Iridium Communications Inc. (NASDAQ:IRDM) Receives $49.80 Consensus Target Price from Analysts

Shares of Iridium Communications Inc. (NASDAQ:IRDM) have been given an average recommendation of “Moderate Buy” by the six research firms that are currently covering the firm, Marketbeat reports. Two research analysts have rated the stock with a hold recommendation, three have given a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12-month price objective among analysts that have updated their coverage on the stock in the last year is $49.80.

Several equities analysts recently weighed in on IRDM shares. TheStreet raised Iridium Communications from a “d+” rating to a “c-” rating in a research report on Thursday, February 15th. Barclays lowered their price objective on shares of Iridium Communications from $45.00 to $42.00 and set an “overweight” rating on the stock in a research note on Friday, February 23rd. William Blair downgraded shares of Iridium Communications from an “outperform” rating to a “market perform” rating in a report on Thursday, February 15th. Raymond James reduced their target price on shares of Iridium Communications from $53.00 to $48.00 and set a “strong-buy” rating for the company in a research note on Friday, February 16th. Finally, BWS Financial cut Iridium Communications from a “buy” rating to a “neutral” rating and set a $30.00 price target for the company. in a report on Friday, February 16th.

Institutional Investors Weigh In On Iridium Communications

Large investors have recently modified their holdings of the stock. Hsbc Holdings PLC raised its stake in Iridium Communications by 11.9% during the third quarter. Hsbc Holdings PLC now owns 54,578 shares of the technology company’s stock worth $2,498,000 after acquiring an additional 5,823 shares in the last quarter. Covestor Ltd boosted its position in Iridium Communications by 247.5% in the second quarter. Covestor Ltd now owns 549 shares of the technology company’s stock valued at $34,000 after buying an additional 391 shares in the last quarter. Teachers Retirement System of The State of Kentucky grew its stake in Iridium Communications by 92.7% during the third quarter. Teachers Retirement System of The State of Kentucky now owns 43,137 shares of the technology company’s stock worth $1,962,000 after buying an additional 20,752 shares during the last quarter. ArrowMark Colorado Holdings LLC raised its stake in shares of Iridium Communications by 258.9% in the second quarter. ArrowMark Colorado Holdings LLC now owns 695,307 shares of the technology company’s stock valued at $43,192,000 after acquiring an additional 501,581 shares during the last quarter. Finally, Pacer Advisors Inc. boosted its holdings in shares of Iridium Communications by 2,918.9% in the 4th quarter. Pacer Advisors Inc. now owns 603,900 shares of the technology company’s stock worth $24,857,000 after acquiring an additional 583,896 shares in the last quarter. 84.36% of the stock is currently owned by institutional investors.

Iridium Communications Stock Up 2.8 %

Shares of Iridium Communications stock opened at $26.30 on Friday. Iridium Communications has a 12-month low of $25.27 and a 12-month high of $68.34. The stock has a market capitalization of $3.22 billion, a P/E ratio of 202.31 and a beta of 0.87. The company has a quick ratio of 1.37, a current ratio of 2.06 and a debt-to-equity ratio of 1.65. The stock has a 50 day moving average price of $31.21 and a two-hundred day moving average price of $37.45.

Iridium Communications (NASDAQ:IRDM) last announced its earnings results on Thursday, February 15th. The technology company reported $0.30 EPS for the quarter, topping the consensus estimate of $0.03 by $0.27. The firm had revenue of $194.74 million for the quarter, compared to the consensus estimate of $192.13 million. Iridium Communications had a net margin of 1.95% and a return on equity of 1.58%. The business’s quarterly revenue was up .5% on a year-over-year basis. During the same quarter last year, the firm posted ($0.01) EPS. Equities analysts expect that Iridium Communications will post 0.72 earnings per share for the current year.

Iridium Communications Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 29th. Investors of record on Friday, March 15th will be given a $0.13 dividend. This represents a $0.52 annualized dividend and a yield of 1.98%. The ex-dividend date is Thursday, March 14th. Iridium Communications’s dividend payout ratio (DPR) is presently 400.00%.

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.