Iridium Communications Inc. (NASDAQ:IRDM) Short Interest Down 6.3% in June

Iridium Communications Inc. (NASDAQ:IRDM) saw a significant drop in short interest in the month of June. As of June 15th, there was short interest totalling 4,930,000 shares, a drop of 6.3% from the May 31st total of 5,260,000 shares. Currently, 4.6% of the company’s shares are sold short. Based on an average trading volume of 1,100,000 shares, the days-to-cover ratio is currently 4.5 days.

Iridium Communications Trading Up 0.6 %

IRDM opened at $26.82 on Thursday. The stock has a market cap of $3.26 billion, a PE ratio of 127.71 and a beta of 0.65. The business has a 50 day moving average of $28.83 and a 200-day moving average of $31.02. Iridium Communications has a 52 week low of $24.14 and a 52 week high of $61.84. 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 quarterly earnings data on Thursday, April 18th. The technology company reported $0.16 EPS for the quarter, beating the consensus estimate of $0.15 by $0.01. Iridium Communications had a return on equity of 2.76% and a net margin of 3.20%. The business had revenue of $203.80 million during the quarter, compared to analyst estimates of $193.84 million. During the same quarter last year, the firm posted $0.08 earnings per share. The company’s revenue for the quarter was down .7% on a year-over-year basis. Equities research analysts predict that Iridium Communications will post 0.74 earnings per share for the current fiscal year.

Iridium Communications Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, June 28th. Investors of record on Friday, June 14th were given a dividend of $0.14 per share. This is a boost from Iridium Communications’s previous quarterly dividend of $0.13. This represents a $0.56 dividend on an annualized basis and a yield of 2.09%. The ex-dividend date of this dividend was Friday, June 14th. Iridium Communications’s dividend payout ratio (DPR) is 266.67%.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on the stock. Barclays boosted 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 set a $30.00 target price on shares of Iridium Communications in a research note on Monday, April 22nd. Three research analysts have rated the stock with a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $44.75.

Institutional Investors Weigh In On Iridium Communications

Hedge funds have recently bought and sold shares of the business. Treasurer of the State of North Carolina increased its stake in shares of Iridium Communications by 0.5% during the third quarter. Treasurer of the State of North Carolina now owns 54,770 shares of the technology company’s stock valued at $2,491,000 after purchasing an additional 280 shares in the last quarter. ORG Partners LLC grew its stake in shares of Iridium Communications by 20.6% in the 4th quarter. ORG Partners LLC now owns 3,216 shares of the technology company’s stock worth $132,000 after buying an additional 550 shares during the last quarter. Northwest Financial Advisors bought a new position in Iridium Communications during the 4th quarter valued at approximately $26,000. State of Michigan Retirement System raised its stake in Iridium Communications by 2.4% during the first quarter. State of Michigan Retirement System now owns 30,459 shares of the technology company’s stock valued at $797,000 after buying an additional 700 shares during the last quarter. Finally, Louisiana State Employees Retirement System raised its stake in Iridium Communications by 2.3% during the first quarter. Louisiana State Employees Retirement System now owns 35,600 shares of the technology company’s stock valued at $931,000 after buying an additional 800 shares during the last quarter. Institutional investors own 84.36% of the company’s stock.

Iridium Communications Company Profile

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.