Iridium Communications Inc. (NASDAQ:IRDM) Receives $34.25 Consensus Target Price from Analysts

Shares of Iridium Communications Inc. (NASDAQ:IRDM) have been given a consensus recommendation of “Moderate Buy” by the five research firms that are currently covering the firm, Marketbeat.com reports. One investment analyst has rated the stock with a hold recommendation and four have issued a buy recommendation on the company. The average 12-month price target among analysts that have issued ratings on the stock in the last year is $34.25.

A number of brokerages recently issued reports on IRDM. Oppenheimer initiated coverage on shares of Iridium Communications in a report on Monday. They set an “outperform” rating and a $34.00 price objective for the company. Cantor Fitzgerald began coverage on shares of Iridium Communications in a research report on Friday, January 24th. They issued an “overweight” rating and a $40.00 price objective on the stock. StockNews.com cut Iridium Communications from a “buy” rating to a “hold” rating in a research note on Thursday, May 1st. Barclays lowered their price target on Iridium Communications from $45.00 to $38.00 and set an “overweight” rating on the stock in a research report on Monday, March 10th. Finally, BWS Financial cut their price objective on Iridium Communications from $30.00 to $25.00 and set a “neutral” rating for the company in a research report on Wednesday, April 23rd.

Iridium Communications Trading Up 0.2 %

IRDM opened at $26.31 on Monday. The stock has a market capitalization of $2.85 billion, a PE ratio of 27.70, a PEG ratio of 1.28 and a beta of 0.74. The company has a current ratio of 1.73, a quick ratio of 1.25 and a debt-to-equity ratio of 3.05. Iridium Communications has a 1-year low of $19.91 and a 1-year high of $35.85. The firm has a 50-day moving average price of $26.11 and a two-hundred day moving average price of $28.37.

Iridium Communications (NASDAQ:IRDM) last announced its quarterly earnings data on Tuesday, April 22nd. The technology company reported $0.27 earnings per share for the quarter, beating the consensus estimate of $0.22 by $0.05. Iridium Communications had a net margin of 13.58% and a return on equity of 15.66%. The business had revenue of $214.88 million for the quarter, compared to analyst estimates of $211.78 million. During the same period in the prior year, the business posted $0.17 earnings per share. As a group, equities analysts anticipate that Iridium Communications will post 0.89 earnings per share for the current fiscal year.

Iridium Communications Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Monday, March 17th were issued a dividend of $0.14 per share. The ex-dividend date of this dividend was Monday, March 17th. This represents a $0.56 annualized dividend and a yield of 2.13%. Iridium Communications’s payout ratio is currently 52.83%.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the company. Barclays PLC grew its position in shares of Iridium Communications by 19.2% during the 3rd quarter. Barclays PLC now owns 856,901 shares of the technology company’s stock worth $26,093,000 after purchasing an additional 137,924 shares in the last quarter. Franklin Resources Inc. raised its holdings in Iridium Communications by 18.0% in the 3rd quarter. Franklin Resources Inc. now owns 143,049 shares of the technology company’s stock valued at $4,296,000 after acquiring an additional 21,857 shares in the last quarter. GAMMA Investing LLC lifted its position in shares of Iridium Communications by 44.8% during the 4th quarter. GAMMA Investing LLC now owns 3,473 shares of the technology company’s stock valued at $101,000 after acquiring an additional 1,074 shares during the period. Nordea Investment Management AB grew its holdings in shares of Iridium Communications by 30.2% during the 4th quarter. Nordea Investment Management AB now owns 248,602 shares of the technology company’s stock worth $7,264,000 after purchasing an additional 57,690 shares in the last quarter. Finally, Ballentine Partners LLC increased its position in shares of Iridium Communications by 6.8% in the fourth quarter. Ballentine Partners LLC now owns 11,731 shares of the technology company’s stock worth $340,000 after purchasing an additional 750 shares during the period. Institutional investors own 84.36% of the company’s stock.

Iridium Communications Company Profile

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.