Inspire Investing LLC Raises Position in Iridium Communications Inc. (NASDAQ:IRDM)

Inspire Investing LLC increased its position in shares of Iridium Communications Inc. (NASDAQ:IRDM) by 185.7% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 43,265 shares of the technology company’s stock after purchasing an additional 28,119 shares during the period. Inspire Investing LLC’s holdings in Iridium Communications were worth $1,256,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in the company. State Street Corp raised its stake in shares of Iridium Communications by 0.9% during the 3rd quarter. State Street Corp now owns 4,269,883 shares of the technology company’s stock worth $130,018,000 after buying an additional 36,851 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. raised its position in Iridium Communications by 1.3% in the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 2,508,546 shares of the technology company’s stock worth $76,385,000 after acquiring an additional 33,074 shares in the last quarter. Victory Capital Management Inc. lifted its holdings in Iridium Communications by 0.7% in the third quarter. Victory Capital Management Inc. now owns 1,609,649 shares of the technology company’s stock valued at $49,014,000 after acquiring an additional 11,117 shares during the period. FMR LLC boosted its position in shares of Iridium Communications by 26.7% during the 3rd quarter. FMR LLC now owns 942,380 shares of the technology company’s stock worth $28,695,000 after purchasing an additional 198,360 shares in the last quarter. Finally, Barclays PLC grew its stake in shares of Iridium Communications by 19.2% during the 3rd quarter. Barclays PLC now owns 856,901 shares of the technology company’s stock worth $26,093,000 after purchasing an additional 137,924 shares during the period. Institutional investors and hedge funds own 84.36% of the company’s stock.

Insider Activity at Iridium Communications

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

Wall Street Analyst Weigh In

Separately, BWS Financial reiterated a “neutral” rating and issued a $30.00 price objective on shares of Iridium Communications in a research note on Monday, October 21st. Two research analysts have rated the stock with a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $41.00.

Iridium Communications Stock Up 1.0 %

IRDM opened at $29.41 on Friday. The company has a debt-to-equity ratio of 2.68, a quick ratio of 2.01 and a current ratio of 2.62. The company has a market cap of $3.35 billion, a price-to-earnings ratio of 31.29 and a beta of 0.65. Iridium Communications Inc. has a one year low of $24.14 and a one year high of $38.08. The business’s fifty day moving average is $29.26 and its two-hundred day moving average is $28.57.

Iridium Communications Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, December 31st. Investors of record on Monday, December 16th were given a $0.14 dividend. The ex-dividend date was Monday, December 16th. This represents a $0.56 annualized dividend and a dividend yield of 1.90%. Iridium Communications’s dividend payout ratio is presently 59.58%.

Iridium Communications 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.