Brokerages Set Iridium Communications Inc (NASDAQ:IRDM) Target Price at $28.80

Iridium Communications Inc (NASDAQ:IRDM) has received an average rating of “Hold” from the six brokerages that are currently covering the firm, MarketBeat.com reports. One analyst has rated the stock with a sell rating, four have assigned a hold rating and one has assigned a buy rating to the company. The average 12-month price objective among analysts that have issued a report on the stock in the last year is $28.80.

A number of analysts recently weighed in on IRDM shares. New Street Research began coverage on shares of Iridium Communications in a research note on Thursday, May 14th. They set a “neutral” rating and a $40.00 target price on the stock. BWS Financial reiterated a “sell” rating and issued a $16.00 price target on shares of Iridium Communications in a research note on Monday, April 27th. Barclays increased their price objective on shares of Iridium Communications from $25.00 to $36.00 and gave the company an “overweight” rating in a research report on Thursday, April 9th. Weiss Ratings upgraded shares of Iridium Communications from a “sell (d+)” rating to a “hold (c-)” rating in a report on Tuesday, March 10th. Finally, Raymond James Financial reiterated a “market perform” rating on shares of Iridium Communications in a research note on Friday, April 24th.

Insider Activity

In other news, CAO Timothy Kapalka sold 3,790 shares of the stock in a transaction dated Thursday, April 2nd. The stock was sold at an average price of $31.00, for a total value of $117,490.00. Following the transaction, the chief accounting officer owned 47,764 shares in the company, valued at approximately $1,480,684. This represents a 7.35% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 2.70% of the company’s stock.

Hedge Funds Weigh In On Iridium Communications

Several hedge funds have recently added to or reduced their stakes in IRDM. Quadrant Capital Group LLC boosted its holdings in shares of Iridium Communications by 107.5% in the 4th quarter. Quadrant Capital Group LLC now owns 1,430 shares of the technology company’s stock valued at $25,000 after buying an additional 741 shares in the last quarter. Hantz Financial Services Inc. lifted its position in Iridium Communications by 184.7% in the third quarter. Hantz Financial Services Inc. now owns 1,506 shares of the technology company’s stock valued at $26,000 after acquiring an additional 977 shares during the last quarter. Larson Financial Group LLC boosted its stake in Iridium Communications by 392.8% in the third quarter. Larson Financial Group LLC now owns 1,508 shares of the technology company’s stock valued at $26,000 after acquiring an additional 1,202 shares in the last quarter. Kestra Advisory Services LLC purchased a new position in shares of Iridium Communications during the fourth quarter worth about $27,000. Finally, CIBC Private Wealth Group LLC purchased a new position in shares of Iridium Communications during the third quarter worth about $32,000. 84.36% of the stock is currently owned by hedge funds and other institutional investors.

Iridium Communications Trading Up 0.9%

NASDAQ:IRDM opened at $45.70 on Friday. The firm has a market cap of $4.83 billion, a PE ratio of 46.16, a price-to-earnings-growth ratio of 3.08 and a beta of 0.79. The stock has a fifty day moving average price of $35.25 and a 200 day moving average price of $24.89. Iridium Communications has a 12-month low of $15.65 and a 12-month high of $47.26. The company has a current ratio of 2.85, a quick ratio of 2.21 and a debt-to-equity ratio of 3.74.

Iridium Communications (NASDAQ:IRDM) last issued its quarterly earnings results on Thursday, April 23rd. The technology company reported $0.20 earnings per share for the quarter, missing the consensus estimate of $0.27 by ($0.07). The company had revenue of $219.06 million for the quarter, compared to analysts’ expectations of $218.39 million. Iridium Communications had a return on equity of 22.76% and a net margin of 12.05%.Iridium Communications’s revenue for the quarter was up 2.0% compared to the same quarter last year. During the same quarter last year, the company earned $0.27 EPS. Sell-side analysts anticipate that Iridium Communications will post 1.04 earnings per share for the current fiscal year.

Iridium Communications Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, June 30th. Shareholders of record on Monday, June 15th will be issued a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a yield of 1.3%. The ex-dividend date of this dividend is Monday, June 15th. Iridium Communications’s payout ratio is 60.61%.

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.