Spire Wealth Management Has $241,000 Holdings in Iridium Communications Inc. (NASDAQ:IRDM)

Spire Wealth Management lessened its holdings in Iridium Communications Inc. (NASDAQ:IRDMFree Report) by 17.3% in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 5,305 shares of the technology company’s stock after selling 1,113 shares during the quarter. Spire Wealth Management’s holdings in Iridium Communications were worth $241,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of the business. Covestor Ltd raised its stake in Iridium Communications by 247.5% in the second quarter. Covestor Ltd now owns 549 shares of the technology company’s stock valued at $34,000 after purchasing an additional 391 shares in the last quarter. ICA Group Wealth Management LLC acquired a new position in Iridium Communications in the fourth quarter valued at about $36,000. Quarry LP acquired a new position in Iridium Communications in the second quarter valued at about $39,000. West Tower Group LLC acquired a new position in Iridium Communications in the second quarter valued at about $41,000. Finally, Belpointe Asset Management LLC raised its stake in Iridium Communications by 78.7% in the first quarter. Belpointe Asset Management LLC now owns 990 shares of the technology company’s stock valued at $61,000 after purchasing an additional 436 shares in the last quarter. Institutional investors own 81.30% of the company’s stock.

Insider Activity

In other news, CEO Matthew J. Desch acquired 28,000 shares of the stock in a transaction dated Monday, November 20th. The stock was bought at an average price of $37.01 per share, with a total value of $1,036,280.00. Following the completion of the purchase, the chief executive officer now directly owns 706,912 shares of the company’s stock, valued at approximately $26,162,813.12. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 2.10% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several research analysts have commented on IRDM shares. Raymond James lowered their target price on Iridium Communications from $58.00 to $53.00 and set a “strong-buy” rating for the company in a research note on Friday, November 10th. TheStreet downgraded Iridium Communications from a “c-” rating to a “d+” rating in a research note on Tuesday, November 14th. Finally, William Blair reissued an “outperform” rating on shares of Iridium Communications in a research note on Friday, November 10th. One investment analyst has rated the stock with a hold rating, four have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Iridium Communications presently has an average rating of “Buy” and an average target price of $61.75.

Get Our Latest Report on IRDM

Iridium Communications Stock Performance

Iridium Communications stock opened at $34.83 on Friday. The business has a 50 day moving average of $38.50 and a 200-day moving average of $42.32. Iridium Communications Inc. has a 1 year low of $33.56 and a 1 year high of $68.34. The company has a debt-to-equity ratio of 1.59, a current ratio of 2.13 and a quick ratio of 1.53. The company has a market capitalization of $4.31 billion, a P/E ratio of -193.49 and a beta of 0.94.

Iridium Communications Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, December 29th. Stockholders of record on Friday, December 15th were paid a $0.13 dividend. This represents a $0.52 annualized dividend and a dividend yield of 1.49%. The ex-dividend date of this dividend was Thursday, December 14th. Iridium Communications’s dividend payout ratio is currently -288.87%.

Iridium Communications Company Profile

(Free Report)

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.

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Institutional Ownership by Quarter for Iridium Communications (NASDAQ:IRDM)

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