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

Shares of Iridium Communications Inc (NASDAQ:IRDM) have earned an average recommendation of “Hold” from the eight analysts that are covering the firm, MarketBeat reports. One investment analyst has rated the stock with a sell recommendation, five have given a hold recommendation and two have assigned a buy recommendation to the company. The average twelve-month price target among brokers that have issued a report on the stock in the last year is $38.6667.

A number of brokerages have recently commented on IRDM. New Street Research assumed coverage on Iridium Communications in a report on Thursday, May 14th. They issued a “neutral” rating and a $40.00 target price for the company. Barclays lifted their target price on Iridium Communications from $25.00 to $36.00 and gave the stock an “overweight” rating in a research report on Thursday, April 9th. Raymond James Financial restated a “market perform” rating on shares of Iridium Communications in a research note on Friday, April 24th. Oppenheimer lifted their price target on shares of Iridium Communications from $48.00 to $60.00 and gave the company an “outperform” rating in a research note on Wednesday, June 3rd. Finally, William Blair lowered Iridium Communications from an “outperform” rating to a “hold” rating in a report on Monday, June 29th.

Iridium Communications Stock Down 1.2%

Shares of NASDAQ:IRDM opened at $50.48 on Friday. The company has a market cap of $5.34 billion, a price-to-earnings ratio of 50.99, 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 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 50-day moving average price of $46.27 and a 200 day moving average price of $32.43.

Iridium Communications (NASDAQ:IRDM) last issued its quarterly earnings data on Thursday, April 23rd. The technology company reported $0.20 earnings per share for the quarter, missing the consensus estimate of $0.27 by ($0.07). The company had revenue of $219.06 million for the quarter, compared to the consensus estimate of $218.39 million. Iridium Communications had a return on equity of 22.76% and a net margin of 12.05%.The company’s revenue was up 2.0% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.27 earnings per share. As a group, equities research analysts predict that Iridium Communications will post 1.06 earnings per share for the current year.

Iridium Communications Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, June 30th. Shareholders of record on Monday, June 15th were issued a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a yield of 1.2%. The ex-dividend date was Monday, June 15th. Iridium Communications’s dividend payout ratio (DPR) is presently 60.61%.

Institutional Investors Weigh In On Iridium Communications

Hedge funds have recently made changes to their positions in the company. Quantinno Capital Management LP lifted its position in shares of Iridium Communications by 3.1% in 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 increased its holdings 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. GAMMA Investing LLC raised its stake in Iridium Communications by 19.4% in the second quarter. GAMMA Investing LLC now owns 3,023 shares of the technology company’s stock worth $166,000 after buying an additional 491 shares in the last quarter. Allworth Financial LP lifted 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 period. Finally, Quadrant Capital Group LLC boosted its position in Iridium Communications by 107.5% during the 4th quarter. Quadrant Capital Group LLC now owns 1,430 shares of the technology company’s stock valued at $25,000 after acquiring an additional 741 shares in the last quarter. 84.36% of the stock is currently owned by hedge funds and other 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.