Raymond James Trust N.A. Lowers Stock Holdings in Iridium Communications Inc. (NASDAQ:IRDM)

Posted by Defense World Staff on Apr 25th, 2023

Raymond James Trust N.A. lowered its stake in Iridium Communications Inc. (NASDAQ:IRDM – Get Rating) by 19.0% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 7,033 shares of the technology company’s stock after selling 1,653 shares during the period. Raymond James Trust N.A.’s holdings in Iridium Communications were worth $361,000 as of its most recent SEC filing.

Other large investors have also recently modified their holdings of the company. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. increased its holdings in Iridium Communications by 0.6% during the 3rd quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 40,129 shares of the technology company’s stock valued at $1,781,000 after purchasing an additional 221 shares during the period. Envestnet Asset Management Inc. lifted its position in Iridium Communications by 1.7% in the 3rd quarter. Envestnet Asset Management Inc. now owns 13,582 shares of the technology company’s stock valued at $603,000 after acquiring an additional 223 shares in the last quarter. US Bancorp DE lifted its position in Iridium Communications by 4.3% in the 3rd quarter. US Bancorp DE now owns 7,522 shares of the technology company’s stock valued at $334,000 after acquiring an additional 311 shares in the last quarter. Creative Planning raised its stake in Iridium Communications by 3.9% during the 2nd quarter. Creative Planning now owns 8,468 shares of the technology company’s stock valued at $318,000 after buying an additional 320 shares during the last quarter. Finally, Ronald Blue Trust Inc. raised its stake in Iridium Communications by 72.3% during the 4th quarter. Ronald Blue Trust Inc. now owns 889 shares of the technology company’s stock valued at $40,000 after buying an additional 373 shares during the last quarter. Hedge funds and other institutional investors own 83.82% of the company’s stock.

Insiders Place Their Bets

In other Iridium Communications news, CEO Matthew J. Desch sold 100,058 shares of the company’s stock in a transaction dated Wednesday, February 22nd. The shares were sold at an average price of $62.82, for a total value of $6,285,643.56. Following the completion of the transaction, the chief executive officer now owns 612,067 shares in the company, valued at $38,450,048.94. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other Iridium Communications news, EVP Scott Scheimreif sold 96,348 shares of the company’s stock in a transaction dated Monday, March 13th. The shares were sold at an average price of $59.79, for a total value of $5,760,646.92. Following the completion of the transaction, the executive vice president now owns 138,637 shares in the company, valued at $8,289,106.23. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Matthew J. Desch sold 100,058 shares of the company’s stock in a transaction dated Wednesday, February 22nd. The stock was sold at an average price of $62.82, for a total transaction of $6,285,643.56. Following the completion of the transaction, the chief executive officer now owns 612,067 shares of the company’s stock, valued at approximately $38,450,048.94. The disclosure for this sale can be found here. Over the last quarter, insiders sold 231,825 shares of company stock worth $14,235,168. Company insiders own 2.10% of the company’s stock.

Iridium Communications Price Performance

NASDAQ:IRDM opened at $66.29 on Tuesday. Iridium Communications Inc. has a one year low of $32.88 and a one year high of $68.34. The company has a debt-to-equity ratio of 1.30, a quick ratio of 1.88 and a current ratio of 2.16. The firm has a market cap of $8.39 billion, a price-to-earnings ratio of 509.92 and a beta of 1.10. The firm’s fifty day moving average is $61.07 and its two-hundred day moving average is $55.95.

Iridium Communications (NASDAQ:IRDM – Get Rating) last posted its quarterly earnings results on Thursday, April 20th. The technology company reported $0.08 EPS for the quarter, beating the consensus estimate of ($0.02) by $0.10. Iridium Communications had a net margin of 2.07% and a return on equity of 1.36%. The company had revenue of $205.27 million for the quarter, compared to analyst estimates of $187.98 million. During the same period in the prior year, the company earned $0.02 earnings per share. The firm’s revenue was up 22.0% on a year-over-year basis. Research analysts expect that Iridium Communications Inc. will post 0.09 EPS for the current year.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on the stock. Raymond James boosted their target price on shares of Iridium Communications from $71.00 to $76.00 and gave the company a “strong-buy” rating in a research note on Friday. StockNews.com raised shares of Iridium Communications from a “hold” rating to a “buy” rating in a report on Friday. Morgan Stanley increased their price objective on shares of Iridium Communications from $66.00 to $72.00 and gave the company an “overweight” rating in a report on Friday. Finally, BWS Financial increased their price objective on shares of Iridium Communications from $60.00 to $75.00 and gave the stock a “buy” rating in a research report on Monday, January 9th. One analyst has rated the stock with a hold rating, three have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, Iridium Communications presently has an average rating of “Buy” and a consensus target price of $67.00.

About Iridium Communications

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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.