Iridium Communications (NASDAQ:IRDM) Price Target Raised to $36.00

Iridium Communications (NASDAQ:IRDM) had its price objective lifted by Barclays from $25.00 to $36.00 in a research report report published on Thursday,Benzinga reports. Barclays currently has an overweight rating on the technology company’s stock.

A number of other equities analysts also recently weighed in on the stock. Weiss Ratings raised shares of Iridium Communications from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Tuesday, March 10th. BWS Financial reaffirmed a “sell” rating and issued a $16.00 price target on shares of Iridium Communications in a research note on Tuesday, February 17th. Finally, Morgan Stanley upped their price target on shares of Iridium Communications from $24.00 to $26.00 and gave the stock an “equal weight” rating in a research note on Wednesday, February 18th. Four equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $27.60.

Iridium Communications Stock Performance

Shares of Iridium Communications stock opened at $34.20 on Thursday. Iridium Communications has a 12 month low of $15.65 and a 12 month high of $35.34. The company has a quick ratio of 1.82, a current ratio of 2.48 and a debt-to-equity ratio of 3.80. The stock has a market cap of $3.62 billion, a PE ratio of 32.26, a price-to-earnings-growth ratio of 2.31 and a beta of 0.48. The business has a fifty day simple moving average of $25.33 and a 200-day simple moving average of $20.62.

Iridium Communications (NASDAQ:IRDM) last posted its quarterly earnings results on Thursday, February 12th. The technology company reported $0.24 earnings per share for the quarter, topping analysts’ consensus estimates of $0.23 by $0.01. Iridium Communications had a net margin of 13.12% and a return on equity of 24.01%. The business had revenue of $212.94 million for the quarter, compared to the consensus estimate of $219.14 million. During the same period in the prior year, the business posted $0.32 earnings per share. Iridium Communications’s revenue for the quarter was up .0% compared to the same quarter last year. On average, sell-side analysts anticipate that Iridium Communications will post 0.89 EPS for the current fiscal year.

Iridium Communications Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, March 31st. Shareholders of record on Monday, March 16th were given a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a yield of 1.8%. The ex-dividend date of this dividend was Monday, March 16th. Iridium Communications’s dividend payout ratio is presently 56.60%.

Insider Buying and Selling

In other Iridium Communications news, CAO Timothy Kapalka sold 3,790 shares of the stock in a transaction on Thursday, April 2nd. The shares were sold at an average price of $31.00, for a total transaction of $117,490.00. Following the transaction, the chief accounting officer directly owned 47,764 shares of the company’s stock, valued at $1,480,684. This represents a 7.35% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 2.40% of the stock is owned by insiders.

Hedge Funds Weigh In On Iridium Communications

Several hedge funds have recently bought and sold shares of IRDM. Quadrant Capital Group LLC increased its position in 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 buying an additional 741 shares during the last quarter. Hantz Financial Services Inc. increased its position in 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 buying an additional 977 shares during the last quarter. Larson Financial Group LLC increased its position in 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 buying an additional 1,202 shares during the last quarter. Kestra Advisory Services LLC acquired a new position in Iridium Communications during the fourth quarter worth $27,000. Finally, CIBC Private Wealth Group LLC acquired a new position in Iridium Communications during the third quarter worth $32,000. 84.36% of the stock is owned by institutional investors and hedge funds.

Iridium Communications Company Profile

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.