Truist Financial Corp Purchases 1,145 Shares of Iridium Communications Inc. (NASDAQ:IRDM)

Truist Financial Corp increased its stake in Iridium Communications Inc. (NASDAQ:IRDM – Get Rating) by 14.9% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 8,808 shares of the technology company’s stock after acquiring an additional 1,145 shares during the quarter. Truist Financial Corp’s holdings in Iridium Communications were worth $391,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in IRDM. SeaCrest Wealth Management LLC acquired a new position in shares of Iridium Communications in the second quarter worth approximately $38,000. Fifth Third Bancorp lifted its stake in shares of Iridium Communications by 107.8% in the second quarter. Fifth Third Bancorp now owns 1,172 shares of the technology company’s stock worth $44,000 after acquiring an additional 608 shares during the period. Wipfli Financial Advisors LLC acquired a new position in shares of Iridium Communications in the third quarter worth approximately $65,000. Counterpoint Mutual Funds LLC acquired a new position in shares of Iridium Communications in the second quarter worth approximately $128,000. Finally, Spire Wealth Management lifted its stake in shares of Iridium Communications by 237.1% in the second quarter. Spire Wealth Management now owns 4,760 shares of the technology company’s stock worth $179,000 after acquiring an additional 3,348 shares during the period. 83.82% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on the company. Raymond James boosted their price target on Iridium Communications from $51.00 to $60.00 and gave the company a “strong-buy” rating in a research note on Friday, October 21st. BWS Financial boosted their price target on Iridium Communications from $60.00 to $75.00 and gave the company a “buy” rating in a research note on Monday, January 9th. Barclays lowered Iridium Communications from an “overweight” rating to an “equal weight” rating and dropped their price target for the company from $48.00 to $45.00 in a research note on Wednesday, October 19th. Morgan Stanley boosted their price target on Iridium Communications from $50.00 to $64.00 and gave the company an “overweight” rating in a research note on Monday, October 17th. Finally, StockNews.com raised Iridium Communications from a “hold” rating to a “buy” rating in a research note on Monday, December 26th. One analyst has rated the stock with a hold rating, four have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, Iridium Communications presently has an average rating of “Buy” and a consensus target price of $57.60.

Iridium Communications Price Performance

Shares of NASDAQ:IRDM opened at $59.58 on Wednesday. The company has a quick ratio of 2.52, a current ratio of 2.82 and a debt-to-equity ratio of 1.37. Iridium Communications Inc. has a twelve month low of $31.73 and a twelve month high of $62.48. The stock’s 50 day moving average is $53.66 and its 200-day moving average is $48.48. The firm has a market capitalization of $7.49 billion, a price-to-earnings ratio of 1,489.87 and a beta of 1.11.

Iridium Communications Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, March 30th. Investors of record on Wednesday, March 15th will be issued a dividend of $0.13 per share. The ex-dividend date of this dividend is Tuesday, March 14th. This represents a $0.52 annualized dividend and a yield of 0.87%.

Insider Buying and Selling

In related news, CEO Matthew J. Desch sold 12,353 shares of the company’s stock in a transaction on Monday, November 7th. The stock was sold at an average price of $52.21, for a total transaction of $644,950.13. Following the completion of the sale, the chief executive officer now owns 699,962 shares in the company, valued at $36,545,016.02. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In related news, CAO Timothy Kapalka sold 2,382 shares of the company’s stock in a transaction on Monday, October 31st. The stock was sold at an average price of $51.25, for a total transaction of $122,077.50. Following the completion of the sale, the chief accounting officer now owns 19,896 shares in the company, valued at $1,019,670. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Matthew J. Desch sold 12,353 shares of the company’s stock in a transaction on Monday, November 7th. The stock was sold at an average price of $52.21, for a total value of $644,950.13. Following the sale, the chief executive officer now owns 699,962 shares of the company’s stock, valued at approximately $36,545,016.02. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 104,412 shares of company stock worth $5,627,529. 2.50% of the stock is owned by corporate insiders.

Iridium Communications Company Profile

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Iridium Communications, Inc engages in the provision of global satellite communications services and products. Its products include personal communicators, messengers, and trackers, satellite phones, push-to-talk-devices, broadband, midband, and external terminals, docking stations, apps, and accessories.