Barclays Cuts Iridium Communications (NASDAQ:IRDM) Price Target to $25.00

Iridium Communications (NASDAQ:IRDM) had its price objective reduced by Barclays from $31.00 to $25.00 in a research note released on Wednesday morning,Benzinga reports. They currently have an overweight rating on the technology company’s stock.

A number of other research firms have also recently commented on IRDM. Raymond James Financial cut shares of Iridium Communications from a “strong-buy” rating to an “outperform” rating and reduced their target price for the stock from $39.00 to $26.00 in a research report on Thursday, September 11th. Morgan Stanley dropped their price target on shares of Iridium Communications from $40.00 to $37.00 and set an “overweight” rating for the company in a research note on Friday, August 1st. Finally, BWS Financial lowered shares of Iridium Communications from a “neutral” rating to a “sell” rating and dropped their price target for the stock from $25.00 to $16.00 in a research note on Tuesday, September 9th. Six equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $29.67.

Iridium Communications Stock Performance

Shares of NASDAQ IRDM opened at $18.76 on Wednesday. The company has a market cap of $1.99 billion, a PE ratio of 18.95, a price-to-earnings-growth ratio of 0.68 and a beta of 0.70. Iridium Communications has a 12 month low of $17.08 and a 12 month high of $35.85. The company has a debt-to-equity ratio of 3.82, a current ratio of 2.51 and a quick ratio of 1.75. The company has a 50-day simple moving average of $22.06 and a 200-day simple moving average of $25.41.

Iridium Communications (NASDAQ:IRDM) last issued its quarterly earnings results on Thursday, July 24th. The technology company reported $0.20 EPS for the quarter, missing analysts’ consensus estimates of $0.23 by ($0.03). Iridium Communications had a return on equity of 20.28% and a net margin of 13.20%.The firm had revenue of $216.91 million for the quarter, compared to analysts’ expectations of $214.73 million. During the same quarter last year, the firm earned $0.27 earnings per share. The business’s quarterly revenue was up 7.9% compared to the same quarter last year. On average, equities analysts anticipate that Iridium Communications will post 0.89 earnings per share for the current year.

Iridium Communications Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 30th. Investors of record on Monday, September 15th were issued a $0.15 dividend. The ex-dividend date of this dividend was Monday, September 15th. This is an increase from Iridium Communications’s previous quarterly dividend of $0.14. This represents a $0.60 annualized dividend and a yield of 3.2%. Iridium Communications’s dividend payout ratio is currently 60.61%.

Institutional Investors Weigh In On Iridium Communications

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Osaic Holdings Inc. lifted its holdings in Iridium Communications by 69.3% in the 2nd quarter. Osaic Holdings Inc. now owns 16,130 shares of the technology company’s stock valued at $487,000 after acquiring an additional 6,603 shares during the last quarter. Cim Investment Management Inc. lifted its holdings in Iridium Communications by 100.7% in the 2nd quarter. Cim Investment Management Inc. now owns 20,849 shares of the technology company’s stock valued at $617,000 after acquiring an additional 10,463 shares during the last quarter. Nikko Asset Management Americas Inc. lifted its holdings in Iridium Communications by 10.8% in the 2nd quarter. Nikko Asset Management Americas Inc. now owns 4,310,324 shares of the technology company’s stock valued at $130,042,000 after acquiring an additional 421,279 shares during the last quarter. Public Sector Pension Investment Board acquired a new stake in Iridium Communications in the 2nd quarter valued at about $6,109,000. Finally, Tower Research Capital LLC TRC lifted its holdings in Iridium Communications by 105.8% in the 2nd quarter. Tower Research Capital LLC TRC now owns 14,091 shares of the technology company’s stock valued at $425,000 after acquiring an additional 7,243 shares during the last quarter. 84.36% of the stock is owned by institutional investors and hedge funds.

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.