Analysts Set Iridium Communications Inc. (NASDAQ:IRDM) Price Target at $49.80

Iridium Communications Inc. (NASDAQ:IRDM) has been given an average rating of “Moderate Buy” by the six ratings firms that are covering the firm, Marketbeat Ratings reports. Two investment analysts have rated the stock with a hold rating, three have assigned a buy rating and one has issued a strong buy rating on the company. The average 12-month price objective among brokers that have updated their coverage on the stock in the last year is $49.80.

A number of research analysts have recently issued reports on IRDM shares. Barclays dropped their price objective on Iridium Communications from $45.00 to $42.00 and set an “overweight” rating on the stock in a research note on Friday, February 23rd. TheStreet upgraded Iridium Communications from a “d+” rating to a “c-” rating in a report on Thursday, February 15th. BWS Financial lowered shares of Iridium Communications from a “buy” rating to a “neutral” rating and set a $30.00 price objective for the company. in a research note on Friday, February 16th. Raymond James cut their target price on shares of Iridium Communications from $53.00 to $48.00 and set a “strong-buy” rating on the stock in a research note on Friday, February 16th. Finally, William Blair downgraded shares of Iridium Communications from an “outperform” rating to a “market perform” rating in a research note on Thursday, February 15th.

Institutional Trading of Iridium Communications

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Northwest Financial Advisors bought a new stake in Iridium Communications during the fourth quarter worth $26,000. West Tower Group LLC bought a new stake in shares of Iridium Communications in the 4th quarter worth $27,000. ICA Group Wealth Management LLC purchased a new stake in shares of Iridium Communications in the fourth quarter valued at about $36,000. Quarry LP bought a new position in shares of Iridium Communications during the second quarter valued at about $39,000. Finally, Allspring Global Investments Holdings LLC purchased a new position in Iridium Communications during the fourth quarter worth about $41,000. 84.36% of the stock is owned by institutional investors.

Iridium Communications Stock Performance

NASDAQ:IRDM opened at $27.40 on Wednesday. The company has a debt-to-equity ratio of 1.65, a quick ratio of 1.37 and a current ratio of 2.06. Iridium Communications has a fifty-two week low of $24.14 and a fifty-two week high of $68.34. The company has a 50 day simple moving average of $27.66 and a two-hundred day simple moving average of $34.93. The company has a market capitalization of $3.35 billion, a PE ratio of 210.77 and a beta of 0.85.

Iridium Communications (NASDAQ:IRDM) last posted its quarterly earnings data on Thursday, April 18th. The technology company reported $0.16 earnings per share for the quarter, topping the consensus estimate of $0.15 by $0.01. The company had revenue of $203.80 million during the quarter, compared to analysts’ expectations of $193.84 million. Iridium Communications had a net margin of 1.95% and a return on equity of 1.58%. Iridium Communications’s revenue for the quarter was down .7% compared to the same quarter last year. During the same period in the prior year, the company posted $0.08 earnings per share. Research analysts anticipate that Iridium Communications will post 0.72 earnings per share for the current year.

Iridium Communications Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, March 29th. Investors of record on Friday, March 15th were given a $0.13 dividend. The ex-dividend date of this dividend was Thursday, March 14th. This represents a $0.52 annualized dividend and a yield of 1.90%. Iridium Communications’s payout ratio is 400.00%.

Iridium Communications Company 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.