US Bancorp DE Has $334,000 Stock Holdings in Iridium Communications Inc. (NASDAQ:IRDM)

US Bancorp DE boosted its stake in shares of Iridium Communications Inc. (NASDAQ:IRDM – Get Rating) by 4.3% during the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 7,522 shares of the technology company’s stock after buying an additional 311 shares during the period. US Bancorp DE’s holdings in Iridium Communications were worth $334,000 as of its most recent SEC filing.

Other hedge funds have also recently bought and sold shares of the company. SeaCrest Wealth Management LLC acquired a new stake in Iridium Communications during the 2nd quarter worth approximately $38,000. Fifth Third Bancorp raised its holdings in Iridium Communications by 107.8% during the 2nd quarter. Fifth Third Bancorp now owns 1,172 shares of the technology company’s stock worth $44,000 after buying an additional 608 shares during the period. Wipfli Financial Advisors LLC acquired a new stake in Iridium Communications during the 3rd quarter worth approximately $65,000. CWM LLC raised its holdings in shares of Iridium Communications by 101.2% in the third quarter. CWM LLC now owns 1,463 shares of the technology company’s stock valued at $65,000 after purchasing an additional 736 shares during the last quarter. Finally, Counterpoint Mutual Funds LLC acquired a new stake in shares of Iridium Communications in the second quarter valued at approximately $128,000. 83.82% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on IRDM. BWS Financial lifted their price objective on shares of Iridium Communications from $60.00 to $75.00 and gave the company a “buy” rating in a report on Monday, January 9th. StockNews.com upgraded shares of Iridium Communications from a “hold” rating to a “buy” rating in a report on Monday, December 26th. Morgan Stanley lifted their price objective on shares of Iridium Communications from $50.00 to $64.00 and gave the company an “overweight” rating in a report on Monday, October 17th. Barclays downgraded shares of Iridium Communications from an “overweight” rating to an “equal weight” rating and lowered their price objective for the company from $48.00 to $45.00 in a report on Wednesday, October 19th. Finally, Raymond James raised their target price on shares of Iridium Communications from $51.00 to $60.00 and gave the company a “strong-buy” rating in a research note on Friday, October 21st. One equities research analyst has rated the stock with a hold rating, four have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Buy” and an average target price of $57.60.

Insiders Place Their Bets

In other Iridium Communications news, Director Parker William Rush sold 27,363 shares of Iridium Communications stock in a transaction on Tuesday, November 1st. The shares were sold at an average price of $52.00, for a total transaction of $1,422,876.00. Following the completion of the transaction, the director now directly owns 190,044 shares of the company’s stock, valued at $9,882,288. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In other Iridium Communications news, Director Parker William Rush sold 27,363 shares of Iridium Communications stock in a transaction on Tuesday, November 1st. The shares were sold at an average price of $52.00, for a total transaction of $1,422,876.00. Following the completion of the transaction, the director now directly owns 190,044 shares of the company’s stock, valued at $9,882,288. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Matthew J. Desch sold 2,800 shares of Iridium Communications stock in a transaction on Monday, January 9th. The stock was sold at an average price of $59.99, for a total transaction of $167,972.00. Following the transaction, the chief executive officer now directly owns 592,291 shares of the company’s stock, valued at $35,531,537.09. The disclosure for this sale can be found here. Insiders sold a total of 104,412 shares of company stock valued at $5,627,529 over the last ninety days. 2.50% of the stock is currently owned by company insiders.

Iridium Communications Price Performance

NASDAQ:IRDM opened at $59.58 on Wednesday. Iridium Communications Inc. has a 1-year low of $31.73 and a 1-year high of $62.48. The company has a current ratio of 2.82, a quick ratio of 2.52 and a debt-to-equity ratio of 1.37. The firm has a fifty day simple moving average of $53.66 and a 200 day simple moving average of $48.48. The stock has a market capitalization of $7.49 billion, a PE ratio of 1,489.87 and a beta of 1.11.

Iridium Communications Dividend Announcement

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

Iridium Communications 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.