BWS Financial Reaffirms “Neutral” Rating for Iridium Communications (NASDAQ:IRDM)

BWS Financial restated their neutral rating on shares of Iridium Communications (NASDAQ:IRDM) in a research report released on Monday morning, Benzinga reports. The brokerage currently has a $30.00 target price on the technology company’s stock. BWS Financial also issued estimates for Iridium Communications’ Q4 2024 earnings at $0.14 EPS, Q1 2025 earnings at $0.16 EPS, Q2 2025 earnings at $0.19 EPS, Q3 2025 earnings at $0.23 EPS and FY2025 earnings at $0.76 EPS.

Separately, Barclays upped their target price on shares of Iridium Communications from $44.00 to $45.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 24th. Two equities research analysts have rated the stock with a hold rating, one has issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $41.00.

Iridium Communications Price Performance

Shares of Iridium Communications stock opened at $29.78 on Monday. The company has a current ratio of 2.25, a quick ratio of 1.52 and a debt-to-equity ratio of 2.08. The stock has a market capitalization of $3.62 billion, a price-to-earnings ratio of 141.81 and a beta of 0.65. Iridium Communications has a 1-year low of $24.14 and a 1-year high of $41.66. The firm’s 50-day moving average price is $28.46 and its two-hundred day moving average price is $28.07.

Iridium Communications (NASDAQ:IRDM) last issued its quarterly earnings data on Tuesday, July 23rd. The technology company reported $0.27 earnings per share for the quarter, topping the consensus estimate of $0.17 by $0.10. Iridium Communications had a net margin of 11.08% and a return on equity of 10.23%. The firm had revenue of $201.07 million for the quarter, compared to analysts’ expectations of $204.01 million. During the same period in the prior year, the firm earned ($0.24) earnings per share. The company’s quarterly revenue was up 4.1% compared to the same quarter last year. On average, equities analysts predict that Iridium Communications will post 0.81 earnings per share for the current fiscal year.

Iridium Communications declared that its Board of Directors has authorized a stock buyback plan on Thursday, September 19th that allows the company to repurchase $500.00 million in outstanding shares. This repurchase authorization allows the technology company to purchase up to 14.2% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board of directors believes its stock is undervalued.

Iridium Communications Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Friday, September 13th were given a dividend of $0.14 per share. The ex-dividend date of this dividend was Friday, September 13th. This represents a $0.56 dividend on an annualized basis and a dividend yield of 1.88%. Iridium Communications’s payout ratio is 266.67%.

Hedge Funds Weigh In On Iridium Communications

Several large investors have recently bought and sold shares of the business. Riverwater Partners LLC lifted its holdings in Iridium Communications by 406.3% in the third quarter. Riverwater Partners LLC now owns 85,146 shares of the technology company’s stock valued at $2,666,000 after buying an additional 68,329 shares during the period. International Assets Investment Management LLC raised its holdings in Iridium Communications by 2,945.0% in the third quarter. International Assets Investment Management LLC now owns 51,765 shares of the technology company’s stock worth $1,700,000 after purchasing an additional 50,065 shares during the period. Lecap Asset Management Ltd. raised its holdings in Iridium Communications by 6.8% in the third quarter. Lecap Asset Management Ltd. now owns 26,587 shares of the technology company’s stock worth $810,000 after purchasing an additional 1,691 shares during the period. Private Advisor Group LLC raised its holdings in Iridium Communications by 186.6% in the third quarter. Private Advisor Group LLC now owns 50,633 shares of the technology company’s stock worth $1,542,000 after purchasing an additional 32,967 shares during the period. Finally, Wealth Effects LLC acquired a new stake in Iridium Communications in the third quarter worth $533,000. 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.