Iridium Communications Inc (NASDAQ:IRDM) Receives $38.67 Average Price Target from Analysts

Iridium Communications Inc (NASDAQ:IRDM) has been assigned an average recommendation of “Hold” from the eight research firms that are currently covering the company, Marketbeat reports. One research analyst has rated the stock with a sell recommendation, four have issued a hold recommendation and three have issued a buy recommendation on the company. The average 12-month target price among brokerages that have issued ratings on the stock in the last year is $38.6667.

Several brokerages have recently weighed in on IRDM. Oppenheimer increased their price target on Iridium Communications from $48.00 to $60.00 and gave the stock an “outperform” rating in a report on Wednesday, June 3rd. Raymond James Financial reaffirmed a “market perform” rating on shares of Iridium Communications in a research note on Friday, April 24th. Morgan Stanley raised their target price on shares of Iridium Communications from $26.00 to $54.00 and gave the stock an “equal weight” rating in a research report on Tuesday, June 30th. Weiss Ratings reiterated a “hold (c)” rating on shares of Iridium Communications in a report on Friday, July 10th. Finally, William Blair cut Iridium Communications from an “outperform” rating to a “hold” rating in a research note on Monday, June 29th.

Iridium Communications Trading Up 2.7%

Shares of IRDM opened at $49.61 on Wednesday. The company’s fifty day moving average is $48.07 and its 200 day moving average is $36.36. The company has a debt-to-equity ratio of 3.70, a quick ratio of 2.31 and a current ratio of 2.78. The stock has a market capitalization of $5.26 billion, a PE ratio of 56.38, a P/E/G ratio of 3.91 and a beta of 0.88. Iridium Communications has a fifty-two week low of $15.65 and a fifty-two week high of $57.18.

Iridium Communications (NASDAQ:IRDM) last posted its quarterly earnings data on Wednesday, July 22nd. The technology company reported $0.09 EPS for the quarter, missing the consensus estimate of $0.28 by ($0.19). Iridium Communications had a return on equity of 22.57% and a net margin of 10.55%.The firm had revenue of $225.24 million for the quarter, compared to analysts’ expectations of $220.32 million. During the same period in the previous year, the firm earned $0.20 earnings per share. The firm’s quarterly revenue was up 3.8% compared to the same quarter last year. Sell-side analysts expect that Iridium Communications will post 0.95 earnings per share for the current fiscal year.

Iridium Communications Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, June 30th. Stockholders of record on Monday, June 15th were issued a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.2%. The ex-dividend date was Monday, June 15th. Iridium Communications’s dividend payout ratio (DPR) is currently 68.18%.

Hedge Funds Weigh In On Iridium Communications

A number of large investors have recently made changes to their positions in the business. Tema ETFs LLC purchased a new stake in shares of Iridium Communications during the 2nd quarter valued at $16,961,000. Brave Asset Management Inc. purchased a new position in Iridium Communications during the 2nd quarter worth $247,000. GAMMA Investing LLC increased its position in Iridium Communications by 19.4% during the 2nd quarter. GAMMA Investing LLC now owns 3,023 shares of the technology company’s stock valued at $166,000 after buying an additional 491 shares in the last quarter. Parallel Advisors LLC increased its position in Iridium Communications by 789.1% during the 1st quarter. Parallel Advisors LLC now owns 7,042 shares of the technology company’s stock valued at $195,000 after buying an additional 6,250 shares in the last quarter. Finally, NewEdge Advisors LLC raised its stake in Iridium Communications by 11,143.3% in the first quarter. NewEdge Advisors LLC now owns 45,198 shares of the technology company’s stock valued at $1,254,000 after buying an additional 44,796 shares during the last quarter. 84.36% of the stock is owned by institutional investors and hedge funds.

About Iridium Communications

Iridium Communications Inc operates a global satellite communications network that delivers voice and data services across land, sea and air. The company’s unique architecture relies on a constellation of 66 low-Earth orbit satellites, enabling real-time connectivity in regions beyond the reach of terrestrial wireless networks. Iridium’s core offerings include satellite voice and messaging services, broadband data terminals, push-to-talk (PTT) interoperability and machine-to-machine (M2M) solutions for the Internet of Things (IoT).

Iridium serves a diverse range of markets, including maritime shipping, aviation, government and defense, energy, and enterprise.