Iridium Communications Inc. (NASDAQ:IRDM) Given Consensus Recommendation of “Moderate Buy” by Analysts

by · The Cerbat Gem

Iridium Communications Inc. (NASDAQ:IRDM – Get Free Report) has been assigned a consensus recommendation of “Moderate Buy” from the six research firms that are currently covering the company, Marketbeat reports. Two analysts have rated the stock with a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company. The average 1-year target price among brokers that have covered the stock in the last year is $49.80.

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

Read Our Latest Research Report on IRDM

Institutional Investors Weigh In On Iridium Communications

Several hedge funds and other institutional investors have recently added to or reduced their stakes in IRDM. BlackRock Inc. increased its position in shares of Iridium Communications by 0.5% during the 1st quarter. BlackRock Inc. now owns 15,739,982 shares of the technology company’s stock worth $634,635,000 after purchasing an additional 71,031 shares during the last quarter. Bamco Inc. NY increased its position in shares of Iridium Communications by 0.4% during the third quarter. Bamco Inc. NY now owns 14,583,317 shares of the technology company’s stock valued at $663,395,000 after acquiring an additional 58,818 shares during the last quarter. Vanguard Group Inc. increased its position in shares of Iridium Communications by 1.7% during the third quarter. Vanguard Group Inc. now owns 12,774,070 shares of the technology company’s stock valued at $566,786,000 after acquiring an additional 213,935 shares during the last quarter. Capital International Investors increased its holdings in Iridium Communications by 0.4% in the 1st quarter. Capital International Investors now owns 7,722,754 shares of the technology company’s stock valued at $311,381,000 after purchasing an additional 26,978 shares during the last quarter. Finally, State Street Corp increased its holdings in Iridium Communications by 2.2% in the 3rd quarter. State Street Corp now owns 5,120,966 shares of the technology company’s stock valued at $227,217,000 after purchasing an additional 110,188 shares during the last quarter. Institutional investors and hedge funds own 81.30% of the company’s stock.

Iridium Communications Stock Up 2.6 %

IRDM opened at $29.71 on Tuesday. Iridium Communications has a twelve month low of $27.89 and a twelve month high of $68.34. 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 company has a 50-day moving average price of $35.61 and a 200 day moving average price of $40.18. The company has a market cap of $3.64 billion, a PE ratio of 228.54 and a beta of 0.87.

Iridium Communications (NASDAQ:IRDM – Get Free Report) last released its quarterly earnings results on Thursday, February 15th. The technology company reported $0.30 earnings per share for the quarter, topping the consensus estimate of $0.03 by $0.27. Iridium Communications had a net margin of 1.95% and a return on equity of 1.58%. The firm had revenue of $194.74 million during the quarter, compared to the consensus estimate of $192.13 million. During the same quarter in the prior year, the firm earned ($0.01) EPS. The company’s revenue for the quarter was up .5% on a year-over-year basis. Sell-side analysts expect that Iridium Communications will post 0.65 earnings per share for the current fiscal year.

Iridium Communications Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 29th. Shareholders of record on Friday, March 15th will be paid a dividend of $0.13 per share. The ex-dividend date of this dividend is Thursday, March 14th. This represents a $0.52 annualized dividend and a yield of 1.75%. Iridium Communications’s dividend payout ratio (DPR) is 400.00%.

Iridium Communications Company Profile

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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.

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