Moore Capital Management LP purchased a new stake in Iridium Communications Inc (NASDAQ:IRDM – Free Report) in the second quarter, HoldingsChannel reports. The institutional investor purchased 30,000 shares of the technology company’s stock, valued at approximately $1,646,000.
Other hedge funds also recently made changes to their positions in the company. Quadrant Capital Group LLC lifted its holdings in shares of Iridium Communications by 107.5% in the 4th quarter. Quadrant Capital Group LLC now owns 1,430 shares of the technology company’s stock valued at $25,000 after purchasing an additional 741 shares during the last quarter. Larson Financial Group LLC lifted its stake in Iridium Communications by 392.8% in the third quarter. Larson Financial Group LLC now owns 1,508 shares of the technology company’s stock valued at $26,000 after buying an additional 1,202 shares during the last quarter. Kestra Advisory Services LLC acquired a new stake in shares of Iridium Communications in the fourth quarter valued at approximately $27,000. CIBC Private Wealth Group LLC acquired a new stake in shares of Iridium Communications in the third quarter valued at approximately $32,000. Finally, Caitong International Asset Management Co. Ltd grew its position in shares of Iridium Communications by 10,363.2% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 1,988 shares of the technology company’s stock worth $35,000 after acquiring an additional 1,969 shares during the last quarter. Hedge funds and other institutional investors own 84.36% of the company’s stock.
Iridium Communications Stock Performance
Shares of IRDM opened at $46.98 on Tuesday. Iridium Communications Inc has a 1 year low of $15.65 and a 1 year high of $57.18. The stock has a market capitalization of $4.98 billion, a P/E ratio of 53.39, a P/E/G ratio of 3.76 and a beta of 0.88. The company has a debt-to-equity ratio of 3.70, a quick ratio of 2.31 and a current ratio of 2.78. The company’s fifty day moving average is $48.49 and its two-hundred day moving average is $40.17.
Iridium Communications Dividend Announcement
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Tuesday, September 15th will be paid a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.3%. The ex-dividend date of this dividend is Tuesday, September 15th. Iridium Communications’s dividend payout ratio is 68.18%.
Insiders Place Their Bets
In other Iridium Communications news, EVP Timothy James Last sold 19,521 shares of the stock in a transaction on Monday, August 17th. The stock was sold at an average price of $50.34, for a total value of $982,687.14. Following the completion of the transaction, the executive vice president owned 93,413 shares in the company, valued at approximately $4,702,410.42. This represents a 17.29% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Kathleen A. Morgan sold 33,192 shares of the firm’s stock in a transaction on Monday, August 17th. The shares were sold at an average price of $50.35, for a total value of $1,671,217.20. Following the completion of the sale, the insider directly owned 124,871 shares of the company’s stock, valued at approximately $6,287,254.85. This trade represents a 21.00% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 375,919 shares of company stock worth $18,878,997. Corporate insiders own 2.70% of the company’s stock.
Wall Street Analyst Weigh In
A number of brokerages have recently commented on IRDM. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Iridium Communications in a report on Friday, July 10th. Morgan Stanley raised their price objective on shares of Iridium Communications from $26.00 to $54.00 and gave the stock an “equal weight” rating in a research report on Tuesday, June 30th. New Street Research upgraded shares of Iridium Communications from a “neutral” rating to a “buy” rating in a research note on Wednesday, July 22nd. Oppenheimer upped their target price on shares of Iridium Communications from $48.00 to $60.00 and gave the company an “outperform” rating in a report on Wednesday, June 3rd. Finally, William Blair cut Iridium Communications from an “outperform” rating to a “hold” rating in a research report on Monday, June 29th. Three equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $38.67.
Check Out Our Latest Stock Report on Iridium Communications
Iridium Communications Company Profile
Iridium Communications Inc operates a global satellite communications network that delivers voice and data services across land, sea and air. The company’s unique architecture relies on a constellation of 66 low-Earth orbit satellites, enabling real-time connectivity in regions beyond the reach of terrestrial wireless networks. Iridium’s core offerings include satellite voice and messaging services, broadband data terminals, push-to-talk (PTT) interoperability and machine-to-machine (M2M) solutions for the Internet of Things (IoT).
Iridium serves a diverse range of markets, including maritime shipping, aviation, government and defense, energy, and enterprise.
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