Iridium Communications (NASDAQ:IRDM) Price Target Raised to $44.00 at Barclays

Iridium Communications (NASDAQ:IRDM) had its price objective upped by Barclays from $42.00 to $44.00 in a research note published on Friday morning, Benzinga reports. They currently have an overweight rating on the technology company’s stock.

IRDM has been the subject of a number of other research reports. TheStreet upgraded Iridium Communications from a d+ rating to a c- rating in a report on Thursday, February 15th. Raymond James dropped their price objective on Iridium Communications from $53.00 to $48.00 and set a strong-buy rating for the company in a report on Friday, February 16th. William Blair cut Iridium Communications from an outperform rating to a market perform rating in a report on Thursday, February 15th. Finally, BWS Financial restated a neutral rating and set a $30.00 price objective on shares of Iridium Communications in a report on Monday, April 22nd. Three research analysts have rated the stock with a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, Iridium Communications presently has an average rating of Moderate Buy and an average target price of $44.75.

Iridium Communications Stock Performance

NASDAQ:IRDM opened at $31.37 on Friday. The company has a debt-to-equity ratio of 1.86, a current ratio of 3.33 and a quick ratio of 2.52. Iridium Communications has a 1 year low of $24.14 and a 1 year high of $65.69. The stock’s 50 day simple moving average is $27.28 and its two-hundred day simple moving average is $34.50. The company has a market cap of $3.81 billion, a price-to-earnings ratio of 149.38 and a beta of 0.85.

Iridium Communications (NASDAQ:IRDM) last announced its earnings results on Thursday, April 18th. The technology company reported $0.16 EPS for the quarter, topping analysts’ consensus estimates of $0.15 by $0.01. The firm had revenue of $203.80 million during the quarter, compared to analysts’ expectations of $193.84 million. Iridium Communications had a return on equity of 2.76% and a net margin of 3.20%. The company’s quarterly revenue was down .7% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.08 EPS. As a group, equities analysts anticipate that Iridium Communications will post 0.73 earnings per share for the current fiscal year.

Iridium Communications Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Friday, March 15th were paid a $0.13 dividend. The ex-dividend date of this dividend was Thursday, March 14th. This represents a $0.52 dividend on an annualized basis and a dividend yield of 1.66%. Iridium Communications’s payout ratio is 247.62%.

Institutional Trading of Iridium Communications

Hedge funds have recently modified their holdings of the stock. Cullen Investment Group LTD. acquired a new position in shares of Iridium Communications during the fourth quarter valued at approximately $1,548,000. Hsbc Holdings PLC increased 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 during the last quarter. Teachers Retirement System of The State of Kentucky increased 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 acquiring an additional 20,752 shares during the last quarter. Pacer Advisors Inc. increased its stake in Iridium Communications by 2,918.9% during the fourth 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 during the last quarter. Finally, GSA Capital Partners LLP increased its stake in Iridium Communications by 1,167.9% during the third quarter. GSA Capital Partners LLP now owns 51,310 shares of the technology company’s stock worth $2,334,000 after acquiring an additional 47,263 shares during the last quarter. Hedge funds and other institutional investors own 84.36% of the company’s stock.

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.