Brokerages Set Iridium Communications Inc. (NASDAQ:IRDM) PT at $44.75

Iridium Communications Inc. (NASDAQ:IRDM) has received an average rating of “Moderate Buy” from the five analysts that are currently covering the stock, MarketBeat.com reports. Two investment analysts have rated the stock with a hold rating, two have given a buy rating and one has given a strong buy rating to the company. The average twelve-month price objective among brokers that have updated their coverage on the stock in the last year is $44.75.

IRDM has been the topic of a number of analyst reports. Barclays lifted their price objective on shares of Iridium Communications from $42.00 to $44.00 and gave the company an “overweight” rating in a research report on Friday, April 26th. BWS Financial reaffirmed a “neutral” rating and issued a $30.00 target price on shares of Iridium Communications in a report on Monday, April 22nd.

Iridium Communications Stock Performance

NASDAQ IRDM opened at $26.82 on Monday. The firm has a market cap of $3.26 billion, a P/E ratio of 127.71 and a beta of 0.65. Iridium Communications has a 52-week low of $24.14 and a 52-week high of $61.84. The business’s 50-day moving average price is $28.83 and its 200 day moving average price is $31.02. The company has a quick ratio of 2.52, a current ratio of 3.33 and a debt-to-equity ratio of 1.86.

Iridium Communications (NASDAQ:IRDM) last announced its earnings results on Thursday, April 18th. The technology company reported $0.16 earnings per share for the quarter, beating the consensus estimate of $0.15 by $0.01. The company had revenue of $203.80 million for the quarter, compared to the consensus estimate of $193.84 million. Iridium Communications had a return on equity of 2.76% and a net margin of 3.20%. The company’s revenue was down .7% on a year-over-year basis. During the same period last year, the business posted $0.08 EPS. On average, equities research analysts expect that Iridium Communications will post 0.74 earnings per share for the current year.

Iridium Communications Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, June 28th. Shareholders of record on Friday, June 14th were given a dividend of $0.14 per share. This is a positive change from Iridium Communications’s previous quarterly dividend of $0.13. This represents a $0.56 annualized dividend and a dividend yield of 2.09%. The ex-dividend date was Friday, June 14th. Iridium Communications’s payout ratio is presently 266.67%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in IRDM. Northwest Financial Advisors purchased a new stake in shares of Iridium Communications in the 4th quarter worth about $26,000. Acadian Asset Management LLC acquired a new stake in shares of Iridium Communications in the first quarter valued at approximately $29,000. Allspring Global Investments Holdings LLC purchased a new position in shares of Iridium Communications during the 4th quarter worth approximately $41,000. Covestor Ltd raised its position in shares of Iridium Communications by 1,033.5% during the 1st quarter. Covestor Ltd now owns 1,791 shares of the technology company’s stock worth $47,000 after purchasing an additional 1,633 shares during the last quarter. Finally, GAMMA Investing LLC lifted its stake in Iridium Communications by 157.5% in the 2nd quarter. GAMMA Investing LLC now owns 1,916 shares of the technology company’s stock valued at $51,000 after buying an additional 1,172 shares in the last quarter. 84.36% of the stock is currently owned by institutional investors and hedge funds.

About Iridium Communications

Iridium Communications Inc provides mobile voice and data communications services and products to businesses, the United States and international 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.