Iridium Communications (NASDAQ:IRDM) Price Target Raised to $44.00 at Barclays

Iridium Communications (NASDAQ:IRDM) had its target price hoisted by Barclays from $42.00 to $44.00 in a research report report published on Friday, Benzinga reports. Barclays currently has an overweight rating on the technology company’s stock.

Several other research firms also recently commented on IRDM. BWS Financial restated a neutral rating and issued a $30.00 price target on shares of Iridium Communications in a research note on Monday, April 22nd. TheStreet upgraded shares of Iridium Communications from a d+ rating to a c- rating in a research note on Thursday, February 15th. William Blair downgraded shares of Iridium Communications from an outperform rating to a market perform rating in a research note on Thursday, February 15th. Finally, Raymond James dropped their price target 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. Three research analysts have rated the stock with a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company has a consensus rating of Moderate Buy and a consensus price target of $44.75.

Iridium Communications Stock Up 1.4 %

Iridium Communications stock opened at $31.80 on Friday. Iridium Communications has a fifty-two week low of $24.14 and a fifty-two week high of $65.69. The company has a debt-to-equity ratio of 1.86, a quick ratio of 2.52 and a current ratio of 3.33. The firm has a 50 day moving average price of $27.30 and a 200 day moving average price of $34.28. The company has a market capitalization of $3.86 billion, a PE ratio of 151.43 and a beta of 0.85.

Iridium Communications (NASDAQ:IRDM) last posted its earnings results on Thursday, April 18th. The technology company reported $0.16 earnings per share 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 firm had revenue of $203.80 million during the quarter, compared to the consensus estimate of $193.84 million. During the same quarter last year, the firm earned $0.08 EPS. The firm’s revenue for the quarter was down .7% on a year-over-year basis. Research analysts expect that Iridium Communications will post 0.73 earnings per share for the current year.

Iridium Communications Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Friday, March 15th were given a dividend of $0.13 per share. The ex-dividend date of this dividend was Thursday, March 14th. This represents a $0.52 annualized dividend and a dividend yield of 1.64%. Iridium Communications’s dividend payout ratio (DPR) is currently 247.62%.

Institutional Investors Weigh In On Iridium Communications

Institutional investors have recently modified their holdings of the company. Northwest Financial Advisors purchased a new stake in shares of Iridium Communications during the 4th quarter worth $26,000. Allspring Global Investments Holdings LLC purchased a new stake in shares of Iridium Communications during the 4th quarter worth $41,000. Covestor Ltd lifted its position in shares of Iridium Communications by 83.2% during the 3rd quarter. Covestor Ltd now owns 1,006 shares of the technology company’s stock worth $46,000 after purchasing an additional 457 shares during the last quarter. Headlands Technologies LLC purchased a new stake in shares of Iridium Communications during the 4th quarter worth $60,000. Finally, Quarry LP lifted its position in shares of Iridium Communications by 691.4% during the 4th quarter. Quarry LP now owns 1,939 shares of the technology company’s stock worth $80,000 after purchasing an additional 1,694 shares during the last quarter. 84.36% of the stock is owned by hedge funds and other institutional investors.

About Iridium Communications

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.