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

Shares of Iridium Communications Inc. (NASDAQ:IRDM) have earned an average recommendation of “Moderate Buy” from the five ratings firms that are currently covering the company, Marketbeat.com reports. Two analysts have rated the stock with a hold rating, two have given a buy rating and one has issued a strong buy rating on the company. The average 1-year price objective among brokers that have issued ratings on the stock in the last year is $44.25.

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

Hedge Funds Weigh In On Iridium Communications

A number of institutional investors and hedge funds have recently made changes to their positions in IRDM. Northwest Financial Advisors purchased a new position in Iridium Communications during the fourth quarter valued at approximately $26,000. Allspring Global Investments Holdings LLC purchased a new position in Iridium Communications during the fourth quarter valued at approximately $41,000. Covestor Ltd lifted its holdings in Iridium Communications by 83.2% during the third quarter. Covestor Ltd now owns 1,006 shares of the technology company’s stock valued at $46,000 after purchasing an additional 457 shares in the last quarter. Headlands Technologies LLC purchased a new position in Iridium Communications during the fourth quarter valued at approximately $60,000. Finally, Quarry LP lifted its holdings in Iridium Communications by 691.4% during the fourth quarter. Quarry LP now owns 1,939 shares of the technology company’s stock valued at $80,000 after purchasing an additional 1,694 shares in the last quarter. Hedge funds and other institutional investors own 84.36% of the company’s stock.

Iridium Communications Stock Up 2.2 %

NASDAQ:IRDM opened at $28.74 on Wednesday. The firm has a market cap of $3.49 billion, a P/E ratio of 136.86 and a beta of 0.85. The company has a debt-to-equity ratio of 1.86, a quick ratio of 2.52 and a current ratio of 3.33. Iridium Communications has a fifty-two week low of $24.14 and a fifty-two week high of $68.34. The firm has a 50-day simple moving average of $27.51 and a two-hundred day simple moving average of $34.68.

Iridium Communications (NASDAQ:IRDM) last released its quarterly earnings data on Thursday, April 18th. The technology company reported $0.16 earnings per share for the quarter, beating analysts’ consensus estimates of $0.15 by $0.01. Iridium Communications had a net margin of 3.20% and a return on equity of 2.76%. The business had revenue of $203.80 million during the quarter, compared to analyst estimates of $193.84 million. During the same period last year, the business earned $0.08 EPS. Iridium Communications’s revenue was down .7% compared to the same quarter last year. Analysts predict that Iridium Communications will post 0.72 earnings per share for the current fiscal year.

Iridium Communications Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 29th. Investors of record on Friday, March 15th were issued a $0.13 dividend. This represents a $0.52 dividend on an annualized basis and a dividend yield of 1.81%. The ex-dividend date was Thursday, March 14th. Iridium Communications’s payout ratio is 247.62%.

Iridium Communications Company Profile

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.