Analysts Set Iridium Communications Inc (NASDAQ:IRDM) PT at $38.67

Iridium Communications Inc (NASDAQ:IRDM) has been assigned an average rating of “Hold” from the eight ratings firms that are currently covering the firm, Marketbeat reports. One investment analyst has rated the stock with a sell rating, five have given a hold rating and two have issued a buy rating on the company. The average 12-month price target among analysts that have covered the stock in the last year is $38.6667.

Several analysts have commented on the company. Oppenheimer increased their target price on Iridium Communications from $48.00 to $60.00 and gave the company an “outperform” rating in a research note on Wednesday, June 3rd. BWS Financial reaffirmed a “sell” rating and set a $16.00 price objective on shares of Iridium Communications in a research report on Monday, April 27th. Raymond James Financial reiterated a “market perform” rating on shares of Iridium Communications in a report on Friday, April 24th. William Blair cut shares of Iridium Communications from an “outperform” rating to a “hold” rating in a research note on Monday, June 29th. Finally, Barclays raised their price target on shares of Iridium Communications from $25.00 to $36.00 and gave the company an “overweight” rating in a report on Thursday, April 9th.

Institutional Trading of Iridium Communications

A number of hedge funds have recently bought and sold shares of the company. Quadrant Capital Group LLC boosted its position in Iridium Communications by 107.5% in the fourth quarter. Quadrant Capital Group LLC now owns 1,430 shares of the technology company’s stock worth $25,000 after purchasing an additional 741 shares during the last quarter. Larson Financial Group LLC lifted its stake in shares of Iridium Communications by 392.8% in the 3rd quarter. Larson Financial Group LLC now owns 1,508 shares of the technology company’s stock worth $26,000 after purchasing an additional 1,202 shares during the period. Kestra Advisory Services LLC bought a new position in shares of Iridium Communications in the 4th quarter worth approximately $27,000. CIBC Private Wealth Group LLC purchased a new position in shares of Iridium Communications in the third quarter worth approximately $32,000. Finally, Caitong International Asset Management Co. Ltd grew its position in Iridium Communications by 10,363.2% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 1,988 shares of the technology company’s stock valued at $35,000 after buying an additional 1,969 shares during the period. Hedge funds and other institutional investors own 84.36% of the company’s stock.

Iridium Communications Stock Down 1.1%

NASDAQ:IRDM traded down $0.55 on Friday, reaching $50.06. 2,048,682 shares of the stock traded hands, compared to its average volume of 3,277,804. The company has a current ratio of 2.85, a quick ratio of 2.21 and a debt-to-equity ratio of 3.74. The company has a market capitalization of $5.29 billion, a price-to-earnings ratio of 50.57, a PEG ratio of 3.42 and a beta of 0.87. Iridium Communications has a 12 month low of $15.65 and a 12 month high of $57.18. The company’s fifty day simple moving average is $46.81 and its 200 day simple moving average is $32.78.

Iridium Communications (NASDAQ:IRDM) last posted its quarterly earnings results on Thursday, April 23rd. The technology company reported $0.20 EPS for the quarter, missing analysts’ consensus estimates of $0.27 by ($0.07). The firm had revenue of $219.06 million for the quarter, compared to analysts’ expectations of $218.39 million. Iridium Communications had a net margin of 12.05% and a return on equity of 22.76%. The company’s quarterly revenue was up 2.0% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.27 EPS. Equities analysts predict that Iridium Communications will post 1.05 EPS for the current fiscal year.

Iridium Communications Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, June 30th. Shareholders of record on Monday, June 15th were given a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 1.2%. The ex-dividend date of this dividend was Monday, June 15th. Iridium Communications’s payout ratio is 60.61%.

About Iridium Communications

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.