Global Holdings Inc.'s holdings in Iridium Communications were worth $1,149,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of the stock. Capital Performance Advisors LLP purchased a new stake in shares of Iridium Communications in the 3rd quarter worth about $57,000. GAMMA Investing LLC grew its holdings in Iridium Communications by 25.2% in the third quarter. GAMMA Investing LLC now owns 2,399 shares of the technology company's stock worth $73,000 after purchasing an additional 483 shares during the period. KBC Group NV increased its stake in shares of Iridium Communications by 25.9% during the third quarter. KBC Group NV now owns 3,796 shares of the technology company's stock valued at $116,000 after purchasing an additional 781 shares in the last quarter. Capstone Investment Advisors LLC purchased a new position in shares of Iridium Communications during the third quarter valued at approximately $215,000. Finally, QRG Capital Management Inc. bought a new stake in shares of Iridium Communications in the 3rd quarter worth approximately $226,000. 84.36% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Iridium Communications

In other Iridium Communications news, Director Thomas Fitzpatrick sold 12,500 shares of the firm'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 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 SEC, which is accessible through this hyperlink. Also, insider Suzanne E. Mcbride sold 4,420 shares of the company's stock in a transaction dated Monday, November 4th. The shares were sold at an average price of $29.48, for a total transaction of $130,301.60. Following the sale, the insider now directly owns 182,797 shares of the company's stock, valued at $5,388,855.56. The trade was a 2.36 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 16,977 shares of company stock worth $488,593. Company insiders own 2.00% of the company's stock.

Analysts Set New Price Targets

A number of research firms recently weighed in on IRDM. BWS Financial reaffirmed a "neutral" rating and set a $30.00 price objective on shares of Iridium Communications in a research report on Monday, October 21st. Cantor Fitzgerald began coverage on Iridium Communications in a report on Friday. They set an "overweight" rating and a $40.00 price target for the company. Two analysts have rated the stock with a hold rating, two 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 stock currently has a consensus rating of "Moderate Buy" and an average target price of $40.75.

Iridium Communications Stock Up 5.5 %

IRDM stock traded up $1.61 during midday trading on Friday, hitting $31.02. The company's stock had a trading volume of 1,335,125 shares, compared to its average volume of 660,959. The firm's 50-day moving average is $29.31 and its 200-day moving average is $28.62. 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 12 month low of $24.14 and a 12 month high of $37.13. The company has a market cap of $3.53 billion, a PE ratio of 33.00 and a beta of 0.65.

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 given a $0.14 dividend. This represents a $0.56 dividend on an annualized basis and a yield of 1.81%. The ex-dividend date was Monday, December 16th. Iridium Communications's dividend payout ratio (DPR) is 59.57%.

Iridium Communications 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.