Iridium Communications (NASDAQ:IRDM) Shares Down 4.1% - What's Next?

Iridium Communications Inc. (NASDAQ:IRDM - Get Free Report)'s share price fell 4.1% on Wednesday . The company traded as low as $28.66 and last traded at $28.85. 258,505 shares were traded during mid-day trading, a decline of 69% from the average session volume of 830,007 shares. The stock had previously closed at $30.10.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on IRDM shares. BWS Financial restated a "neutral" rating and set a $30.00 target price on shares of Iridium Communications in a research report on Monday, October 21st. Cantor Fitzgerald started coverage on Iridium Communications in a report on Friday, January 24th. They set an "overweight" rating and a $40.00 price objective for the company. Two equities research analysts have rated the stock with a hold rating, two have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $40.75.

Iridium Communications Price Performance

The stock's 50 day simple moving average is $29.39 and its 200 day simple moving average is $28.70. The company has a debt-to-equity ratio of 2.68, a quick ratio of 2.01 and a current ratio of 2.62. The firm has a market capitalization of $3.22 billion, a P/E ratio of 30.12 and a beta of 0.65.

Iridium Communications Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, December 31st. Shareholders of record on Monday, December 16th were issued a dividend of $0.14 per share. The ex-dividend date was Monday, December 16th. This represents a $0.56 annualized dividend and a yield of 1.98%. Iridium Communications's payout ratio is currently 59.57%.

Insiders Place Their Bets

In related news, Director Thomas Fitzpatrick sold 12,500 shares of Iridium Communications stock in a transaction that occurred on Friday, January 10th. The shares were 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 $6,876,585.90. This trade represents a 4.93 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, insider Suzanne E. Mcbride sold 4,420 shares of the company's stock in a transaction 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 sale, the insider now owns 182,797 shares of the company's stock, valued at approximately $5,388,855.56. This represents a 2.36 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 16,977 shares of company stock worth $488,593. 2.00% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the stock. State Street Corp grew its stake in Iridium Communications by 0.9% in the third quarter. State Street Corp now owns 4,269,883 shares of the technology company's stock valued at $130,018,000 after purchasing an additional 36,851 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. grew its position in shares of Iridium Communications by 12.8% in the 4th quarter. Sumitomo Mitsui Trust Group Inc. now owns 2,829,052 shares of the technology company's stock worth $82,099,000 after buying an additional 320,506 shares during the last quarter. Victory Capital Management Inc. raised its stake in shares of Iridium Communications by 0.7% during the 3rd quarter. Victory Capital Management Inc. now owns 1,609,649 shares of the technology company's stock worth $49,014,000 after acquiring an additional 11,117 shares in the last quarter. FMR LLC lifted its position in Iridium Communications by 26.7% during the third 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. Finally, Barclays PLC boosted its stake in Iridium Communications by 19.2% in the third quarter. Barclays PLC now owns 856,901 shares of the technology company's stock valued at $26,093,000 after acquiring an additional 137,924 shares in the last quarter. 84.36% of the stock is owned by institutional investors.

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.

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