Iridium Communications Inc (IRDM) Expected to Post Quarterly Sales of $128.32 Million

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Brokerages forecast that Iridium Communications Inc (NASDAQ:IRDM) will post sales of $128.32 million for the current quarter, Zacks reports. Four analysts have provided estimates for Iridium Communications’ earnings, with the highest sales estimate coming in at $130.05 million and the lowest estimate coming in at $126.10 million. Iridium Communications reported sales of $116.55 million in the same quarter last year, which indicates a positive year over year growth rate of 10.1%. The business is scheduled to issue its next quarterly earnings report before the market opens on Thursday, October 25th.

On average, analysts expect that Iridium Communications will report full year sales of $508.39 million for the current year, with estimates ranging from $506.01 million to $514.00 million. For the next financial year, analysts expect that the company will post sales of $540.78 million, with estimates ranging from $523.40 million to $556.51 million. Zacks Investment Research’s sales averages are a mean average based on a survey of sell-side research analysts that that provide coverage for Iridium Communications.

Iridium Communications (NASDAQ:IRDM) last released its earnings results on Tuesday, July 31st. The technology company reported ($0.06) earnings per share for the quarter, meeting analysts’ consensus estimates of ($0.06). The business had revenue of $134.93 million during the quarter, compared to the consensus estimate of $120.54 million. Iridium Communications had a net margin of 36.66% and a return on equity of 3.72%. The firm’s revenue for the quarter was up 20.9% compared to the same quarter last year. During the same quarter last year, the firm earned $0.20 earnings per share.

A number of research analysts recently weighed in on IRDM shares. BidaskClub downgraded shares of Iridium Communications from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, October 9th. Raymond James raised shares of Iridium Communications to a “strong-buy” rating in a research report on Thursday, October 11th. Zacks Investment Research raised shares of Iridium Communications from a “hold” rating to a “strong-buy” rating and set a $21.00 target price for the company in a research report on Friday, August 3rd. Northland Securities downgraded shares of Iridium Communications from a “market perform” rating to an “under perform” rating in a research report on Monday, September 10th. Finally, Sidoti reaffirmed a “neutral” rating on shares of Iridium Communications in a research report on Monday, August 27th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating, two have issued a buy rating and two have assigned a strong buy rating to the company. The stock currently has a consensus rating of “Buy” and an average target price of $18.55.

Iridium Communications stock traded down $0.38 during mid-day trading on Monday, reaching $19.60. The company’s stock had a trading volume of 747,686 shares, compared to its average volume of 1,341,995. The company has a market cap of $2.21 billion, a P/E ratio of 28.00 and a beta of 1.84. Iridium Communications has a 12 month low of $9.95 and a 12 month high of $24.10. The company has a current ratio of 2.18, a quick ratio of 2.09 and a debt-to-equity ratio of 1.20.

In other news, COO S. Scott Smith sold 27,761 shares of Iridium Communications stock in a transaction dated Monday, August 20th. The shares were sold at an average price of $20.55, for a total value of $570,488.55. Following the completion of the transaction, the chief operating officer now owns 246,362 shares of the company’s stock, valued at approximately $5,062,739.10. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP Bryan J. Hartin sold 29,655 shares of Iridium Communications stock in a transaction dated Monday, August 6th. The shares were sold at an average price of $19.23, for a total transaction of $570,265.65. Following the completion of the transaction, the executive vice president now directly owns 94,168 shares of the company’s stock, valued at approximately $1,810,850.64. The disclosure for this sale can be found here. In the last three months, insiders sold 104,371 shares of company stock valued at $2,065,776. Insiders own 5.60% of the company’s stock.

Several institutional investors and hedge funds have recently made changes to their positions in the company. Wells Fargo & Company MN lifted its stake in shares of Iridium Communications by 143.8% during the 1st quarter. Wells Fargo & Company MN now owns 838,345 shares of the technology company’s stock worth $9,432,000 after buying an additional 494,515 shares during the last quarter. Northern Trust Corp lifted its stake in shares of Iridium Communications by 0.3% during the 1st quarter. Northern Trust Corp now owns 2,246,797 shares of the technology company’s stock worth $25,276,000 after buying an additional 7,803 shares during the last quarter. JPMorgan Chase & Co. lifted its stake in shares of Iridium Communications by 96.9% during the 1st quarter. JPMorgan Chase & Co. now owns 430,209 shares of the technology company’s stock worth $4,840,000 after buying an additional 211,675 shares during the last quarter. Principal Financial Group Inc. lifted its stake in shares of Iridium Communications by 3.2% during the 1st quarter. Principal Financial Group Inc. now owns 706,703 shares of the technology company’s stock worth $7,950,000 after buying an additional 21,616 shares during the last quarter. Finally, BB&T Securities LLC lifted its stake in shares of Iridium Communications by 12.2% during the 1st quarter. BB&T Securities LLC now owns 96,347 shares of the technology company’s stock worth $1,083,000 after buying an additional 10,482 shares during the last quarter. 86.25% of the stock is owned by institutional investors.

About Iridium Communications

Iridium Communications Inc provides mobile voice and data communications services through satellite to businesses, the U.S. and foreign 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.

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Earnings History and Estimates for Iridium Communications (NASDAQ:IRDM)

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