Iridium Communications Inc (NASDAQ:IRDM – Get Free Report) traded up 5.1% on Wednesday after Oppenheimer raised their price target on the stock from $48.00 to $60.00. Oppenheimer currently has an outperform rating on the stock. Iridium Communications traded as high as $52.65 and last traded at $52.12. 303,588 shares were traded during mid-day trading, a decline of 87% from the average session volume of 2,314,139 shares. The stock had previously closed at $49.60.
Other equities analysts have also issued reports about the stock. New Street Research started coverage on shares of Iridium Communications in a report on Thursday, May 14th. They issued a “neutral” rating and a $40.00 price objective on the stock. Weiss Ratings upgraded shares of Iridium Communications from a “sell (d+)” rating to a “hold (c-)” rating in a report on Tuesday, March 10th. Morgan Stanley increased their target price on shares of Iridium Communications from $24.00 to $26.00 and gave the stock an “equal weight” rating in a report on Wednesday, February 18th. Barclays increased their target price on shares of Iridium Communications from $25.00 to $36.00 and gave the stock an “overweight” rating in a report on Thursday, April 9th. Finally, BWS Financial reiterated a “sell” rating and issued a $16.00 target price on shares of Iridium Communications in a report on Monday, April 27th. Two equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $34.00.
View Our Latest Research Report on IRDM
Insider Activity at Iridium Communications
Institutional Investors Weigh In On Iridium Communications
A number of hedge funds and other institutional investors have recently made changes to their positions in IRDM. Silver Heights Capital Management Inc grew its position in shares of Iridium Communications by 22.7% in the 3rd quarter. Silver Heights Capital Management Inc now owns 5,189,703 shares of the technology company’s stock valued at $90,612,000 after acquiring an additional 961,440 shares during the period. Citigroup Inc. grew its position in shares of Iridium Communications by 323.8% in the 3rd quarter. Citigroup Inc. now owns 310,797 shares of the technology company’s stock valued at $5,427,000 after acquiring an additional 237,456 shares during the period. Vanguard Group Inc. grew its position in shares of Iridium Communications by 7.1% in the 4th quarter. Vanguard Group Inc. now owns 10,157,227 shares of the technology company’s stock valued at $176,533,000 after acquiring an additional 677,258 shares during the period. Penserra Capital Management LLC grew its position in shares of Iridium Communications by 86.4% in the 3rd quarter. Penserra Capital Management LLC now owns 776,576 shares of the technology company’s stock valued at $13,558,000 after acquiring an additional 360,015 shares during the period. Finally, JPMorgan Chase & Co. grew its position in shares of Iridium Communications by 8.9% in the 3rd quarter. JPMorgan Chase & Co. now owns 612,610 shares of the technology company’s stock valued at $10,696,000 after acquiring an additional 50,239 shares during the period. 84.36% of the stock is currently owned by institutional investors and hedge funds.
Iridium Communications Trading Up 3.1%
The business’s 50-day moving average price is $38.70 and its 200 day moving average price is $26.51. The company has a market cap of $5.41 billion, a P/E ratio of 51.66, a P/E/G ratio of 3.26 and a beta of 0.89. The company has a debt-to-equity ratio of 3.74, a quick ratio of 2.21 and a current ratio of 2.85.
Iridium Communications (NASDAQ:IRDM – Get Free Report) last posted its earnings results on Thursday, April 23rd. The technology company reported $0.20 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.27 by ($0.07). The company had revenue of $219.06 million for the quarter, compared to analyst estimates of $218.39 million. Iridium Communications had a return on equity of 22.76% and a net margin of 12.05%.The business’s quarterly revenue was up 2.0% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.27 EPS. As a group, analysts expect that Iridium Communications Inc will post 1.04 earnings per share for the current year.
Iridium Communications Announces Dividend
The business also recently announced a quarterly dividend, which will be paid on Tuesday, June 30th. Stockholders of record on Monday, June 15th will be paid a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.2%. The ex-dividend date is Monday, June 15th. Iridium Communications’s dividend payout ratio (DPR) is currently 60.61%.
Iridium Communications Company Profile
Iridium Communications Inc operates a global satellite communications network that delivers voice and data services across land, sea and air. The company’s unique architecture relies on a constellation of 66 low-Earth orbit satellites, enabling real-time connectivity in regions beyond the reach of terrestrial wireless networks. Iridium’s core offerings include satellite voice and messaging services, broadband data terminals, push-to-talk (PTT) interoperability and machine-to-machine (M2M) solutions for the Internet of Things (IoT).
Iridium serves a diverse range of markets, including maritime shipping, aviation, government and defense, energy, and enterprise.
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