Iridium Communications Inc. (NASDAQ:IRDM) Shares Bought by Pacer Advisors Inc.

Pacer Advisors Inc. grew its stake in shares of Iridium Communications Inc. (NASDAQ:IRDM - Free Report) by 4.2% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 741,577 shares of the technology company's stock after acquiring an additional 29,821 shares during the quarter. Pacer Advisors Inc. owned about 0.65% of Iridium Communications worth $21,521,000 at the end of the most recent quarter.

A number of other institutional investors have also recently bought and sold shares of IRDM. Capital Performance Advisors LLP acquired a new position in shares of Iridium Communications during the 3rd quarter valued at $57,000. Fifth Third Bancorp lifted its stake 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 worth $63,000 after purchasing an additional 357 shares in the last quarter. GAMMA Investing LLC boosted its position in shares of 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 during the period. KBC Group NV grew its stake in shares of Iridium Communications by 25.9% in the third quarter. KBC Group NV now owns 3,796 shares of the technology company's stock valued at $116,000 after buying an additional 781 shares in the last quarter. Finally, SG Americas Securities LLC purchased a new stake in shares of Iridium Communications during the 4th quarter valued at about $186,000. 84.36% of the stock is currently owned by hedge funds and other institutional investors.

Iridium Communications Stock Performance

Shares of NASDAQ IRDM traded up $0.35 during trading on Friday, reaching $28.77. The stock had a trading volume of 752,966 shares, compared to its average volume of 848,421. 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 stock has a market cap of $3.28 billion, a PE ratio of 30.61 and a beta of 0.65. Iridium Communications Inc. has a one year low of $24.14 and a one year high of $37.13. The firm's 50 day moving average price is $29.40 and its two-hundred day moving average price is $28.70.

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. The ex-dividend date was Monday, December 16th. This represents a $0.56 dividend on an annualized basis and a yield of 1.95%. Iridium Communications's dividend payout ratio is currently 59.58%.

Analyst Ratings Changes

A number of brokerages have commented on IRDM. Cantor Fitzgerald initiated coverage on shares of Iridium Communications in a report on Friday, January 24th. They issued an "overweight" rating and a $40.00 price objective on the stock. BWS Financial reissued a "neutral" rating and issued a $30.00 price target on shares of Iridium Communications in a report on Monday, October 21st. Two analysts have rated the stock with a hold rating, two have given a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $40.75.

Insider Activity at Iridium Communications

In related news, insider Suzanne E. Mcbride sold 4,420 shares of the 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 transaction, the insider now directly owns 182,797 shares of the company's stock, valued at $5,388,855.56. This represents a 2.36 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Thomas Fitzpatrick sold 12,500 shares of Iridium Communications 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 sale, the director now owns 241,030 shares in the company, valued at approximately $6,876,585.90. This represents a 4.93 % 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 90 days. 2.00% of the stock is currently owned by company insiders.

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.