Iridium Communications Inc. (NASDAQ:IRDM) EVP Scott Scheimreif Sells 96,348 Shares

Iridium Communications Inc. (NASDAQ:IRDMGet Rating) EVP Scott Scheimreif sold 96,348 shares of the firm’s stock in a transaction that occurred on Monday, March 13th. The stock was sold at an average price of $59.79, for a total transaction of $5,760,646.92. Following the completion of the transaction, the executive vice president now directly owns 138,637 shares in the company, valued at $8,289,106.23. The transaction was disclosed in a document filed with the SEC, which is available through this link.

Iridium Communications Stock Up 4.5 %

IRDM stock opened at $61.99 on Wednesday. The firm has a market cap of $7.81 billion, a PE ratio of 849.69 and a beta of 1.11. The company has a debt-to-equity ratio of 1.30, a quick ratio of 1.88 and a current ratio of 2.16. Iridium Communications Inc. has a one year low of $32.88 and a one year high of $65.41. The firm’s 50 day moving average price is $59.75 and its 200-day moving average price is $52.56.

Iridium Communications (NASDAQ:IRDMGet Rating) last announced its earnings results on Thursday, February 16th. The technology company reported ($0.01) earnings per share (EPS) for the quarter. The firm had revenue of $193.80 million during the quarter, compared to analysts’ expectations of $172.52 million. Iridium Communications had a net margin of 1.21% and a return on equity of 0.75%. The firm’s revenue for the quarter was up 24.3% compared to the same quarter last year. During the same period in the previous year, the firm earned ($0.04) EPS. On average, equities research analysts anticipate that Iridium Communications Inc. will post 0.09 EPS for the current year.

Analyst Ratings Changes

Several research firms have recently commented on IRDM. BWS Financial lifted their price target on shares of Iridium Communications from $60.00 to $75.00 and gave the company a “buy” rating in a research report on Monday, January 9th. Raymond James lifted their price target on shares of Iridium Communications from $60.00 to $71.00 and gave the company a “strong-buy” rating in a research report on Friday, February 17th. Finally, StockNews.com lowered shares of Iridium Communications from a “buy” rating to a “hold” rating in a research report on Friday, February 17th. Two equities research analysts have rated the stock with a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $63.75.

Institutional Trading of Iridium Communications

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Natixis raised its position in Iridium Communications by 97.6% in the fourth quarter. Natixis now owns 19,078 shares of the technology company’s stock valued at $981,000 after purchasing an additional 9,424 shares during the period. Teachers Retirement System of The State of Kentucky raised its position in Iridium Communications by 23.8% in the fourth quarter. Teachers Retirement System of The State of Kentucky now owns 20,296 shares of the technology company’s stock valued at $1,043,000 after purchasing an additional 3,900 shares during the period. Macquarie Group Ltd. raised its position in Iridium Communications by 1,200.8% in the fourth quarter. Macquarie Group Ltd. now owns 526,699 shares of the technology company’s stock valued at $27,072,000 after purchasing an additional 486,209 shares during the period. B. Riley Wealth Advisors Inc. purchased a new stake in Iridium Communications in the fourth quarter valued at approximately $450,000. Finally, Alliancebernstein L.P. grew its stake in shares of Iridium Communications by 0.8% in the fourth quarter. Alliancebernstein L.P. now owns 289,835 shares of the technology company’s stock worth $14,898,000 after acquiring an additional 2,214 shares in the last quarter. Hedge funds and other institutional investors own 83.82% of the company’s stock.

Iridium Communications Company Profile

(Get Rating)

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.

Further Reading

Insider Buying and Selling by Quarter for Iridium Communications (NASDAQ:IRDM)

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