Iridium Communications (NASDAQ:IRDM) Rating Increased to Buy at StockNews.com

StockNews.com upgraded shares of Iridium Communications (NASDAQ:IRDM) from a hold rating to a buy rating in a research note issued to investors on Sunday.

Other equities analysts have also issued research reports about the company. Cantor Fitzgerald assumed coverage on Iridium Communications in a report on Friday, January 24th. They issued an “overweight” rating and a $40.00 target price on the stock. Barclays dropped their price objective on Iridium Communications from $45.00 to $38.00 and set an “overweight” rating on the stock in a report on Monday, March 10th.

Iridium Communications Price Performance

IRDM stock opened at $24.59 on Friday. The business’s 50-day moving average is $29.22 and its two-hundred day moving average is $29.43. The company has a debt-to-equity ratio of 3.05, a current ratio of 1.73 and a quick ratio of 1.25. The firm has a market capitalization of $2.67 billion, a P/E ratio of 25.88, a P/E/G ratio of 1.28 and a beta of 0.66. Iridium Communications has a 1 year low of $24.12 and a 1 year high of $35.85.

Iridium Communications (NASDAQ:IRDM) last issued its earnings results on Thursday, February 13th. The technology company reported $0.31 earnings per share for the quarter, beating the consensus estimate of $0.15 by $0.16. Iridium Communications had a net margin of 13.58% and a return on equity of 15.66%. The firm had revenue of $212.99 million for the quarter, compared to analysts’ expectations of $203.78 million. Analysts anticipate that Iridium Communications will post 0.89 earnings per share for the current fiscal year.

Iridium Communications Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Monday, March 17th were paid a $0.14 dividend. The ex-dividend date was Monday, March 17th. This represents a $0.56 annualized dividend and a yield of 2.28%. Iridium Communications’s dividend payout ratio is presently 58.95%.

Insider Transactions at Iridium Communications

In related news, Director Thomas Fitzpatrick sold 12,500 shares of the company’s stock in a transaction on Friday, January 10th. The shares were sold at an average price of $28.53, for a total value of $356,625.00. Following the completion of the sale, the director now owns 241,030 shares in the company, valued at $6,876,585.90. This represents a 4.93 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 2.00% of the company’s stock.

Institutional Investors Weigh In On Iridium Communications

Institutional investors and hedge funds have recently made changes to their positions in the business. Plato Investment Management Ltd acquired a new position in Iridium Communications in the 4th quarter valued at about $32,000. SBI Securities Co. Ltd. acquired a new position in shares of Iridium Communications in the fourth quarter valued at approximately $37,000. Pinnacle Holdings LLC raised its stake in shares of Iridium Communications by 45.4% during the fourth quarter. Pinnacle Holdings LLC now owns 1,528 shares of the technology company’s stock worth $44,000 after purchasing an additional 477 shares during the last quarter. Fifth Third Bancorp lifted its holdings in shares of Iridium Communications by 19.8% during the fourth quarter. Fifth Third Bancorp now owns 2,162 shares of the technology company’s stock worth $63,000 after purchasing an additional 357 shares during the period. Finally, Covestor Ltd grew its position in Iridium Communications by 529.6% in the 4th quarter. Covestor Ltd now owns 2,512 shares of the technology company’s stock valued at $73,000 after buying an additional 2,113 shares during the last quarter. 84.36% of the stock is owned by hedge funds and other 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.