Iridium Communications (NASDAQ:IRDM) Now Covered by Analysts at Cantor Fitzgerald

Cantor Fitzgerald started coverage on shares of Iridium Communications (NASDAQ:IRDM - Free Report) in a research note published on Friday, Marketbeat Ratings reports. The brokerage issued an overweight rating and a $40.00 price target on the technology company's stock.

Separately, BWS Financial restated a "neutral" rating and issued a $30.00 target price on shares of Iridium Communications in a research report on Monday, October 21st. Two analysts have rated the stock with a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $40.75.

Iridium Communications Price Performance

NASDAQ IRDM traded up $1.61 during trading hours on Friday, reaching $31.02. 1,335,125 shares of the stock traded hands, compared to its average volume of 849,520. The company has a debt-to-equity ratio of 2.68, a current ratio of 2.62 and a quick ratio of 2.01. The stock has a 50 day simple moving average of $29.31 and a two-hundred day simple moving average of $28.60. Iridium Communications has a 1 year low of $24.14 and a 1 year high of $37.13. The company has a market cap of $3.53 billion, a price-to-earnings ratio of 33.00 and a beta of 0.65.

Iridium Communications Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, December 31st. Stockholders of record on Monday, December 16th were paid 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 (DPR) is presently 59.58%.

Insider Activity at Iridium Communications

In related news, 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 transaction of $356,625.00. Following the transaction, the director now owns 241,030 shares in the company, valued at $6,876,585.90. The trade was a 4.93 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Suzanne E. Mcbride sold 4,420 shares of Iridium Communications stock in a transaction that occurred on Monday, November 4th. The stock was sold at an average price of $29.48, for a total value of $130,301.60. Following the completion of the sale, the insider now owns 182,797 shares in the company, valued at approximately $5,388,855.56. This represents a 2.36 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 16,977 shares of company stock worth $488,593 in the last ninety days. 2.00% of the stock is owned by company insiders.

Institutional Trading of Iridium Communications

A number of institutional investors and hedge funds have recently added to or reduced their stakes in IRDM. Capital Performance Advisors LLP bought a new position in Iridium Communications in the 3rd quarter worth $57,000. Fifth Third Bancorp increased its position in shares of Iridium Communications by 19.8% during the fourth quarter. Fifth Third Bancorp now owns 2,162 shares of the technology company's stock valued at $63,000 after buying an additional 357 shares during the period. GAMMA Investing LLC raised its stake 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 buying an additional 483 shares in the last quarter. KBC Group NV lifted its holdings in Iridium Communications by 25.9% in the third quarter. KBC Group NV now owns 3,796 shares of the technology company's stock worth $116,000 after buying an additional 781 shares during the period. Finally, SG Americas Securities LLC bought a new stake in Iridium Communications during the 4th quarter valued at approximately $186,000. Hedge funds and other institutional investors own 84.36% 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.