Wealth Effects LLC Has $493,000 Holdings in Iridium Communications Inc. (NASDAQ:IRDM)

Wealth Effects LLC trimmed its position in shares of Iridium Communications Inc. (NASDAQ:IRDM) by 2.8% during the fourth quarter, Holdings Channel.com reports. The firm owned 17,002 shares of the technology company’s stock after selling 498 shares during the period. Wealth Effects LLC’s holdings in Iridium Communications were worth $493,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of IRDM. Capital Performance Advisors LLP acquired a new position in Iridium Communications during the third quarter worth $57,000. Fifth Third Bancorp lifted its position in Iridium Communications by 19.8% in the 4th quarter. Fifth Third Bancorp now owns 2,162 shares of the technology company’s stock valued at $63,000 after acquiring an additional 357 shares in the last quarter. GAMMA Investing LLC boosted its stake in Iridium Communications by 25.2% during the 3rd quarter. GAMMA Investing LLC now owns 2,399 shares of the technology company’s stock valued at $73,000 after purchasing an additional 483 shares during the last quarter. KBC Group NV increased its holdings in Iridium Communications by 25.9% during the 3rd quarter. KBC Group NV now owns 3,796 shares of the technology company’s stock worth $116,000 after purchasing an additional 781 shares in the last quarter. Finally, SG Americas Securities LLC bought a new position in shares of Iridium Communications in the fourth quarter valued at approximately $186,000. 84.36% of the stock is currently owned by institutional investors.

Insider Transactions at Iridium Communications

In other news, insider Suzanne E. Mcbride sold 4,420 shares of the company’s stock in a transaction on Monday, November 4th. The stock was sold at an average price of $29.48, for a total transaction of $130,301.60. Following the transaction, the insider now owns 182,797 shares of the company’s stock, valued at $5,388,855.56. This represents a 2.36 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Thomas Fitzpatrick sold 12,500 shares of Iridium Communications stock in a transaction dated Friday, January 10th. The stock was sold at an average price of $28.53, for a total value of $356,625.00. Following the completion of the sale, the director now directly owns 241,030 shares of the company’s stock, valued at approximately $6,876,585.90. This trade represents a 4.93 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 16,977 shares of company stock worth $488,593 in the last quarter. Insiders own 2.00% of the company’s stock.

Iridium Communications Stock Down 3.9 %

Shares of NASDAQ:IRDM opened at $29.82 on Tuesday. The business has a fifty day moving average price of $29.33 and a two-hundred day moving average price of $28.67. The company has a debt-to-equity ratio of 2.68, a current ratio of 2.62 and a quick ratio of 2.01. The company has a market capitalization of $3.40 billion, a PE ratio of 31.72 and a beta of 0.65. Iridium Communications Inc. has a 1 year low of $24.14 and a 1 year high of $37.13.

Iridium Communications Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, December 31st. Shareholders of record on Monday, December 16th were paid a $0.14 dividend. This represents a $0.56 dividend on an annualized basis and a yield of 1.88%. The ex-dividend date was Monday, December 16th. Iridium Communications’s payout ratio is 59.58%.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on the company. Cantor Fitzgerald assumed coverage on Iridium Communications in a report on Friday. They set an “overweight” rating and a $40.00 price target for the company. BWS Financial reiterated a “neutral” rating and issued a $30.00 target price on shares of Iridium Communications in a research note on Monday, October 21st. Two equities research analysts have rated the stock with a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $40.75.

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.