Brokerages forecast that Iridium Communications Inc (NASDAQ:IRDM) will report sales of $138.27 million for the current fiscal quarter, Zacks Investment Research reports. Three analysts have issued estimates for Iridium Communications’ earnings. The lowest sales estimate is $133.14 million and the highest is $141.81 million. Iridium Communications posted sales of $144.79 million during the same quarter last year, which would indicate a negative year over year growth rate of 4.5%. The firm is scheduled to announce its next quarterly earnings results before the market opens on Tuesday, October 20th.

On average, analysts expect that Iridium Communications will report full year sales of $558.41 million for the current fiscal year, with estimates ranging from $551.21 million to $562.07 million. For the next fiscal year, analysts forecast that the business will post sales of $586.34 million, with estimates ranging from $572.58 million to $597.88 million. Zacks Investment Research’s sales averages are a mean average based on a survey of sell-side analysts that follow Iridium Communications.

Iridium Communications (NASDAQ:IRDM) last released its earnings results on Tuesday, July 28th. The technology company reported ($0.09) EPS for the quarter, topping analysts’ consensus estimates of ($0.14) by $0.05. Iridium Communications had a negative return on equity of 3.97% and a negative net margin of 29.87%. The firm had revenue of $140.17 million for the quarter, compared to analysts’ expectations of $136.76 million. During the same period in the prior year, the firm posted ($0.16) earnings per share. The company’s quarterly revenue was down 2.0% on a year-over-year basis.

IRDM has been the topic of several recent analyst reports. BidaskClub raised Iridium Communications from a “sell” rating to a “hold” rating in a research report on Thursday, October 8th. Raymond James increased their price objective on Iridium Communications from $28.00 to $31.00 and gave the company an “outperform” rating in a research report on Wednesday, July 29th. Two equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. Iridium Communications has a consensus rating of “Buy” and a consensus target price of $29.75.

Iridium Communications stock opened at $28.04 on Friday. The company has a debt-to-equity ratio of 1.14, a current ratio of 2.25 and a quick ratio of 1.88. Iridium Communications has a one year low of $16.87 and a one year high of $32.08. The stock has a market capitalization of $3.72 billion, a PE ratio of -21.74 and a beta of 1.40. The business’s fifty day moving average is $27.48 and its 200 day moving average is $25.53.

In other news, CEO Matthew J. Desch sold 200,000 shares of Iridium Communications stock in a transaction that occurred on Tuesday, July 28th. The stock was sold at an average price of $28.50, for a total value of $5,700,000.00. Following the completion of the transaction, the chief executive officer now owns 1,061,846 shares in the company, valued at approximately $30,262,611. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CFO Thomas Fitzpatrick sold 100,000 shares of Iridium Communications stock in a transaction that occurred on Tuesday, July 28th. The stock was sold at an average price of $28.00, for a total value of $2,800,000.00. Following the completion of the transaction, the chief financial officer now owns 454,285 shares of the company’s stock, valued at approximately $12,719,980. The disclosure for this sale can be found here. Insiders have sold a total of 462,676 shares of company stock worth $13,123,118 in the last three months. 3.80% of the stock is owned by corporate insiders.

Several hedge funds have recently modified their holdings of the stock. Capital International Investors grew its stake in Iridium Communications by 44.1% during the 1st quarter. Capital International Investors now owns 4,795,145 shares of the technology company’s stock worth $107,076,000 after buying an additional 1,467,081 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. raised its holdings in Iridium Communications by 64.0% in the 2nd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 2,138,679 shares of the technology company’s stock worth $54,408,000 after purchasing an additional 834,284 shares during the period. Clearbridge Investments LLC raised its holdings in shares of Iridium Communications by 30.4% during the first quarter. Clearbridge Investments LLC now owns 1,498,754 shares of the technology company’s stock valued at $33,467,000 after acquiring an additional 349,443 shares during the last quarter. State Street Corp raised its holdings in shares of Iridium Communications by 8.4% during the first quarter. State Street Corp now owns 3,605,019 shares of the technology company’s stock valued at $80,500,000 after acquiring an additional 278,155 shares during the last quarter. Finally, Jaffetilchin Investment Partners LLC acquired a new position in shares of Iridium Communications during the second quarter valued at approximately $70,000. 83.23% of the stock is owned by hedge funds and other institutional investors.

Iridium Communications Company Profile

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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