Iridium Communications (NASDAQ:IRDM) Upgraded to Hold at New Street Research

New Street Research upgraded shares of Iridium Communications (NASDAQ:IRDM) to a hold rating in a report issued on Wednesday morning,Zacks.com reports.

Other equities analysts have also issued reports about the company. Morgan Stanley raised their price target on Iridium Communications from $24.00 to $26.00 and gave the stock an “equal weight” rating in a report on Wednesday, February 18th. Barclays raised their price target on Iridium Communications from $25.00 to $36.00 and gave the stock an “overweight” rating in a report on Thursday, April 9th. Raymond James Financial reissued a “market perform” rating on shares of Iridium Communications in a research note on Friday, April 24th. Weiss Ratings raised Iridium Communications from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Tuesday, March 10th. Finally, BWS Financial reissued a “sell” rating and set a $16.00 price objective on shares of Iridium Communications in a research note on Monday, April 27th. One analyst has rated the stock with a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $28.80.

Iridium Communications Price Performance

Iridium Communications stock opened at $43.43 on Wednesday. Iridium Communications has a one year low of $15.65 and a one year high of $44.61. The business has a fifty day moving average price of $33.29 and a 200-day moving average price of $23.97. The company has a debt-to-equity ratio of 3.74, a current ratio of 2.85 and a quick ratio of 2.21. The firm has a market capitalization of $4.59 billion, a P/E ratio of 43.87, a PEG ratio of 2.94 and a beta of 0.79.

Iridium Communications (NASDAQ:IRDM) last posted its quarterly earnings results on Thursday, April 23rd. The technology company reported $0.20 EPS for the quarter, missing analysts’ consensus estimates of $0.27 by ($0.07). Iridium Communications had a return on equity of 22.76% and a net margin of 12.05%.The company had revenue of $219.06 million during the quarter, compared to the consensus estimate of $218.39 million. During the same period in the previous year, the business earned $0.27 earnings per share. Iridium Communications’s revenue was up 2.0% on a year-over-year basis. As a group, equities research analysts forecast that Iridium Communications will post 1.04 EPS for the current year.

Iridium Communications Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, March 31st. Shareholders of record on Monday, March 16th were given a dividend of $0.15 per share. The ex-dividend date was Monday, March 16th. This represents a $0.60 dividend on an annualized basis and a yield of 1.4%. Iridium Communications’s dividend payout ratio (DPR) is presently 60.61%.

Insiders Place Their Bets

In other news, CAO Timothy Kapalka sold 2,043 shares of Iridium Communications stock in a transaction dated Monday, April 6th. The stock was sold at an average price of $33.00, for a total value of $67,419.00. Following the transaction, the chief accounting officer owned 45,721 shares in the company, valued at approximately $1,508,793. The trade was a 4.28% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 2.70% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of IRDM. Millennium Management LLC increased its holdings in shares of Iridium Communications by 265.8% in the third quarter. Millennium Management LLC now owns 3,039,731 shares of the technology company’s stock worth $53,074,000 after buying an additional 2,208,857 shares during the period. Gotham Asset Management LLC increased its holdings in shares of Iridium Communications by 651.1% in the fourth quarter. Gotham Asset Management LLC now owns 2,309,750 shares of the technology company’s stock worth $40,143,000 after buying an additional 2,002,232 shares during the period. Man Group plc increased its holdings in shares of Iridium Communications by 226.3% in the third quarter. Man Group plc now owns 2,012,077 shares of the technology company’s stock worth $35,131,000 after buying an additional 1,395,485 shares during the period. ARK Investment Management LLC increased its holdings in shares of Iridium Communications by 21.7% in the third quarter. ARK Investment Management LLC now owns 6,490,108 shares of the technology company’s stock worth $113,317,000 after buying an additional 1,156,580 shares during the period. Finally, Silver Heights Capital Management Inc increased its holdings in shares of Iridium Communications by 22.7% in the third quarter. Silver Heights Capital Management Inc now owns 5,189,703 shares of the technology company’s stock worth $90,612,000 after buying an additional 961,440 shares during the period. Hedge funds and other institutional investors own 84.36% of the company’s stock.

Iridium Communications News Summary

Here are the key news stories impacting Iridium Communications this week:

• Positive Sentiment: Iridium agreed to buy the remaining 61% of Aireon for about $366.7 million, a move that could expand its aviation safety and air-surveillance business over the long term. Iridium to Acquire Aireon, Advancing its Strategy to Lead the Future of Aviation Safety
• Positive Sentiment: Investors also reacted to reports framing the Aireon takeover as a strategic growth step that could strengthen Iridium’s position in aviation-related services. Iridium Communications Makes A Bold Move That Creates Long-Term Growth
• Neutral Sentiment: New Street Research initiated coverage on Iridium with a neutral/hold-style view, later reporting a hold rating. The firm also cited a $40 price target, which is below the current share price and may temper enthusiasm. Iridium Communications (NASDAQ:IRDM) Now Covered by Analysts at New Street Research
• Neutral Sentiment: Consensus analyst ratings now point to Hold, suggesting the market sees the stock as fairly valued after its recent run-up. Iridium Communications Inc (NASDAQ:IRDM) Given Consensus Rating of “Hold” by Analysts

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.