Iridium Communications (NASDAQ:IRDM) Shares Down 5.3% – Time to Sell?

Iridium Communications Inc. (NASDAQ:IRDM)’s stock price was down 5.3% during trading on Wednesday . The company traded as low as $27.83 and last traded at $27.77. Approximately 452,837 shares traded hands during mid-day trading, a decline of 62% from the average daily volume of 1,203,263 shares. The stock had previously closed at $29.33.

Wall Street Analyst Weigh In

IRDM has been the topic of several analyst reports. Cantor Fitzgerald assumed coverage on Iridium Communications in a research note on Friday, January 24th. They issued an “overweight” rating and a $40.00 target price on the stock. Barclays dropped their price objective on shares of Iridium Communications from $45.00 to $38.00 and set an “overweight” rating for the company in a report on Monday. Finally, StockNews.com raised shares of Iridium Communications from a “hold” rating to a “buy” rating in a research report on Thursday, February 27th.

Iridium Communications Price Performance

The company has a current ratio of 1.73, a quick ratio of 1.25 and a debt-to-equity ratio of 3.05. The stock has a market cap of $2.98 billion, a price-to-earnings ratio of 28.79, a P/E/G ratio of 1.28 and a beta of 0.70. The company’s fifty day moving average is $29.71 and its two-hundred day moving average is $29.34.

Iridium Communications (NASDAQ:IRDM) last issued its quarterly earnings results on Thursday, February 13th. The technology company reported $0.31 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.15 by $0.16. Iridium Communications had a net margin of 13.58% and a return on equity of 15.66%. The business had revenue of $212.99 million for the quarter, compared to analysts’ expectations of $203.78 million. As a group, research analysts predict that Iridium Communications Inc. will post 0.89 earnings per share for the current year.

Iridium Communications Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Monday, March 17th will be given a $0.14 dividend. This represents a $0.56 annualized dividend and a yield of 2.05%. The ex-dividend date of this dividend is Monday, March 17th. Iridium Communications’s dividend payout ratio (DPR) is presently 58.95%.

Insider Activity

In related news, Director Thomas Fitzpatrick sold 12,500 shares of the stock in a transaction dated Friday, January 10th. The shares were sold at an average price of $28.53, for a total value of $356,625.00. Following the sale, the director now directly owns 241,030 shares of the company’s stock, valued at approximately $6,876,585.90. This represents a 4.93 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 2.00% of the company’s stock.

Institutional Trading of Iridium Communications

Several large investors have recently modified their holdings of the business. Castle Rock Wealth Management LLC acquired a new position in shares of Iridium Communications during the 4th quarter worth approximately $1,918,000. Total Wealth Planning & Management Inc. acquired a new position in shares of Iridium Communications in the fourth quarter worth $273,000. PharVision Advisers LLC purchased a new stake in shares of Iridium Communications in the fourth quarter valued at $873,000. Two Sigma Advisers LP lifted its position in shares of Iridium Communications by 6.6% in the fourth quarter. Two Sigma Advisers LP now owns 8,100 shares of the technology company’s stock valued at $235,000 after acquiring an additional 500 shares in the last quarter. Finally, Tidal Investments LLC acquired a new stake in shares of Iridium Communications during the fourth quarter valued at $610,000. 84.36% of the stock is currently owned by institutional investors and hedge funds.

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.