Barclays Lowers Iridium Communications (NASDAQ:IRDM) Price Target to $38.00

Iridium Communications (NASDAQ:IRDM) had its target price cut by Barclays from $45.00 to $38.00 in a research note released on Monday,Benzinga reports. They currently have an overweight rating on the technology company’s stock.

A number of other analysts have also weighed in on the company. Cantor Fitzgerald started coverage on Iridium Communications in a report on Friday, January 24th. They set an “overweight” rating and a $40.00 target price for the company. StockNews.com raised Iridium Communications from a “hold” rating to a “buy” rating in a research report on Thursday, February 27th.

Iridium Communications Stock Down 6.8 %

Shares of NASDAQ IRDM opened at $27.35 on Monday. The stock has a 50 day moving average price of $29.71 and a 200 day moving average price of $29.34. The company has a debt-to-equity ratio of 3.05, a quick ratio of 1.25 and a current ratio of 1.73. The firm has a market capitalization of $2.98 billion, a price-to-earnings ratio of 28.79, a PEG ratio of 1.28 and a beta of 0.70. Iridium Communications has a 52-week low of $24.14 and a 52-week high of $35.85.

Iridium Communications (NASDAQ:IRDM) last posted its earnings results on Thursday, February 13th. The technology company reported $0.31 earnings per share for the quarter, topping analysts’ consensus estimates of $0.15 by $0.16. The company had revenue of $212.99 million during the quarter, compared to analyst estimates of $203.78 million. Iridium Communications had a return on equity of 15.66% and a net margin of 13.58%. Sell-side analysts expect that Iridium Communications will post 0.89 earnings per share for the current year.

Iridium Communications Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Monday, March 17th will be given a dividend of $0.14 per share. This represents a $0.56 dividend on an annualized basis and a dividend yield of 2.05%. The ex-dividend date is Monday, March 17th. Iridium Communications’s payout ratio is presently 58.95%.

Insider Transactions at Iridium Communications

In related news, Director Thomas Fitzpatrick sold 12,500 shares of the company’s stock in a transaction on Friday, January 10th. The stock was sold at an average price of $28.53, for a total value of $356,625.00. Following the transaction, the director now directly owns 241,030 shares of the company’s stock, valued at $6,876,585.90. This represents a 4.93 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 2.00% of the company’s stock.

Hedge Funds Weigh In On Iridium Communications

Several hedge funds have recently made changes to their positions in IRDM. Van ECK Associates Corp increased its position in shares of Iridium Communications by 18.2% in the 3rd quarter. Van ECK Associates Corp now owns 56,182 shares of the technology company’s stock valued at $1,673,000 after acquiring an additional 8,662 shares during the period. QRG Capital Management Inc. acquired a new position in shares of Iridium Communications in the 3rd quarter valued at $226,000. Axxcess Wealth Management LLC increased its position in shares of Iridium Communications by 15.2% in the 3rd quarter. Axxcess Wealth Management LLC now owns 22,467 shares of the technology company’s stock valued at $684,000 after acquiring an additional 2,959 shares during the period. State of New Jersey Common Pension Fund D increased its position in shares of Iridium Communications by 23.0% in the 3rd quarter. State of New Jersey Common Pension Fund D now owns 75,970 shares of the technology company’s stock valued at $2,313,000 after acquiring an additional 14,222 shares during the period. Finally, Los Angeles Capital Management LLC increased its position in shares of Iridium Communications by 13.7% in the 3rd quarter. Los Angeles Capital Management LLC now owns 81,067 shares of the technology company’s stock valued at $2,468,000 after acquiring an additional 9,747 shares during the period. 84.36% of the stock is 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.