BWS Financial Comments on Iridium Communications Inc.’s Q2 2024 Earnings (NASDAQ:IRDM)

Iridium Communications Inc. (NASDAQ:IRDM) – Equities research analysts at BWS Financial reduced their Q2 2024 earnings per share estimates for Iridium Communications in a research report issued on Monday, April 22nd. BWS Financial analyst H. Khorsand now expects that the technology company will post earnings per share of $0.21 for the quarter, down from their prior estimate of $0.22. BWS Financial currently has a “Neutral” rating and a $30.00 price target on the stock. The consensus estimate for Iridium Communications’ current full-year earnings is $0.73 per share. BWS Financial also issued estimates for Iridium Communications’ Q3 2024 earnings at $0.23 EPS, Q4 2024 earnings at $0.20 EPS and FY2024 earnings at $0.80 EPS.

Iridium Communications (NASDAQ:IRDM) last released its earnings results on Thursday, April 18th. The technology company reported $0.16 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.15 by $0.01. Iridium Communications had a return on equity of 2.76% and a net margin of 3.20%. The business had revenue of $203.80 million during the quarter, compared to the consensus estimate of $193.84 million. During the same period last year, the business posted $0.08 earnings per share. The business’s revenue for the quarter was down .7% on a year-over-year basis.

Several other equities research analysts have also issued reports on IRDM. Barclays dropped their price target on Iridium Communications from $45.00 to $42.00 and set an “overweight” rating for the company in a research note on Friday, February 23rd. Raymond James dropped their price target on Iridium Communications from $53.00 to $48.00 and set a “strong-buy” rating on the stock in a research report on Friday, February 16th. William Blair cut Iridium Communications from an “outperform” rating to a “market perform” rating in a research report on Thursday, February 15th. Finally, TheStreet raised Iridium Communications from a “d+” rating to a “c-” rating in a research report on Thursday, February 15th. Three research analysts have rated the stock with a hold rating, two have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Iridium Communications presently has a consensus rating of “Moderate Buy” and a consensus price target of $44.25.

Iridium Communications Price Performance

Iridium Communications stock opened at $29.69 on Wednesday. Iridium Communications has a one year low of $24.14 and a one year high of $65.69. The business has a fifty day moving average price of $27.29 and a 200-day moving average price of $34.53. The company has a debt-to-equity ratio of 1.86, a current ratio of 3.33 and a quick ratio of 2.52. The firm has a market capitalization of $3.61 billion, a P/E ratio of 138.86 and a beta of 0.85.

Institutional Investors Weigh In On Iridium Communications

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Bamco Inc. NY increased its stake in Iridium Communications by 0.4% in the 3rd quarter. Bamco Inc. NY now owns 14,583,317 shares of the technology company’s stock worth $663,395,000 after buying an additional 58,818 shares in the last quarter. Silver Heights Capital Management Inc increased its stake in Iridium Communications by 8.8% in the 4th quarter. Silver Heights Capital Management Inc now owns 2,656,227 shares of the technology company’s stock worth $109,330,000 after buying an additional 214,508 shares in the last quarter. Clearbridge Investments LLC increased its stake in Iridium Communications by 4.5% in the 4th quarter. Clearbridge Investments LLC now owns 2,266,706 shares of the technology company’s stock worth $93,298,000 after buying an additional 97,167 shares in the last quarter. ARK Investment Management LLC increased its stake in Iridium Communications by 12.9% in the 4th quarter. ARK Investment Management LLC now owns 2,173,964 shares of the technology company’s stock worth $89,480,000 after buying an additional 249,185 shares in the last quarter. Finally, Sumitomo Mitsui Trust Holdings Inc. increased its stake in Iridium Communications by 19.9% in the 1st quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 2,089,600 shares of the technology company’s stock worth $54,664,000 after buying an additional 346,118 shares in the last quarter. 84.36% of the stock is currently owned by hedge funds and other institutional investors.

Iridium Communications Dividend Announcement

The business also recently disclosed 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 annualized dividend and a dividend yield of 1.75%. Iridium Communications’s dividend payout ratio (DPR) is 247.62%.

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.