Zacks Research Analysts Decrease Earnings Estimates for Iridium Communications Inc. (NASDAQ:IRDM)

Iridium Communications Inc. (NASDAQ:IRDM) – Equities research analysts at Zacks Research reduced their Q3 2024 earnings per share estimates for shares of Iridium Communications in a research report issued on Monday, October 14th. Zacks Research analyst R. Department now anticipates that the technology company will earn $0.18 per share for the quarter, down from their previous estimate of $0.19. The consensus estimate for Iridium Communications’ current full-year earnings is $0.81 per share. Zacks Research also issued estimates for Iridium Communications’ FY2024 earnings at $0.80 EPS, FY2025 earnings at $0.77 EPS and Q1 2026 earnings at $0.20 EPS.

Iridium Communications (NASDAQ:IRDM) last released its quarterly earnings data on Tuesday, July 23rd. The technology company reported $0.27 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.17 by $0.10. The business had revenue of $201.07 million during the quarter, compared to analysts’ expectations of $204.01 million. Iridium Communications had a return on equity of 10.23% and a net margin of 11.08%. The business’s quarterly revenue was up 4.1% compared to the same quarter last year. During the same period in the prior year, the firm posted ($0.24) EPS.

Several other research firms also recently weighed in on IRDM. Barclays boosted their target price on Iridium Communications from $44.00 to $45.00 and gave the company an “overweight” rating in a report on Wednesday, July 24th. BWS Financial reissued a “neutral” rating and issued a $30.00 target price on shares of Iridium Communications in a report on Wednesday, July 24th. Two analysts have rated the stock with a hold rating, one has given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $41.00.

Iridium Communications Trading Up 1.6 %

NASDAQ:IRDM opened at $30.03 on Tuesday. The stock has a 50-day simple moving average of $27.94 and a 200-day simple moving average of $27.84. The stock has a market cap of $3.65 billion, a P/E ratio of 143.00 and a beta of 0.65. Iridium Communications has a 1 year low of $24.14 and a 1 year high of $44.63. The company has a debt-to-equity ratio of 2.08, a quick ratio of 1.52 and a current ratio of 2.25.

Institutional Trading of Iridium Communications

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Daiwa Securities Group Inc. raised its stake in Iridium Communications by 4.2% during the 2nd quarter. Daiwa Securities Group Inc. now owns 11,389 shares of the technology company’s stock valued at $303,000 after acquiring an additional 462 shares during the last quarter. GAMMA Investing LLC raised its stake in Iridium Communications by 25.2% during the 3rd quarter. GAMMA Investing LLC now owns 2,399 shares of the technology company’s stock valued at $73,000 after acquiring an additional 483 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. raised its stake in shares of Iridium Communications by 6.2% during the 2nd quarter. Point72 Asia Singapore Pte. Ltd. now owns 11,480 shares of the technology company’s stock worth $306,000 after buying an additional 671 shares in the last quarter. State of Michigan Retirement System raised its stake in shares of Iridium Communications by 2.4% during the 1st quarter. State of Michigan Retirement System now owns 30,459 shares of the technology company’s stock worth $797,000 after buying an additional 700 shares in the last quarter. Finally, Mcdonald Partners LLC raised its stake in shares of Iridium Communications by 4.1% during the 2nd quarter. Mcdonald Partners LLC now owns 17,925 shares of the technology company’s stock worth $477,000 after buying an additional 700 shares in the last quarter. 84.36% of the stock is owned by hedge funds and other institutional investors.

Iridium Communications Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Friday, September 13th were paid a dividend of $0.14 per share. This represents a $0.56 annualized dividend and a yield of 1.86%. The ex-dividend date of this dividend was Friday, September 13th. Iridium Communications’s dividend payout ratio is presently 266.67%.

Iridium Communications declared that its Board of Directors has initiated a share repurchase program on Thursday, September 19th that allows the company to buyback $500.00 million in shares. This buyback authorization allows the technology company to repurchase up to 14.2% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s management believes its stock is undervalued.

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.