Iridium Communications Inc. (NASDAQ:IRDM) Given Consensus Rating of “Moderate Buy” by Analysts

Iridium Communications Inc. (NASDAQ:IRDMGet Free Report) has been assigned an average recommendation of “Moderate Buy” from the five brokerages that are covering the firm, Marketbeat.com reports. Two research analysts have rated the stock with a hold recommendation, two have assigned a buy recommendation and one has issued a strong buy recommendation on the company. The average 1-year target price among analysts that have issued a report on the stock in the last year is $44.75.

IRDM has been the subject of several analyst reports. Raymond James decreased their target price on shares of Iridium Communications from $53.00 to $48.00 and set a “strong-buy” rating for the company in a research note on Friday, February 16th. TheStreet raised shares of Iridium Communications from a “d+” rating to a “c-” rating in a report on Thursday, February 15th. Barclays upped their price target on shares of Iridium Communications from $42.00 to $44.00 and gave the company an “overweight” rating in a report on Friday, April 26th. BWS Financial reaffirmed a “neutral” rating and issued a $30.00 price target on shares of Iridium Communications in a report on Monday, April 22nd. Finally, William Blair cut shares of Iridium Communications from an “outperform” rating to a “market perform” rating in a report on Thursday, February 15th.

Check Out Our Latest Report on Iridium Communications

Iridium Communications Price Performance

Iridium Communications stock opened at $29.31 on Thursday. Iridium Communications has a 1 year low of $24.14 and a 1 year high of $65.12. The firm has a 50 day moving average price of $28.54 and a 200 day moving average price of $32.75. The company has a market cap of $3.56 billion, a price-to-earnings ratio of 139.57 and a beta of 0.68. The company has a debt-to-equity ratio of 1.86, a quick ratio of 2.52 and a current ratio of 3.33.

Iridium Communications (NASDAQ:IRDMGet Free Report) last released its quarterly earnings data on Thursday, April 18th. The technology company reported $0.16 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.15 by $0.01. Iridium Communications had a net margin of 3.20% and a return on equity of 2.76%. The company had revenue of $203.80 million during the quarter, compared to the consensus estimate of $193.84 million. During the same period in the previous year, the firm earned $0.08 earnings per share. Iridium Communications’s revenue for the quarter was down .7% on a year-over-year basis. Sell-side analysts predict that Iridium Communications will post 0.74 earnings per share for the current year.

Iridium Communications Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Investors of record on Friday, June 14th will be given a $0.14 dividend. This represents a $0.56 dividend on an annualized basis and a yield of 1.91%. The ex-dividend date of this dividend is Friday, June 14th. This is a positive change from Iridium Communications’s previous quarterly dividend of $0.13. Iridium Communications’s dividend payout ratio is currently 247.62%.

Hedge Funds Weigh In On Iridium Communications

Several large investors have recently made changes to their positions in the business. Bamco Inc. NY lifted its position in shares of Iridium Communications by 0.4% in the third quarter. Bamco Inc. NY now owns 14,583,317 shares of the technology company’s stock worth $663,395,000 after purchasing an additional 58,818 shares in the last quarter. Vanguard Group Inc. raised its position in Iridium Communications by 2.9% during the first quarter. Vanguard Group Inc. now owns 12,090,326 shares of the technology company’s stock valued at $316,283,000 after acquiring an additional 336,989 shares in the last quarter. Silver Heights Capital Management Inc raised its position in Iridium Communications by 8.8% during the fourth quarter. Silver Heights Capital Management Inc now owns 2,656,227 shares of the technology company’s stock valued at $109,330,000 after acquiring an additional 214,508 shares in the last quarter. Clearbridge Investments LLC raised its position in Iridium Communications by 4.5% during the fourth quarter. Clearbridge Investments LLC now owns 2,266,706 shares of the technology company’s stock valued at $93,298,000 after acquiring an additional 97,167 shares in the last quarter. Finally, ARK Investment Management LLC raised its position in Iridium Communications by 12.9% during the fourth quarter. ARK Investment Management LLC now owns 2,173,964 shares of the technology company’s stock valued at $89,480,000 after acquiring an additional 249,185 shares in the last quarter. Institutional investors own 84.36% of the company’s stock.

About Iridium Communications

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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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Analyst Recommendations for Iridium Communications (NASDAQ:IRDM)

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