Brokerages Set Iridium Communications Inc (NASDAQ:IRDM) PT at $38.67

Shares of Iridium Communications Inc (NASDAQ:IRDM) have been given a consensus recommendation of “Hold” by the eight analysts that are presently covering the company, Marketbeat Ratings reports. One investment analyst has rated the stock with a sell recommendation, four have issued a hold recommendation and three have assigned a buy recommendation to the company. The average 12 month price target among brokerages that have updated their coverage on the stock in the last year is $38.6667.

A number of brokerages recently weighed in on IRDM. Weiss Ratings restated a “hold (c)” rating on shares of Iridium Communications in a report on Friday, July 10th. New Street Research raised shares of Iridium Communications from a “neutral” rating to a “buy” rating in a research report on Wednesday, July 22nd. Oppenheimer boosted their price target on shares of Iridium Communications from $48.00 to $60.00 and gave the stock an “outperform” rating in a research note on Wednesday, June 3rd. BWS Financial reaffirmed a “sell” rating and set a $16.00 price objective on shares of Iridium Communications in a research report on Monday, April 27th. Finally, Raymond James Financial reiterated a “market perform” rating on shares of Iridium Communications in a research note on Friday, April 24th.

Hedge Funds Weigh In On Iridium Communications

Several large investors have recently bought and sold shares of IRDM. Tema ETFs LLC acquired a new stake in shares of Iridium Communications during the 2nd quarter worth about $16,961,000. Brave Asset Management Inc. purchased a new position in shares of Iridium Communications during the second quarter worth approximately $247,000. GAMMA Investing LLC increased its holdings in shares of Iridium Communications by 19.4% in the 2nd quarter. GAMMA Investing LLC now owns 3,023 shares of the technology company’s stock valued at $166,000 after acquiring an additional 491 shares during the period. Parallel Advisors LLC raised its position in Iridium Communications by 789.1% in the 1st quarter. Parallel Advisors LLC now owns 7,042 shares of the technology company’s stock valued at $195,000 after purchasing an additional 6,250 shares during the last quarter. Finally, NewEdge Advisors LLC raised its holdings in shares of Iridium Communications by 11,143.3% in the first quarter. NewEdge Advisors LLC now owns 45,198 shares of the technology company’s stock valued at $1,254,000 after buying an additional 44,796 shares during the last quarter. Hedge funds and other institutional investors own 84.36% of the company’s stock.

Iridium Communications Price Performance

IRDM opened at $47.34 on Wednesday. The stock’s 50-day moving average price is $48.09 and its 200 day moving average price is $35.84. Iridium Communications has a 12-month low of $15.65 and a 12-month high of $57.18. The firm has a market cap of $5.02 billion, a price-to-earnings ratio of 53.80, a PEG ratio of 3.86 and a beta of 0.87. The company has a current ratio of 2.78, a quick ratio of 2.31 and a debt-to-equity ratio of 3.70.

Iridium Communications (NASDAQ:IRDM) last released its earnings results on Wednesday, July 22nd. The technology company reported $0.09 earnings per share for the quarter, missing the consensus estimate of $0.28 by ($0.19). The firm had revenue of $225.24 million during the quarter, compared to analyst estimates of $220.32 million. Iridium Communications had a net margin of 10.55% and a return on equity of 22.57%. The business’s revenue was up 3.8% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.20 earnings per share. As a group, sell-side analysts expect that Iridium Communications will post 0.95 earnings per share for the current year.

Iridium Communications Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, June 30th. Investors of record on Monday, June 15th were paid a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.3%. The ex-dividend date was Monday, June 15th. Iridium Communications’s dividend payout ratio is presently 68.18%.

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.