Iridium Communications Inc (NASDAQ:IRDM) Given Average Recommendation of “Hold” by Analysts

Iridium Communications Inc (NASDAQ:IRDM) has earned a consensus rating of “Hold” from the eight analysts that are covering the firm, Marketbeat.com reports. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and three have given a buy rating to the company. The average 12-month price objective among analysts that have issued ratings on the stock in the last year is $41.20.

Several analysts have recently commented on IRDM shares. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Iridium Communications in a research report on Friday, July 10th. New Street Research upgraded shares of Iridium Communications from a “neutral” rating to a “buy” rating in a research report on Wednesday, July 22nd. Oppenheimer increased their target price on shares of Iridium Communications from $48.00 to $60.00 and gave the stock an “outperform” rating in a research note on Wednesday, June 3rd. William Blair cut shares of Iridium Communications from an “outperform” rating to a “hold” rating in a report on Monday, June 29th. Finally, Morgan Stanley lifted their price target on shares of Iridium Communications from $26.00 to $54.00 and gave the company an “equal weight” rating in a research note on Tuesday, June 30th.

Insider Buying and Selling

In related news, EVP Timothy Last sold 5,769 shares of the firm’s stock in a transaction dated Tuesday, September 15th. The shares were sold at an average price of $46.35, for a total transaction of $267,393.15. Following the transaction, the executive vice president directly owned 84,130 shares of the company’s stock, valued at $3,899,425.50. This trade represents a 6.42% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Thomas Fitzpatrick sold 15,046 shares of Iridium Communications stock in a transaction that occurred on Tuesday, August 18th. The stock was sold at an average price of $49.20, for a total transaction of $740,263.20. Following the transaction, the director directly owned 43,260 shares in the company, valued at approximately $2,128,392. This represents a 25.81% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 381,688 shares of company stock worth $19,146,390 over the last ninety days. Insiders own 2.70% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of IRDM. Plato Investment Management Ltd purchased a new position in shares of Iridium Communications in the second quarter valued at $63,000. Root Financial Partners LLC lifted its holdings in Iridium Communications by 1,750.0% during the 1st quarter. Root Financial Partners LLC now owns 1,332 shares of the technology company’s stock worth $37,000 after purchasing an additional 1,260 shares in the last quarter. Clearstead Trust LLC purchased a new stake in Iridium Communications during the 2nd quarter worth about $99,000. IFP Advisors Inc boosted its stake in Iridium Communications by 346.9% in the 2nd quarter. IFP Advisors Inc now owns 1,850 shares of the technology company’s stock worth $101,000 after purchasing an additional 1,436 shares during the period. Finally, Westpac Banking Corp purchased a new position in Iridium Communications during the 2nd quarter valued at about $111,000. 84.36% of the stock is owned by institutional investors.

Iridium Communications Stock Performance

Iridium Communications stock opened at $48.21 on Thursday. The business has a 50 day moving average of $47.68 and a 200-day moving average of $42.72. The company has a market capitalization of $5.11 billion, a P/E ratio of 54.78, a P/E/G ratio of 3.77 and a beta of 0.87. Iridium Communications has a 1 year low of $15.65 and a 1 year high of $57.18. The company has a debt-to-equity ratio of 3.70, a current ratio of 2.78 and a quick ratio of 2.31.

Iridium Communications (NASDAQ:IRDM) last announced its earnings results on Wednesday, July 22nd. The technology company reported $0.09 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.28 by ($0.19). The company had revenue of $225.24 million for the quarter, compared to the consensus estimate of $220.32 million. Iridium Communications had a return on equity of 22.57% and a net margin of 10.55%.The firm’s revenue for the quarter was up 3.8% on a year-over-year basis. During the same period in the prior year, the business earned $0.20 earnings per share. On average, equities research analysts predict that Iridium Communications will post 0.95 earnings per share for the current year.

Iridium Communications Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Tuesday, September 15th will be paid a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a yield of 1.2%. The ex-dividend date is Tuesday, September 15th. Iridium Communications’s payout ratio is 68.18%.

Iridium Communications Company Profile

Iridium Communications Inc provides global satellite-based voice and data communications services. Its network is designed to support connectivity across land, oceans, airways and polar regions, serving customers in areas where terrestrial communications infrastructure is limited or unavailable.

The company offers satellite phones, broadband and narrowband data services, push-to-talk communications, and Internet of Things connectivity. Its product portfolio includes Iridium Certus broadband services, Iridium GO! satellite Wi-Fi products, satellite phones, specialized IoT services and solutions for asset tracking, monitoring and machine-to-machine communications.