Iridium Communications Inc. (NASDAQ:IRDM) Receives $44.75 Consensus PT from Analysts

Shares of Iridium Communications Inc. (NASDAQ:IRDM) have earned an average recommendation of “Moderate Buy” from the five brokerages that are currently covering the stock, Marketbeat.com reports. Two investment analysts have rated the stock with a hold recommendation, two have assigned a buy recommendation and one has assigned a strong buy recommendation to the company. The average twelve-month price objective among brokerages that have issued a report on the stock in the last year is $44.75.

IRDM has been the subject of several recent analyst reports. BWS Financial reissued a “neutral” rating and issued a $30.00 price target on shares of Iridium Communications in a report on Monday, April 22nd. Barclays boosted their target price on shares of Iridium Communications from $42.00 to $44.00 and gave the stock an “overweight” rating in a research report on Friday, April 26th.

Institutional Trading of Iridium Communications

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. GAMMA Investing LLC raised its position in Iridium Communications by 157.5% during the second quarter. GAMMA Investing LLC now owns 1,916 shares of the technology company’s stock valued at $51,000 after acquiring an additional 1,172 shares in the last quarter. Cetera Investment Advisers acquired a new position in shares of Iridium Communications in the 1st quarter valued at $1,939,000. Tidal Investments LLC acquired a new position in shares of Iridium Communications in the 1st quarter valued at $1,626,000. Jacobs Levy Equity Management Inc. boosted its holdings in Iridium Communications by 13.5% during the first quarter. Jacobs Levy Equity Management Inc. now owns 1,213,709 shares of the technology company’s stock worth $31,751,000 after buying an additional 144,710 shares in the last quarter. Finally, Bayesian Capital Management LP acquired a new stake in Iridium Communications during the first quarter valued at $544,000. Institutional investors and hedge funds own 84.36% of the company’s stock.

Iridium Communications Trading Up 0.6 %

NASDAQ IRDM opened at $26.82 on Monday. Iridium Communications has a 52 week low of $24.14 and a 52 week high of $61.84. The company has a 50 day moving average price of $28.83 and a 200 day moving average price of $31.02. The company has a quick ratio of 2.52, a current ratio of 3.33 and a debt-to-equity ratio of 1.86. The firm has a market cap of $3.26 billion, a PE ratio of 127.71 and a beta of 0.65.

Iridium Communications (NASDAQ:IRDM) last issued its quarterly earnings results on Thursday, April 18th. The technology company reported $0.16 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.15 by $0.01. Iridium Communications had a return on equity of 2.76% and a net margin of 3.20%. The business had revenue of $203.80 million for the quarter, compared to the consensus estimate of $193.84 million. During the same period in the prior year, the firm posted $0.08 earnings per share. The business’s quarterly revenue was down .7% on a year-over-year basis. As a group, sell-side analysts forecast that Iridium Communications will post 0.74 EPS for the current fiscal year.

Iridium Communications Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, June 28th. Shareholders of record on Friday, June 14th were paid a dividend of $0.14 per share. This represents a $0.56 annualized dividend and a yield of 2.09%. This is a boost from Iridium Communications’s previous quarterly dividend of $0.13. The ex-dividend date was Friday, June 14th. Iridium Communications’s payout ratio is presently 266.67%.

About Iridium Communications

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.