Iridium Communications Inc (NASDAQ:IRDM) Receives $34.33 Consensus PT from Analysts

Shares of Iridium Communications Inc (NASDAQ:IRDM) have received an average recommendation of “Buy” from the seven brokerages that are currently covering the firm, MarketBeat reports. One research analyst has rated the stock with a hold recommendation, five have given a buy recommendation and one has assigned a strong buy recommendation to the company. The average twelve-month price target among brokerages that have covered the stock in the last year is $34.3333.

A number of research firms recently commented on IRDM. Morgan Stanley decreased their price objective on Iridium Communications from $40.00 to $37.00 and set an “overweight” rating on the stock in a research note on Friday, August 1st. Wall Street Zen lowered Iridium Communications from a “buy” rating to a “hold” rating in a research note on Thursday, May 1st. Barclays decreased their price target on Iridium Communications from $38.00 to $31.00 and set an “overweight” rating on the stock in a research note on Monday, July 28th. Oppenheimer started coverage on Iridium Communications in a research note on Monday, May 5th. They issued an “outperform” rating and a $34.00 price target on the stock. Finally, William Blair raised Iridium Communications from a “market perform” rating to an “outperform” rating in a research note on Tuesday, April 22nd.

Institutional Investors Weigh In On Iridium Communications

Hedge funds have recently modified their holdings of the stock. Quantinno Capital Management LP raised its stake in shares of Iridium Communications by 3.1% during the 2nd quarter. Quantinno Capital Management LP now owns 15,199 shares of the technology company’s stock worth $459,000 after purchasing an additional 461 shares in the last quarter. Intech Investment Management LLC raised its stake in shares of Iridium Communications by 0.7% in the 2nd quarter. Intech Investment Management LLC now owns 66,921 shares of the technology company’s stock valued at $2,019,000 after acquiring an additional 473 shares in the last quarter. SBI Securities Co. Ltd. raised its stake in shares of Iridium Communications by 37.2% in the 1st quarter. SBI Securities Co. Ltd. now owns 1,757 shares of the technology company’s stock valued at $48,000 after acquiring an additional 476 shares in the last quarter. IFM Investors Pty Ltd raised its stake in shares of Iridium Communications by 3.7% in the 1st quarter. IFM Investors Pty Ltd now owns 13,402 shares of the technology company’s stock valued at $366,000 after acquiring an additional 480 shares in the last quarter. Finally, GAMMA Investing LLC raised its stake in shares of Iridium Communications by 14.1% in the 1st quarter. GAMMA Investing LLC now owns 3,961 shares of the technology company’s stock valued at $108,000 after acquiring an additional 488 shares in the last quarter. 84.36% of the stock is currently owned by hedge funds and other institutional investors.

Iridium Communications Stock Up 0.2%

IRDM opened at $25.01 on Wednesday. The company has a quick ratio of 1.75, a current ratio of 2.51 and a debt-to-equity ratio of 3.82. The firm has a market cap of $2.65 billion, a P/E ratio of 25.26, a PEG ratio of 0.91 and a beta of 0.76. Iridium Communications has a 52 week low of $19.91 and a 52 week high of $35.85. The business’s fifty day simple moving average is $28.47 and its 200 day simple moving average is $27.53.

Iridium Communications (NASDAQ:IRDM) last posted its quarterly earnings data on Thursday, July 24th. The technology company reported $0.20 EPS for the quarter, missing analysts’ consensus estimates of $0.23 by ($0.03). The company had revenue of $216.91 million for the quarter, compared to analyst estimates of $214.73 million. Iridium Communications had a net margin of 13.20% and a return on equity of 20.28%. The firm’s revenue was up 7.9% on a year-over-year basis. During the same period in the previous year, the business earned $0.27 EPS. As a group, equities research analysts anticipate that Iridium Communications will post 0.89 EPS for the current fiscal year.

Iridium Communications Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Investors of record on Monday, September 15th will be issued a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a dividend yield of 2.4%. The ex-dividend date is Monday, September 15th. This is an increase from Iridium Communications’s previous quarterly dividend of $0.14. Iridium Communications’s dividend payout ratio (DPR) is 60.61%.

About Iridium Communications

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.