Iridium Communications Inc (NASDAQ:IRDM) Given Consensus Recommendation of “Hold” by Brokerages

Iridium Communications Inc (NASDAQ:IRDM) has earned an average rating of “Hold” from the seven analysts that are currently covering the firm, Marketbeat.com reports. One research analyst has rated the stock with a sell rating, four have given a hold rating and two have assigned a buy rating to the company. The average 12-month price objective among brokerages that have issued a report on the stock in the last year is $34.00.

IRDM has been the topic of several recent analyst reports. Barclays raised their target price on shares of Iridium Communications from $25.00 to $36.00 and gave the company an “overweight” rating in a report on Thursday, April 9th. Morgan Stanley raised their target price on shares of Iridium Communications from $24.00 to $26.00 and gave the company an “equal weight” rating in a report on Wednesday, February 18th. Oppenheimer raised their target price on shares of Iridium Communications from $48.00 to $60.00 and gave the company an “outperform” rating in a report on Wednesday, June 3rd. New Street Research assumed coverage on shares of Iridium Communications in a research note on Thursday, May 14th. They issued a “neutral” rating and a $40.00 price target on the stock. Finally, Weiss Ratings upgraded shares of Iridium Communications from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Tuesday, March 10th.

Insider Buying and Selling at Iridium Communications

In other news, CAO Timothy Kapalka sold 2,043 shares of the firm’s stock in a transaction that occurred on Monday, April 6th. The shares were sold at an average price of $33.00, for a total value of $67,419.00. Following the sale, the chief accounting officer directly owned 45,721 shares in the company, valued at approximately $1,508,793. This trade represents a 4.28% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 2.70% of the company’s stock.

Institutional Investors Weigh In On Iridium Communications

A number of hedge funds have recently made changes to their positions in IRDM. Quadrant Capital Group LLC boosted its stake 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 purchasing an additional 741 shares in the last quarter. Hantz Financial Services Inc. boosted its stake in shares of Iridium Communications by 184.7% in the 3rd quarter. Hantz Financial Services Inc. now owns 1,506 shares of the technology company’s stock valued at $26,000 after purchasing an additional 977 shares in the last quarter. Larson Financial Group LLC boosted its stake in shares of Iridium Communications by 392.8% in the 3rd quarter. Larson Financial Group LLC now owns 1,508 shares of the technology company’s stock valued at $26,000 after purchasing an additional 1,202 shares in the last quarter. Kestra Advisory Services LLC acquired a new stake in shares of Iridium Communications in the 4th quarter valued at approximately $27,000. Finally, CIBC Private Wealth Group LLC acquired a new stake in Iridium Communications during the 3rd quarter worth approximately $32,000. 84.36% of the stock is currently owned by institutional investors and hedge funds.

Iridium Communications Price Performance

IRDM stock opened at $45.39 on Tuesday. The company has a quick ratio of 2.21, a current ratio of 2.85 and a debt-to-equity ratio of 3.74. Iridium Communications has a 12 month low of $15.65 and a 12 month high of $53.83. The firm has a market cap of $4.80 billion, a P/E ratio of 45.85, a P/E/G ratio of 3.19 and a beta of 0.88. The company’s 50-day moving average price is $42.67 and its two-hundred day moving average price is $28.73.

Iridium Communications (NASDAQ:IRDM) last released its earnings results on Thursday, April 23rd. The technology company reported $0.20 EPS for the quarter, missing the consensus estimate of $0.27 by ($0.07). Iridium Communications had a net margin of 12.05% and a return on equity of 22.76%. The firm had revenue of $219.06 million during the quarter, compared to the consensus estimate of $218.39 million. During the same period in the prior year, the business earned $0.27 earnings per share. Iridium Communications’s quarterly revenue was up 2.0% compared to the same quarter last year. On average, analysts anticipate that Iridium Communications will post 1.05 earnings per share for the current fiscal year.

Iridium Communications Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, June 30th. Stockholders of record on Monday, June 15th will be paid a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.3%. The ex-dividend date is Monday, June 15th. Iridium Communications’s dividend payout ratio (DPR) is presently 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.