Brokers Set Expectations for Iridium Communications Inc.’s Q2 2024 Earnings (NASDAQ:IRDM)

Iridium Communications Inc. (NASDAQ:IRDM) – Stock analysts at BWS Financial cut their Q2 2024 EPS estimates for Iridium Communications in a report released on Monday, April 22nd. BWS Financial analyst H. Khorsand now anticipates that the technology company will earn $0.21 per share for the quarter, down from their previous estimate of $0.22. BWS Financial currently has a “Neutral” rating and a $30.00 target price on the stock. The consensus estimate for Iridium Communications’ current full-year earnings is $0.72 per share. BWS Financial also issued estimates for Iridium Communications’ Q3 2024 earnings at $0.23 EPS, Q4 2024 earnings at $0.20 EPS and FY2024 earnings at $0.80 EPS.

Iridium Communications (NASDAQ:IRDM) last posted its earnings results on Thursday, April 18th. The technology company reported $0.16 earnings per share for the quarter, topping analysts’ consensus estimates of $0.15 by $0.01. Iridium Communications had a net margin of 3.20% and a return on equity of 2.76%. The company had revenue of $203.80 million for the quarter, compared to analyst estimates of $193.84 million. During the same quarter in the prior year, the business posted $0.08 EPS. The firm’s revenue was down .7% compared to the same quarter last year.

IRDM has been the topic of a number of other research reports. Barclays lowered their target price on shares of Iridium Communications from $45.00 to $42.00 and set an “overweight” rating on the stock in a report on Friday, February 23rd. Raymond James lowered 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 report on Friday, February 16th. TheStreet raised shares of Iridium Communications from a “d+” rating to a “c-” rating in a research report on Thursday, February 15th. Finally, William Blair downgraded shares of Iridium Communications from an “outperform” rating to a “market perform” rating in a research report on Thursday, February 15th. Three equities 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 stock. Based on data from MarketBeat.com, Iridium Communications has a consensus rating of “Moderate Buy” and an average price target of $44.25.

Iridium Communications Trading Up 2.2 %

IRDM opened at $28.74 on Wednesday. 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 fifty-two week low of $24.14 and a fifty-two week high of $68.34. The firm has a market capitalization of $3.49 billion, a PE ratio of 136.86 and a beta of 0.85. The company’s 50-day moving average is $27.51 and its 200 day moving average is $34.68.

Iridium Communications Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 29th. Shareholders of record on Friday, March 15th were given a $0.13 dividend. This represents a $0.52 dividend on an annualized basis and a yield of 1.81%. The ex-dividend date of this dividend was Thursday, March 14th. Iridium Communications’s payout ratio is 247.62%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Bamco Inc. NY grew its position in shares of Iridium Communications by 0.4% during the 3rd quarter. Bamco Inc. NY now owns 14,583,317 shares of the technology company’s stock valued at $663,395,000 after acquiring an additional 58,818 shares during the period. Silver Heights Capital Management Inc grew its position in shares of Iridium Communications by 8.8% during the 4th quarter. Silver Heights Capital Management Inc now owns 2,656,227 shares of the technology company’s stock valued at $109,330,000 after acquiring an additional 214,508 shares during the period. Clearbridge Investments LLC grew its position in shares of Iridium Communications by 4.5% during the 4th quarter. Clearbridge Investments LLC now owns 2,266,706 shares of the technology company’s stock valued at $93,298,000 after acquiring an additional 97,167 shares during the period. ARK Investment Management LLC grew its position in shares of Iridium Communications by 12.9% during the 4th quarter. ARK Investment Management LLC now owns 2,173,964 shares of the technology company’s stock valued at $89,480,000 after acquiring an additional 249,185 shares during the period. Finally, Sumitomo Mitsui Trust Holdings Inc. grew its position in shares of Iridium Communications by 19.9% during the 1st quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 2,089,600 shares of the technology company’s stock valued at $54,664,000 after acquiring an additional 346,118 shares during the period. 84.36% of the stock is owned by institutional investors.

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.