Iridium Communications Inc. (NASDAQ:IRDM) Receives Average Recommendation of “Moderate Buy” from Brokerages

Iridium Communications Inc. (NASDAQ:IRDMGet Free Report) has earned an average rating of “Moderate Buy” from the five ratings firms that are currently covering the company, Marketbeat reports. Two research analysts have rated the stock with a hold recommendation, two have given a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12 month price target among brokers that have issued ratings on the stock in the last year is $40.75.

A number of research firms recently issued reports on IRDM. Cantor Fitzgerald started coverage on Iridium Communications in a research report on Friday, January 24th. They set an “overweight” rating and a $40.00 price objective for the company. BWS Financial reiterated a “neutral” rating and issued a $30.00 price objective on shares of Iridium Communications in a research report on Monday, October 21st.

Get Our Latest Analysis on IRDM

Insider Buying and Selling at Iridium Communications

In related 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 transaction of $356,625.00. Following the completion of the transaction, the director now 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 the SEC website. Also, insider Suzanne E. Mcbride sold 4,420 shares of the business’s stock in a transaction dated Monday, November 4th. The stock was sold at an average price of $29.48, for a total transaction 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 trade represents a 2.36 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 16,977 shares of company stock valued at $488,593. Company insiders own 2.00% of the company’s stock.

Hedge Funds Weigh In On Iridium Communications

Several hedge funds have recently made changes to their positions in IRDM. Capital Performance Advisors LLP bought a new stake in Iridium Communications during the third quarter worth approximately $57,000. Fifth Third Bancorp boosted its stake in shares of Iridium Communications by 19.8% during the 4th quarter. Fifth Third Bancorp now owns 2,162 shares of the technology company’s stock worth $63,000 after acquiring an additional 357 shares in the last quarter. GAMMA Investing LLC grew its holdings in shares of Iridium Communications by 25.2% in the 3rd quarter. GAMMA Investing LLC now owns 2,399 shares of the technology company’s stock worth $73,000 after acquiring an additional 483 shares during the last quarter. KBC Group NV raised its position 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 worth $116,000 after purchasing an additional 781 shares during the period. Finally, SG Americas Securities LLC purchased a new stake in shares of Iridium Communications during the fourth quarter valued at $186,000. Institutional investors and hedge funds own 84.36% of the company’s stock.

Iridium Communications Stock Performance

Shares of IRDM stock opened at $30.10 on Friday. The company has a market cap of $3.43 billion, a P/E ratio of 32.02 and a beta of 0.65. The business has a 50 day moving average of $29.39 and a two-hundred day moving average of $28.70. Iridium Communications has a 52 week low of $24.14 and a 52 week high of $37.13. The company has a quick ratio of 2.01, a current ratio of 2.62 and a debt-to-equity ratio of 2.68.

Iridium Communications Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, December 31st. Investors of record on Monday, December 16th were issued a $0.14 dividend. This represents a $0.56 annualized dividend and a yield of 1.86%. The ex-dividend date of this dividend was Monday, December 16th. Iridium Communications’s payout ratio is currently 59.58%.

About Iridium Communications

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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.

Further Reading

Analyst Recommendations for Iridium Communications (NASDAQ:IRDM)

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