Brokerages Set Iridium Communications Inc (NASDAQ:IRDM) Price Target at $34.00

Iridium Communications Inc (NASDAQ:IRDM) has earned a consensus recommendation of “Hold” from the seven brokerages that are covering the firm, MarketBeat reports. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and two have assigned a buy rating to the company. The average 1 year price target among brokers that have issued ratings on the stock in the last year is $34.00.

A number of analysts have recently issued reports on IRDM shares. BWS Financial restated a “sell” rating and set a $16.00 target price on shares of Iridium Communications in a research note on Monday, April 27th. Barclays upped their price target on shares of Iridium Communications from $25.00 to $36.00 and gave the company an “overweight” rating in a research note on Thursday, April 9th. Raymond James Financial reiterated a “market perform” rating on shares of Iridium Communications in a research note on Friday, April 24th. New Street Research initiated coverage on Iridium Communications in a report on Thursday, May 14th. They set a “neutral” rating and a $40.00 price objective for the company. Finally, Oppenheimer boosted their price objective on Iridium Communications from $48.00 to $60.00 and gave the stock an “outperform” rating in a report on Wednesday, June 3rd.

Insider Activity

In other news, CAO Timothy Kapalka sold 2,043 shares of the business’s stock in a transaction that occurred on Monday, April 6th. The stock was sold at an average price of $33.00, for a total transaction of $67,419.00. Following the completion of the sale, the chief accounting officer owned 45,721 shares in the company, valued at $1,508,793. The trade was a 4.28% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 2.70% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Iridium Communications

Institutional investors have recently made changes to their positions in the company. Quadrant Capital Group LLC boosted its holdings in shares of Iridium Communications by 107.5% during the fourth quarter. Quadrant Capital Group LLC now owns 1,430 shares of the technology company’s stock worth $25,000 after acquiring an additional 741 shares during the period. Hantz Financial Services Inc. boosted its holdings in shares of Iridium Communications by 184.7% during the third quarter. Hantz Financial Services Inc. now owns 1,506 shares of the technology company’s stock worth $26,000 after acquiring an additional 977 shares during the period. Larson Financial Group LLC boosted its holdings in shares of Iridium Communications by 392.8% during the third quarter. Larson Financial Group LLC now owns 1,508 shares of the technology company’s stock worth $26,000 after acquiring an additional 1,202 shares during the period. Kestra Advisory Services LLC bought a new stake in shares of Iridium Communications during the fourth quarter worth approximately $27,000. Finally, CIBC Private Wealth Group LLC bought a new stake in shares of Iridium Communications during the third quarter worth approximately $32,000. Institutional investors own 84.36% of the company’s stock.

Iridium Communications Stock Down 5.2%

IRDM stock opened at $47.32 on Tuesday. The business’s 50 day simple moving average is $42.42 and its 200 day simple moving average is $28.44. Iridium Communications has a 1-year low of $15.65 and a 1-year high of $53.83. The firm has a market capitalization of $5.00 billion, a PE ratio of 47.80, a PEG ratio of 3.19 and a beta of 0.89. The company has a current ratio of 2.85, a quick ratio of 2.21 and a debt-to-equity ratio of 3.74.

Iridium Communications (NASDAQ:IRDM) last released its quarterly earnings data on Thursday, April 23rd. The technology company reported $0.20 EPS for the quarter, missing analysts’ consensus estimates of $0.27 by ($0.07). Iridium Communications had a return on equity of 22.76% and a net margin of 12.05%.The company had revenue of $219.06 million for the quarter, compared to the consensus estimate of $218.39 million. During the same period last year, the firm earned $0.27 earnings per share. The company’s revenue for the quarter was up 2.0% compared to the same quarter last year. As a group, research analysts anticipate that Iridium Communications will post 1.05 EPS for the current year.

Iridium Communications Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 30th. Stockholders of record on Monday, June 15th will be issued a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.3%. The ex-dividend date is Monday, June 15th. Iridium Communications’s payout ratio is currently 60.61%.

About Iridium Communications

Iridium Communications Inc operates a global satellite communications network that delivers voice and data services across land, sea and air. The company’s unique architecture relies on a constellation of 66 low-Earth orbit satellites, enabling real-time connectivity in regions beyond the reach of terrestrial wireless networks. Iridium’s core offerings include satellite voice and messaging services, broadband data terminals, push-to-talk (PTT) interoperability and machine-to-machine (M2M) solutions for the Internet of Things (IoT).

Iridium serves a diverse range of markets, including maritime shipping, aviation, government and defense, energy, and enterprise.