Iridium Communications (NASDAQ:IRDM) Given Neutral Rating at BWS Financial

BWS Financial reaffirmed their neutral rating on shares of Iridium Communications (NASDAQ:IRDM) in a research report sent to investors on Monday morning, Benzinga reports. The brokerage currently has a $30.00 target price on the technology company’s stock. BWS Financial also issued estimates for Iridium Communications’ Q2 2024 earnings at $0.21 EPS, Q3 2024 earnings at $0.23 EPS, Q4 2024 earnings at $0.20 EPS and FY2024 earnings at $0.80 EPS.

IRDM has been the topic of several other reports. TheStreet raised shares of Iridium Communications from a d+ rating to a c- rating in a research report on Thursday, February 15th. William Blair cut shares of Iridium Communications from an outperform rating to a market perform rating in a research note on Thursday, February 15th. Barclays lowered their target price on shares of Iridium Communications from $45.00 to $42.00 and set an overweight rating on the stock in a research note on Friday, February 23rd. Finally, Raymond James lowered their target price on shares of Iridium Communications from $53.00 to $48.00 and set a strong-buy rating on the stock in a research note on Friday, February 16th. Three analysts have rated the stock with a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of Moderate Buy and a consensus target price of $44.25.

Iridium Communications Stock Performance

Shares of IRDM stock opened at $29.69 on Monday. Iridium Communications has a one year low of $24.14 and a one year high of $65.69. The company’s 50-day moving average is $27.29 and its 200 day moving average is $34.53. The company has a market capitalization of $3.61 billion, a price-to-earnings ratio of 141.38 and a beta of 0.85. 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:IRDM) last announced its quarterly earnings data on Thursday, April 18th. The technology company reported $0.16 EPS for the quarter, beating 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 for the quarter, compared to the consensus estimate of $193.84 million. During the same period in the prior year, the firm posted $0.08 EPS. Iridium Communications’s revenue for the quarter was down .7% on a year-over-year basis. Sell-side analysts expect that Iridium Communications will post 0.73 EPS for the current fiscal year.

Iridium Communications Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Friday, March 15th were paid a $0.13 dividend. This represents a $0.52 annualized dividend and a dividend yield of 1.75%. The ex-dividend date of this dividend was Thursday, March 14th. Iridium Communications’s dividend payout ratio (DPR) is presently 247.62%.

Hedge Funds Weigh In On Iridium Communications

Several institutional investors have recently made changes to their positions in the business. Assenagon Asset Management S.A. bought a new position in shares of Iridium Communications in the 1st quarter worth approximately $7,437,000. Louisiana State Employees Retirement System lifted its stake in shares of Iridium Communications by 2.3% in the 1st quarter. Louisiana State Employees Retirement System now owns 35,600 shares of the technology company’s stock worth $931,000 after purchasing an additional 800 shares during the period. Sumitomo Mitsui Trust Holdings Inc. lifted its stake in shares of Iridium Communications by 19.9% in the 1st quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 2,089,600 shares of the technology company’s stock worth $54,664,000 after purchasing an additional 346,118 shares during the period. State of Michigan Retirement System lifted its stake in shares of Iridium Communications by 2.4% in the 1st quarter. State of Michigan Retirement System now owns 30,459 shares of the technology company’s stock worth $797,000 after purchasing an additional 700 shares during the period. Finally, Oak Thistle LLC bought a new position in shares of Iridium Communications in the 1st quarter worth approximately $546,000. 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.