Zacks: Brokerages Expect Iridium Communications Inc. (NASDAQ:IRDM) Will Announce Quarterly Sales of $156.30 Million

Equities analysts expect Iridium Communications Inc. (NASDAQ:IRDMGet Rating) to post $156.30 million in sales for the current quarter, Zacks reports. Four analysts have made estimates for Iridium Communications’ earnings. The highest sales estimate is $158.04 million and the lowest is $154.44 million. Iridium Communications reported sales of $146.54 million during the same quarter last year, which indicates a positive year over year growth rate of 6.7%. The firm is expected to report its next earnings report before the market opens on Monday, January 1st.

On average, analysts expect that Iridium Communications will report full-year sales of $654.30 million for the current financial year, with estimates ranging from $640.76 million to $668.19 million. For the next year, analysts anticipate that the company will post sales of $695.96 million, with estimates ranging from $676.00 million to $718.16 million. Zacks Investment Research’s sales averages are a mean average based on a survey of sell-side analysts that follow Iridium Communications.

Iridium Communications (NASDAQ:IRDMGet Rating) last issued its earnings results on Thursday, February 17th. The technology company reported ($0.04) EPS for the quarter, hitting analysts’ consensus estimates of ($0.04). Iridium Communications had a negative return on equity of 0.70% and a negative net margin of 1.52%. The firm had revenue of $155.89 million for the quarter, compared to the consensus estimate of $152.11 million. During the same quarter in the prior year, the business earned ($0.06) earnings per share. The company’s revenue was up 6.4% compared to the same quarter last year.

A number of equities analysts have issued reports on the company. StockNews.com assumed coverage on Iridium Communications in a research report on Thursday, March 31st. They set a “hold” rating on the stock. Morgan Stanley lowered their price target on Iridium Communications from $50.00 to $48.00 and set an “overweight” rating on the stock in a research report on Friday, February 11th. Barclays upgraded Iridium Communications from an “equal weight” rating to an “overweight” rating and set a $47.00 price target on the stock in a research report on Monday, February 21st. Zacks Investment Research raised Iridium Communications from a “hold” rating to a “buy” rating and set a $39.00 target price for the company in a report on Monday, February 21st. Finally, Raymond James raised Iridium Communications from an “outperform” rating to a “strong-buy” rating and increased their target price for the company from $47.00 to $51.00 in a report on Friday, February 18th. One investment analyst has rated the stock with a hold rating, five have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Buy” and an average price target of $48.17.

In other Iridium Communications news, Director Henrik O. Schliemann sold 3,000 shares of the firm’s stock in a transaction on Friday, February 25th. The stock was sold at an average price of $38.95, for a total transaction of $116,850.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Steven B. Pfeiffer sold 3,002 shares of the firm’s stock in a transaction on Tuesday, March 8th. The stock was sold at an average price of $39.60, for a total value of $118,879.20. The disclosure for this sale can be found here. 2.50% of the stock is currently owned by company insiders.

A number of hedge funds have recently bought and sold shares of the business. Xponance Inc. boosted its position in shares of Iridium Communications by 1.5% during the third quarter. Xponance Inc. now owns 19,004 shares of the technology company’s stock worth $757,000 after buying an additional 289 shares during the period. Riggs Asset Managment Co. Inc. boosted its position in shares of Iridium Communications by 0.4% during the third quarter. Riggs Asset Managment Co. Inc. now owns 65,794 shares of the technology company’s stock worth $2,622,000 after buying an additional 290 shares during the period. Louisiana State Employees Retirement System boosted its position in shares of Iridium Communications by 0.9% during the fourth quarter. Louisiana State Employees Retirement System now owns 34,000 shares of the technology company’s stock worth $1,404,000 after buying an additional 300 shares during the period. Founders Capital Management boosted its position in shares of Iridium Communications by 12.0% during the fourth quarter. Founders Capital Management now owns 2,800 shares of the technology company’s stock worth $116,000 after buying an additional 300 shares during the period. Finally, Telemus Capital LLC boosted its position in shares of Iridium Communications by 5.3% during the first quarter. Telemus Capital LLC now owns 5,949 shares of the technology company’s stock worth $240,000 after buying an additional 302 shares during the period. 95.89% of the stock is owned by institutional investors.

Shares of IRDM traded up $0.04 during mid-day trading on Friday, reaching $39.66. The company had a trading volume of 9,078 shares, compared to its average volume of 611,528. Iridium Communications has a 52-week low of $31.73 and a 52-week high of $48.95. The company has a quick ratio of 3.63, a current ratio of 3.90 and a debt-to-equity ratio of 1.23. The stock has a market capitalization of $5.08 billion, a P/E ratio of -580.77 and a beta of 1.15. The stock has a 50 day moving average of $38.33 and a two-hundred day moving average of $39.22.

Iridium Communications announced that its board has approved a stock repurchase plan on Monday, March 7th that authorizes the company to repurchase $300.00 million in shares. This repurchase authorization authorizes the technology company to reacquire up to 5.8% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s board believes its shares are undervalued.

Iridium Communications Company Profile (Get Rating)

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.

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