Q2 2024 EPS Estimates for Iridium Communications Inc. Decreased by Analyst (NASDAQ:IRDM)

Iridium Communications Inc. (NASDAQ:IRDM) – Equities researchers at BWS Financial reduced their Q2 2024 earnings estimates for shares of Iridium Communications in a research report issued on Monday, April 22nd. BWS Financial analyst H. Khorsand now forecasts that the technology company will post earnings of $0.21 per share for the quarter, down from their previous estimate of $0.22. BWS Financial currently has a “Neutral” rating and a $30.00 price target on the stock. The consensus estimate for Iridium Communications’ current full-year earnings is $0.74 per share. BWS Financial also issued estimates for Iridium Communications’ Q3 2024 earnings at $0.23 EPS, Q4 2024 earnings at $0.20 EPS and FY2024 earnings at $0.80 EPS.

IRDM has been the topic of a number of other research reports. Raymond James lowered their target price on Iridium Communications from $53.00 to $48.00 and set a “strong-buy” rating on the stock in a report on Friday, February 16th. TheStreet upgraded shares of Iridium Communications from a “d+” rating to a “c-” rating in a research note on Thursday, February 15th. William Blair lowered shares of Iridium Communications from an “outperform” rating to a “market perform” rating in a research report on Thursday, February 15th. Finally, Barclays cut their price target on Iridium Communications from $45.00 to $42.00 and set an “overweight” rating for the company in a report on Friday, February 23rd. Three equities research analysts have rated the stock with a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $44.25.

Iridium Communications Trading Up 1.9 %

Shares of NASDAQ:IRDM opened at $29.28 on Wednesday. Iridium Communications has a 52-week low of $24.14 and a 52-week high of $66.15. The company has a debt-to-equity ratio of 1.86, a quick ratio of 2.52 and a current ratio of 3.33. The company has a market cap of $3.56 billion, a P/E ratio of 139.43 and a beta of 0.85. The stock’s 50-day moving average is $27.41 and its 200-day moving average is $34.57.

Iridium Communications (NASDAQ:IRDM) last released its quarterly earnings results on Thursday, April 18th. The technology company reported $0.16 EPS for the quarter, beating analysts’ consensus estimates of $0.15 by $0.01. Iridium Communications had a net margin of 3.20% and a return on equity of 2.76%. The company had revenue of $203.80 million for the quarter, compared to analyst estimates of $193.84 million. During the same quarter last year, the firm posted $0.08 earnings per share. The company’s quarterly revenue was down .7% compared to the same quarter last year.

Institutional Trading of Iridium Communications

A number of large investors have recently bought and sold shares of the stock. Norges Bank acquired a new stake in shares of Iridium Communications in the fourth quarter valued at $55,079,000. Van Berkom & Associates Inc. increased its position in Iridium Communications by 57.5% in the 3rd quarter. Van Berkom & Associates Inc. now owns 2,059,088 shares of the technology company’s stock valued at $93,668,000 after acquiring an additional 751,595 shares in the last quarter. Pacer Advisors Inc. raised its stake in shares of Iridium Communications by 2,918.9% in the fourth quarter. Pacer Advisors Inc. now owns 603,900 shares of the technology company’s stock worth $24,857,000 after acquiring an additional 583,896 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. lifted its position in shares of Iridium Communications by 44.9% during the fourth quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 1,743,482 shares of the technology company’s stock worth $71,762,000 after purchasing an additional 539,909 shares in the last quarter. Finally, Nikko Asset Management Americas Inc. lifted its position in shares of Iridium Communications by 44.9% during the fourth quarter. Nikko Asset Management Americas Inc. now owns 1,743,482 shares of the technology company’s stock worth $71,762,000 after purchasing an additional 539,909 shares in the last quarter. 84.36% of the stock is currently owned by institutional investors.

Iridium Communications Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 29th. Shareholders of record on Friday, March 15th were issued a dividend of $0.13 per share. This represents a $0.52 dividend on an annualized basis and a yield of 1.78%. The ex-dividend date was Thursday, March 14th. Iridium Communications’s payout ratio is 247.62%.

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.