Iridium Communications Inc. (NASDAQ:IRDM) Shares Sold by Blue Trust Inc.

Blue Trust Inc. lowered its position in shares of Iridium Communications Inc. (NASDAQ:IRDM) by 80.3% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 1,901 shares of the technology company’s stock after selling 7,727 shares during the period. Blue Trust Inc.’s holdings in Iridium Communications were worth $55,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. Fifth Third Bancorp grew its stake in Iridium Communications by 19.8% during the 4th quarter. Fifth Third Bancorp now owns 2,162 shares of the technology company’s stock worth $63,000 after buying an additional 357 shares during the last quarter. State of Alaska Department of Revenue grew its position in shares of Iridium Communications by 2.8% during the third quarter. State of Alaska Department of Revenue now owns 13,750 shares of the technology company’s stock worth $418,000 after acquiring an additional 375 shares during the last quarter. Ballentine Partners LLC grew its position in shares of Iridium Communications by 6.8% during the fourth quarter. Ballentine Partners LLC now owns 11,731 shares of the technology company’s stock worth $340,000 after acquiring an additional 750 shares during the last quarter. KBC Group NV increased its holdings in shares of Iridium Communications by 25.9% in the 3rd quarter. KBC Group NV now owns 3,796 shares of the technology company’s stock valued at $116,000 after acquiring an additional 781 shares during the period. Finally, GAMMA Investing LLC raised its position in Iridium Communications by 44.8% in the 4th quarter. GAMMA Investing LLC now owns 3,473 shares of the technology company’s stock valued at $101,000 after purchasing an additional 1,074 shares during the last quarter. 84.36% of the stock is owned by hedge funds and other institutional investors.

Iridium Communications Price Performance

Shares of NASDAQ IRDM opened at $31.40 on Wednesday. Iridium Communications Inc. has a 1-year low of $24.14 and a 1-year high of $35.85. The company has a market cap of $3.42 billion, a PE ratio of 33.05, a P/E/G ratio of 1.28 and a beta of 0.65. The company has a debt-to-equity ratio of 3.05, a current ratio of 1.73 and a quick ratio of 1.25. The stock has a fifty day moving average price of $29.38 and a 200 day moving average price of $29.07.

Iridium Communications (NASDAQ:IRDM) last posted 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 firm had revenue of $212.99 million during the quarter, compared to analysts’ expectations of $203.78 million. Sell-side analysts forecast that Iridium Communications Inc. will post 0.89 EPS for the current year.

Iridium Communications Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, December 31st. Investors of record on Monday, December 16th were paid a $0.14 dividend. The ex-dividend date of this dividend was Monday, December 16th. This represents a $0.56 dividend on an annualized basis and a dividend yield of 1.78%. Iridium Communications’s dividend payout ratio (DPR) is presently 58.95%.

Insider Buying and Selling

In other Iridium Communications news, Director Thomas Fitzpatrick sold 12,500 shares of the business’s stock in a transaction on Friday, January 10th. The shares were 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. The trade was a 4.93 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 2.00% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Separately, Cantor Fitzgerald began coverage on shares of Iridium Communications in a research report on Friday, January 24th. They set an “overweight” rating and a $40.00 price objective on the 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.