Iridium Communications (NASDAQ:IRDM) Shares Down 4.1% – Should You Sell?

Shares of Iridium Communications Inc. (NASDAQ:IRDM) were down 4.1% on Wednesday . The company traded as low as $28.66 and last traded at $28.85. Approximately 258,505 shares were traded during trading, a decline of 69% from the average daily volume of 830,007 shares. The stock had previously closed at $30.10.

Analysts Set New Price Targets

IRDM has been the subject of several research analyst reports. BWS Financial reaffirmed a “neutral” rating and issued a $30.00 price objective on shares of Iridium Communications in a research report on Monday, October 21st. Cantor Fitzgerald began coverage on shares of Iridium Communications in a report on Friday, January 24th. They issued an “overweight” rating and a $40.00 price target for the company. Two research analysts have rated the stock with a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $40.75.

Iridium Communications Price Performance

The stock has a fifty day moving average of $29.39 and a 200 day moving average of $28.70. The stock has a market cap of $3.22 billion, a price-to-earnings ratio of 30.12 and a beta of 0.65. The company has a debt-to-equity ratio of 2.68, a current ratio of 2.62 and a quick ratio of 2.01.

Iridium Communications Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, December 31st. Stockholders of record on Monday, December 16th were issued a $0.14 dividend. This represents a $0.56 annualized dividend and a dividend yield of 1.98%. The ex-dividend date of this dividend was Monday, December 16th. Iridium Communications’s dividend payout ratio (DPR) is currently 59.57%.

Insider Buying and Selling

In related news, insider Suzanne E. Mcbride sold 4,420 shares of the firm’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 sale, the insider now directly owns 182,797 shares of the company’s stock, valued at $5,388,855.56. This trade represents a 2.36 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Thomas Fitzpatrick sold 12,500 shares of the business’s stock in a transaction that occurred on Friday, January 10th. The shares were sold at an average price of $28.53, for a total value of $356,625.00. Following the completion of the transaction, the director now directly owns 241,030 shares of the company’s stock, valued at $6,876,585.90. The trade was a 4.93 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 16,977 shares of company stock valued at $488,593 over the last 90 days. Insiders own 2.00% of the company’s stock.

Hedge Funds Weigh In On Iridium Communications

Several institutional investors have recently made changes to their positions in IRDM. Sumitomo Mitsui Trust Group Inc. boosted its holdings in Iridium Communications by 12.8% during the fourth 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 in the last quarter. FMR LLC boosted its stake in shares of Iridium Communications by 26.7% during the 3rd quarter. FMR LLC now owns 942,380 shares of the technology company’s stock worth $28,695,000 after acquiring an additional 198,360 shares in the last quarter. Weiss Asset Management LP purchased a new stake in shares of Iridium Communications during the 3rd quarter worth about $4,614,000. Barclays PLC grew its position in shares of Iridium Communications by 19.2% during the 3rd 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 during the period. Finally, Algert Global LLC increased its stake in shares of Iridium Communications by 54.0% in the 3rd quarter. Algert Global LLC now owns 365,121 shares of the technology company’s stock valued at $11,118,000 after purchasing an additional 128,018 shares in the last quarter. 84.36% of the stock is owned by hedge funds and other 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.