Creative Planning Sells 8,028 Shares of Iridium Communications Inc $IRDM

Creative Planning lowered its stake in Iridium Communications Inc (NASDAQ:IRDM) by 22.7% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 27,320 shares of the technology company’s stock after selling 8,028 shares during the period. Creative Planning’s holdings in Iridium Communications were worth $824,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of IRDM. SVB Wealth LLC bought a new stake in Iridium Communications during the 1st quarter worth $30,000. Summit Securities Group LLC acquired a new stake in shares of Iridium Communications during the first quarter valued at about $72,000. Carolina Wealth Advisors LLC bought a new stake in shares of Iridium Communications during the second quarter worth about $76,000. Financiere des Professionnels Fonds d investissement inc. acquired a new position in shares of Iridium Communications in the second quarter valued at approximately $156,000. Finally, Bayforest Capital Ltd raised its holdings in Iridium Communications by 527.7% in the 1st quarter. Bayforest Capital Ltd now owns 6,202 shares of the technology company’s stock valued at $169,000 after buying an additional 5,214 shares during the last quarter. 84.36% of the stock is currently owned by institutional investors.

Iridium Communications Stock Up 0.2%

Iridium Communications stock opened at $16.44 on Tuesday. The firm has a market capitalization of $1.72 billion, a price-to-earnings ratio of 14.55, a price-to-earnings-growth ratio of 1.09 and a beta of 0.72. The firm’s fifty day moving average price is $17.69 and its two-hundred day moving average price is $23.21. Iridium Communications Inc has a 1-year low of $15.65 and a 1-year high of $34.45. The company has a current ratio of 2.67, a quick ratio of 1.93 and a debt-to-equity ratio of 4.02.

Iridium Communications (NASDAQ:IRDM) last posted its earnings results on Thursday, October 23rd. The technology company reported $0.35 earnings per share for the quarter, topping analysts’ consensus estimates of $0.26 by $0.09. Iridium Communications had a net margin of 14.44% and a return on equity of 24.93%. The company had revenue of $226.94 million for the quarter, compared to analyst estimates of $222.13 million. During the same quarter in the prior year, the business posted $0.21 EPS. The firm’s revenue was up 6.6% compared to the same quarter last year. On average, equities research analysts predict that Iridium Communications Inc will post 0.89 earnings per share for the current fiscal year.

Insider Transactions at Iridium Communications

In related news, Director Robert H. Niehaus purchased 30,000 shares of the stock in a transaction that occurred on Tuesday, October 28th. The stock was acquired at an average cost of $17.49 per share, with a total value of $524,700.00. Following the transaction, the director owned 297,363 shares of the company’s stock, valued at $5,200,878.87. This represents a 11.22% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Thomas Fitzpatrick sold 20,839 shares of Iridium Communications stock in a transaction on Friday, October 31st. The stock was sold at an average price of $18.00, for a total transaction of $375,102.00. Following the transaction, the director directly owned 231,034 shares in the company, valued at $4,158,612. This represents a 8.27% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 30,967 shares of company stock valued at $557,406 over the last ninety days. 2.40% of the stock is currently owned by insiders.

Analyst Ratings Changes

A number of research firms have weighed in on IRDM. Weiss Ratings lowered shares of Iridium Communications from a “hold (c-)” rating to a “sell (d+)” rating in a report on Saturday, October 25th. BWS Financial reissued a “sell” rating and issued a $16.00 price objective on shares of Iridium Communications in a research note on Friday, October 24th. Barclays lowered their target price on Iridium Communications from $31.00 to $25.00 and set an “overweight” rating for the company in a research report on Wednesday, October 1st. Finally, Raymond James Financial lowered Iridium Communications from a “strong-buy” rating to an “outperform” rating and reduced their price target for the company from $39.00 to $26.00 in a research report on Thursday, September 11th. Six research analysts have rated the stock with a Buy rating and two have given a Sell rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $29.67.

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.