Iridium Communications Inc. Expected to Post Q2 2024 Earnings of $0.16 Per Share (NASDAQ:IRDM)

Iridium Communications Inc. (NASDAQ:IRDM) – William Blair upped their Q2 2024 earnings per share estimates for shares of Iridium Communications in a research report issued to clients and investors on Thursday, April 18th. William Blair analyst L. Dipalma now forecasts that the technology company will post earnings per share of $0.16 for the quarter, up from their previous estimate of $0.13. William Blair currently has a “Market Perform” rating on the stock. The consensus estimate for Iridium Communications’ current full-year earnings is $0.72 per share. William Blair also issued estimates for Iridium Communications’ Q3 2024 earnings at $0.20 EPS and Q4 2024 earnings at $0.20 EPS.

Iridium Communications (NASDAQ:IRDM) last issued 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 business had revenue of $203.80 million during the quarter, compared to the consensus estimate of $193.84 million. Iridium Communications had a net margin of 3.20% and a return on equity of 2.76%. The company’s revenue was down .7% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.08 EPS.

Other analysts have also recently issued research reports about the company. Raymond James cut their target price on Iridium Communications from $53.00 to $48.00 and set a “strong-buy” rating on the stock in a research report on Friday, February 16th. TheStreet raised Iridium Communications from a “d+” rating to a “c-” rating in a report on Thursday, February 15th. BWS Financial reaffirmed a “neutral” rating and issued a $30.00 target price on shares of Iridium Communications in a report on Monday. Finally, Barclays reduced their price target on shares of Iridium Communications from $45.00 to $42.00 and set an “overweight” rating for the company in a research report on Friday, February 23rd. Three research analysts have rated the stock with a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $44.25.

Iridium Communications Price Performance

Shares of IRDM opened at $28.11 on Monday. The company has a debt-to-equity ratio of 1.86, a current ratio of 3.33 and a quick ratio of 2.52. Iridium Communications has a 1-year low of $24.14 and a 1-year high of $68.34. The stock has a market cap of $3.41 billion, a PE ratio of 133.86 and a beta of 0.85. The firm has a fifty day moving average price of $27.51 and a 200 day moving average price of $34.68.

Hedge Funds Weigh In On Iridium Communications

A number of hedge funds and other institutional investors have recently bought and sold shares of IRDM. Arizona State Retirement System grew its holdings in Iridium Communications by 0.9% during the third quarter. Arizona State Retirement System now owns 32,269 shares of the technology company’s stock worth $1,468,000 after acquiring an additional 272 shares during the period. Treasurer of the State of North Carolina boosted its stake in shares of Iridium Communications by 0.5% during the 3rd quarter. Treasurer of the State of North Carolina now owns 54,770 shares of the technology company’s stock worth $2,491,000 after acquiring an additional 280 shares in the last quarter. Covestor Ltd grew its holdings in shares of Iridium Communications by 83.2% in the 3rd quarter. Covestor Ltd now owns 1,006 shares of the technology company’s stock worth $46,000 after acquiring an additional 457 shares during the period. Vanguard Personalized Indexing Management LLC increased its position in shares of Iridium Communications by 7.7% in the third quarter. Vanguard Personalized Indexing Management LLC now owns 6,456 shares of the technology company’s stock valued at $294,000 after buying an additional 459 shares in the last quarter. Finally, ORG Partners LLC increased its stake in shares of Iridium Communications by 20.6% during the 4th quarter. ORG Partners LLC now owns 3,216 shares of the technology company’s stock worth $132,000 after purchasing an additional 550 shares in the last quarter. 84.36% of the stock is currently owned by hedge funds and other institutional investors.

Iridium Communications Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Friday, March 15th were paid a dividend of $0.13 per share. This represents a $0.52 annualized dividend and a dividend yield of 1.85%. The ex-dividend date was Thursday, March 14th. Iridium Communications’s dividend payout ratio (DPR) is presently 247.62%.

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.