Analysts Set Iridium Communications Inc (NASDAQ:IRDM) Price Target at $25.40

Shares of Iridium Communications Inc (NASDAQ:IRDM) have received a consensus rating of “Hold” from the seven analysts that are currently covering the company, MarketBeat reports. One equities research analyst has rated the stock with a sell recommendation, two have assigned a hold recommendation and four have issued a buy recommendation on the company. The average 12-month price objective among analysts that have issued a report on the stock in the last year is $25.40.

Several equities analysts recently weighed in on IRDM shares. Morgan Stanley raised their price target on shares of Iridium Communications from $24.00 to $26.00 and gave the company an “equal weight” rating in a research report on Wednesday, February 18th. Weiss Ratings raised Iridium Communications from a “sell (d+)” rating to a “hold (c-)” rating in a report on Tuesday, March 10th. Finally, BWS Financial reissued a “sell” rating and issued a $16.00 price objective on shares of Iridium Communications in a research note on Tuesday, February 17th.

Iridium Communications Stock Performance

IRDM opened at $26.81 on Thursday. Iridium Communications has a 1-year low of $15.65 and a 1-year high of $33.34. The company has a market cap of $2.81 billion, a price-to-earnings ratio of 25.29, a PEG ratio of 1.89 and a beta of 0.60. The company’s fifty day moving average price is $23.23 and its two-hundred day moving average price is $19.74. The company has a current ratio of 2.48, a quick ratio of 1.82 and a debt-to-equity ratio of 3.80.

Iridium Communications (NASDAQ:IRDM) last issued its quarterly earnings data on Thursday, February 12th. The technology company reported $0.24 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.23 by $0.01. The firm had revenue of $212.94 million during the quarter, compared to analysts’ expectations of $219.14 million. Iridium Communications had a net margin of 13.12% and a return on equity of 24.01%. The business’s revenue was up .0% on a year-over-year basis. During the same period last year, the company earned $0.32 earnings per share. On average, analysts expect that Iridium Communications will post 0.89 EPS for the current fiscal year.

Iridium Communications Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, March 31st. Investors of record on Monday, March 16th will be issued a dividend of $0.15 per share. The ex-dividend date is Monday, March 16th. This represents a $0.60 annualized dividend and a yield of 2.2%. Iridium Communications’s dividend payout ratio is 56.60%.

Hedge Funds Weigh In On Iridium Communications

Several large investors have recently bought and sold shares of the stock. Quantinno Capital Management LP raised its stake in shares of Iridium Communications by 3.1% during the 2nd quarter. Quantinno Capital Management LP now owns 15,199 shares of the technology company’s stock worth $459,000 after purchasing an additional 461 shares during the period. Empowered Funds LLC grew its position in Iridium Communications by 4.4% during the fourth quarter. Empowered Funds LLC now owns 11,350 shares of the technology company’s stock valued at $197,000 after buying an additional 478 shares during the period. Allworth Financial LP increased its holdings in Iridium Communications by 11.2% during the fourth quarter. Allworth Financial LP now owns 5,677 shares of the technology company’s stock worth $99,000 after buying an additional 572 shares during the last quarter. Quadrant Capital Group LLC increased its holdings in Iridium Communications by 107.5% during the fourth quarter. Quadrant Capital Group LLC now owns 1,430 shares of the technology company’s stock worth $25,000 after buying an additional 741 shares during the last quarter. Finally, Jones Financial Companies Lllp raised its position in Iridium Communications by 36.2% in the third quarter. Jones Financial Companies Lllp now owns 3,053 shares of the technology company’s stock worth $54,000 after acquiring an additional 812 shares during the period. 84.36% of the stock is currently owned by institutional investors.

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.