Iridium Communications (NASDAQ:IRDM) Coverage Initiated by Analysts at Cantor Fitzgerald

Cantor Fitzgerald started coverage on shares of Iridium Communications (NASDAQ:IRDM) in a research report released on Friday, Marketbeat.com reports. The firm issued an overweight rating and a $40.00 price objective on the technology company’s stock.

Separately, BWS Financial reissued a “neutral” rating and set a $30.00 target price on shares of Iridium Communications in a research report on Monday, October 21st. Two equities research analysts have rated the stock with a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Iridium Communications has an average rating of “Moderate Buy” and an average target price of $40.75.

Iridium Communications Stock Up 5.5 %

Shares of NASDAQ IRDM opened at $31.02 on Friday. The company has a current ratio of 2.62, a quick ratio of 2.01 and a debt-to-equity ratio of 2.68. Iridium Communications has a 12-month low of $24.14 and a 12-month high of $37.13. The firm’s 50-day moving average price is $29.31 and its 200-day moving average price is $28.60. The stock has a market capitalization of $3.53 billion, a price-to-earnings ratio of 33.00 and a beta of 0.65.

Iridium Communications Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, December 31st. Investors 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 1.81%. Iridium Communications’s payout ratio is 59.57%.

Insiders Place Their Bets

In other Iridium Communications news, insider Suzanne E. Mcbride sold 4,420 shares of Iridium Communications stock in a transaction dated Monday, November 4th. The shares were sold at an average price of $29.48, for a total transaction of $130,301.60. Following the transaction, the insider now directly owns 182,797 shares of the company’s stock, valued at $5,388,855.56. The trade was a 2.36 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Thomas Fitzpatrick sold 12,500 shares of the firm’s stock in a transaction that occurred on Friday, January 10th. The stock was 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 of the company’s stock, valued at $6,876,585.90. This represents a 4.93 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 16,977 shares of company stock worth $488,593. Company insiders own 2.00% of the company’s stock.

Institutional Trading of Iridium Communications

Large investors have recently modified their holdings of the stock. Nordea Investment Management AB grew its holdings in shares of Iridium Communications by 30.2% during the fourth quarter. Nordea Investment Management AB now owns 248,602 shares of the technology company’s stock worth $7,264,000 after purchasing an additional 57,690 shares during the last quarter. Impax Asset Management Group plc acquired a new position in Iridium Communications during the third quarter worth approximately $697,000. Thrivent Financial for Lutherans lifted its stake in Iridium Communications by 19.8% in the third quarter. Thrivent Financial for Lutherans now owns 130,370 shares of the technology company’s stock valued at $3,970,000 after buying an additional 21,522 shares during the last quarter. Intech Investment Management LLC acquired a new stake in shares of Iridium Communications in the second quarter valued at approximately $435,000. Finally, Blue Trust Inc. boosted its holdings in shares of Iridium Communications by 545.7% in the third quarter. Blue Trust Inc. now owns 9,628 shares of the technology company’s stock valued at $293,000 after acquiring an additional 8,137 shares during the period. Hedge funds and other institutional investors own 84.36% of the company’s stock.

Iridium Communications Company Profile

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.