Iridium Communications (NASDAQ:IRDM) Upgraded by StockNews.com to “Buy” Rating

StockNews.com upgraded shares of Iridium Communications (NASDAQ:IRDM) from a hold rating to a buy rating in a report released on Friday.

Several other equities analysts have also recently commented on the company. Barclays cut their price target on Iridium Communications from $45.00 to $38.00 and set an “overweight” rating for the company in a report on Monday, March 10th. Cantor Fitzgerald started coverage on Iridium Communications in a research note on Friday, January 24th. They issued an “overweight” rating and a $40.00 target price for the company.

Iridium Communications Stock Up 0.4 %

Shares of IRDM stock opened at $27.65 on Friday. Iridium Communications has a 12 month low of $24.14 and a 12 month high of $35.85. The firm has a market cap of $3.01 billion, a PE ratio of 29.11, a price-to-earnings-growth ratio of 1.28 and a beta of 0.70. The stock has a 50 day moving average of $29.40 and a 200-day moving average of $29.38. The company has a quick ratio of 1.25, a current ratio of 1.73 and a debt-to-equity ratio of 3.05.

Iridium Communications (NASDAQ:IRDM) last released its earnings results on Thursday, February 13th. The technology company reported $0.31 EPS for the quarter, beating the consensus estimate of $0.15 by $0.16. The firm had revenue of $212.99 million during the quarter, compared to analysts’ expectations of $203.78 million. Iridium Communications had a net margin of 13.58% and a return on equity of 15.66%. On average, equities analysts predict that Iridium Communications will post 0.89 EPS for the current year.

Iridium Communications Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Monday, March 17th will be given a $0.14 dividend. This represents a $0.56 annualized dividend and a yield of 2.03%. The ex-dividend date is Monday, March 17th. Iridium Communications’s dividend payout ratio (DPR) is presently 58.95%.

Insider Transactions at Iridium Communications

In related news, Director Thomas Fitzpatrick sold 12,500 shares of the stock in a transaction dated Friday, January 10th. The shares were sold at an average price of $28.53, for a total transaction of $356,625.00. Following the completion of the sale, the director now owns 241,030 shares in the company, valued at $6,876,585.90. This trade represents a 4.93 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 2.00% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Iridium Communications

A number of hedge funds have recently made changes to their positions in IRDM. Plato Investment Management Ltd acquired a new stake in shares of Iridium Communications during the fourth quarter worth approximately $32,000. SBI Securities Co. Ltd. acquired a new stake in Iridium Communications during the 4th quarter valued at $37,000. Pinnacle Holdings LLC increased its holdings in Iridium Communications by 45.4% during the 4th quarter. Pinnacle Holdings LLC now owns 1,528 shares of the technology company’s stock valued at $44,000 after purchasing an additional 477 shares in the last quarter. Fifth Third Bancorp increased its holdings in Iridium Communications by 19.8% during the 4th quarter. Fifth Third Bancorp now owns 2,162 shares of the technology company’s stock valued at $63,000 after purchasing an additional 357 shares in the last quarter. Finally, Covestor Ltd increased its stake in shares of Iridium Communications by 529.6% in the fourth quarter. Covestor Ltd now owns 2,512 shares of the technology company’s stock valued at $73,000 after buying an additional 2,113 shares in the last quarter. Institutional investors and hedge funds 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.