Iridium Communications Inc (NASDAQ:IRDM) Receives $38.67 Average PT from Analysts

Iridium Communications Inc (NASDAQ:IRDM – Get Free Report) has earned a consensus recommendation of “Hold” from the eight analysts that are covering the stock, Marketbeat reports. One equities research analyst has rated the stock with a sell recommendation, four have given a hold recommendation and three have assigned a buy recommendation to the company. The average 1-year target price among brokers that have covered the stock in the last year is $38.6667.

Several equities research analysts have recently commented on IRDM shares. Weiss Ratings restated a “hold (c)” rating on shares of Iridium Communications in a research note on Friday, July 10th. BWS Financial reissued a “sell” rating and set a $16.00 price target on shares of Iridium Communications in a report on Monday, April 27th. Raymond James Financial restated a “market perform” rating on shares of Iridium Communications in a research report on Friday, April 24th. New Street Research upgraded Iridium Communications from a “neutral” rating to a “buy” rating in a research report on Wednesday, July 22nd. Finally, Barclays raised their price objective on Iridium Communications from $25.00 to $36.00 and gave the stock an “overweight” rating in a research note on Thursday, April 9th.

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Hedge Funds Weigh In On Iridium Communications

Several large investors have recently added to or reduced their stakes in the company. Root Financial Partners LLC increased its stake in shares of Iridium Communications by 1,750.0% in the first quarter. Root Financial Partners LLC now owns 1,332 shares of the technology company’s stock worth $37,000 after purchasing an additional 1,260 shares in the last quarter. Quadrant Capital Group LLC lifted its stake in shares of Iridium Communications by 107.5% during the 4th quarter. Quadrant Capital Group LLC now owns 1,430 shares of the technology company’s stock valued at $25,000 after buying an additional 741 shares in the last quarter. Larson Financial Group LLC lifted its stake in shares of Iridium Communications by 392.8% during the 3rd quarter. Larson Financial Group LLC now owns 1,508 shares of the technology company’s stock valued at $26,000 after buying an additional 1,202 shares in the last quarter. Kestra Advisory Services LLC purchased a new position in shares of Iridium Communications during the 4th quarter valued at $27,000. Finally, CIBC Private Wealth Group LLC bought a new position in Iridium Communications in the 3rd quarter worth $32,000. Hedge funds and other institutional investors own 84.36% of the company’s stock.

Iridium Communications Price Performance

Shares of NASDAQ:IRDM opened at $47.34 on Wednesday. The company has a quick ratio of 2.31, a current ratio of 2.78 and a debt-to-equity ratio of 3.70. The stock has a market capitalization of $5.02 billion, a PE ratio of 53.80, a price-to-earnings-growth ratio of 3.83 and a beta of 0.88. The firm’s 50 day moving average price is $48.09 and its 200-day moving average price is $35.95. Iridium Communications has a twelve month low of $15.65 and a twelve month high of $57.18.

Iridium Communications (NASDAQ:IRDM – Get Free Report) last announced its earnings results on Wednesday, July 22nd. The technology company reported $0.09 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.28 by ($0.19). Iridium Communications had a net margin of 10.55% and a return on equity of 22.57%. The business had revenue of $225.24 million for the quarter, compared to the consensus estimate of $220.32 million. During the same quarter last year, the firm posted $0.20 earnings per share. The business’s quarterly revenue was up 3.8% compared to the same quarter last year. Equities research analysts expect that Iridium Communications will post 0.95 EPS for the current year.

Iridium Communications Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, June 30th. Investors of record on Monday, June 15th were issued a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 1.3%. The ex-dividend date of this dividend was Monday, June 15th. Iridium Communications’s dividend payout ratio is currently 68.18%.

About Iridium Communications

(Get Free Report)

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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