Iridium Communications Inc. (NASDAQ:IRDM) Receives $45.00 Average Price Target from Brokerages

Shares of Iridium Communications Inc. (NASDAQ:IRDM) have been given an average rating of “Moderate Buy” by the five analysts that are currently covering the stock, MarketBeat Ratings reports. Two analysts have rated the stock with a hold rating, two have issued a buy rating and one has given a strong buy rating to the company. The average 12 month price objective among brokers that have updated their coverage on the stock in the last year is $45.00.

A number of analysts recently weighed in on the stock. Barclays increased their price objective on shares of Iridium Communications from $44.00 to $45.00 and gave the stock an “overweight” rating in a report on Wednesday, July 24th. BWS Financial restated a “neutral” rating and issued a $30.00 price target on shares of Iridium Communications in a research note on Wednesday, July 24th.

Iridium Communications Stock Down 0.8 %

NASDAQ:IRDM opened at $28.54 on Friday. The company has a current ratio of 2.25, a quick ratio of 1.52 and a debt-to-equity ratio of 2.08. The stock has a 50 day moving average of $27.34 and a 200-day moving average of $29.18. The firm has a market capitalization of $3.38 billion, a PE ratio of 135.90 and a beta of 0.65. Iridium Communications has a 52 week low of $24.14 and a 52 week high of $54.03.

Iridium Communications (NASDAQ:IRDM) last released its quarterly earnings data on Tuesday, July 23rd. The technology company reported $0.27 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.17 by $0.10. Iridium Communications had a return on equity of 10.23% and a net margin of 11.08%. The business had revenue of $201.07 million during the quarter, compared to analyst estimates of $204.01 million. During the same quarter in the previous year, the firm posted ($0.24) EPS. The business’s revenue for the quarter was up 4.1% compared to the same quarter last year. Analysts predict that Iridium Communications will post 0.77 EPS for the current year.

Iridium Communications Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, June 28th. Shareholders of record on Friday, June 14th were paid a dividend of $0.14 per share. This is a boost from Iridium Communications’s previous quarterly dividend of $0.13. The ex-dividend date of this dividend was Friday, June 14th. This represents a $0.56 annualized dividend and a yield of 1.96%. Iridium Communications’s dividend payout ratio (DPR) is presently 266.67%.

Institutional Trading of Iridium Communications

A number of institutional investors have recently made changes to their positions in IRDM. ORG Partners LLC raised its holdings in Iridium Communications by 20.6% during the fourth 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. Northwest Financial Advisors acquired a new position in shares of Iridium Communications during the 4th quarter valued at $26,000. State of Michigan Retirement System raised its stake in shares of Iridium Communications by 2.4% in the 1st quarter. State of Michigan Retirement System now owns 30,459 shares of the technology company’s stock worth $797,000 after buying an additional 700 shares in the last quarter. Mcdonald Partners LLC lifted its holdings in shares of Iridium Communications by 4.1% in the second quarter. Mcdonald Partners LLC now owns 17,925 shares of the technology company’s stock valued at $477,000 after buying an additional 700 shares during the period. Finally, Blue Trust Inc. boosted its stake in Iridium Communications by 109.7% during the second quarter. Blue Trust Inc. now owns 1,491 shares of the technology company’s stock valued at $39,000 after buying an additional 780 shares in the last quarter. 84.36% of the stock is owned by institutional investors and hedge funds.

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.