Blue Trust Inc. Reduces Stock Position in Iridium Communications Inc. (NASDAQ:IRDM)

Blue Trust Inc. lessened its position in shares of Iridium Communications Inc. (NASDAQ:IRDM) by 14.9% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 8,194 shares of the technology company’s stock after selling 1,434 shares during the quarter. Blue Trust Inc.’s holdings in Iridium Communications were worth $250,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently modified their holdings of the business. Capital Performance Advisors LLP acquired a new stake in shares of Iridium Communications during the 3rd quarter worth about $57,000. Fifth Third Bancorp boosted its holdings in Iridium Communications by 19.8% in the fourth quarter. Fifth Third Bancorp now owns 2,162 shares of the technology company’s stock valued at $63,000 after acquiring an additional 357 shares during the last quarter. GAMMA Investing LLC grew its holdings in shares of Iridium Communications by 25.2% during the 3rd quarter. GAMMA Investing LLC now owns 2,399 shares of the technology company’s stock worth $73,000 after purchasing an additional 483 shares during the period. KBC Group NV grew its stake in 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 buying an additional 781 shares during the period. Finally, SG Americas Securities LLC acquired a new stake in Iridium Communications in the 4th quarter valued at $186,000. Hedge funds and other institutional investors own 84.36% of the company’s stock.

Insider Buying and Selling

In other news, Director Thomas Fitzpatrick sold 12,500 shares of the 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 directly owns 241,030 shares in the company, valued at approximately $6,876,585.90. This represents a 4.93 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 2.00% of the stock is currently owned by company insiders.

Iridium Communications Trading Down 1.3 %

Shares of NASDAQ IRDM opened at $28.38 on Tuesday. The company has a quick ratio of 2.01, a current ratio of 2.62 and a debt-to-equity ratio of 2.68. The stock’s 50 day moving average price is $29.35 and its two-hundred day moving average price is $28.76. Iridium Communications Inc. has a 52-week low of $24.14 and a 52-week high of $36.32. The stock has a market capitalization of $3.23 billion, a P/E ratio of 30.19 and a beta of 0.65.

Iridium Communications Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, December 31st. Investors of record on Monday, December 16th were given a dividend of $0.14 per share. This represents a $0.56 annualized dividend and a dividend yield of 1.97%. The ex-dividend date of this dividend was Monday, December 16th. Iridium Communications’s dividend payout ratio is currently 59.58%.

Wall Street Analysts Forecast Growth

IRDM has been the topic of a number of recent analyst reports. 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 objective on the stock. BWS Financial reaffirmed a “neutral” rating and issued a $30.00 target price on shares of Iridium Communications in a research report on Monday, October 21st. Two analysts have rated the stock with a hold rating, two have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $40.75.

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.