Iridium Communications (NASDAQ:IRDM) Research Coverage Started at Oppenheimer

Oppenheimer initiated coverage on shares of Iridium Communications (NASDAQ:IRDM) in a report issued on Monday, Marketbeat.com reports. The brokerage issued an outperform rating and a $34.00 price target on the technology company’s stock.

Several other research firms have also recently weighed in on IRDM. StockNews.com cut shares of Iridium Communications from a “buy” rating to a “hold” rating in a report on Thursday, May 1st. Barclays reduced their price target on shares of Iridium Communications from $45.00 to $38.00 and set an “overweight” rating on the stock in a research report on Monday, March 10th. William Blair upgraded shares of Iridium Communications from a “market perform” rating to an “outperform” rating in a report on Tuesday, April 22nd. Cantor Fitzgerald assumed coverage on Iridium Communications in a research note on Friday, January 24th. They set an “overweight” rating and a $40.00 price objective on the stock. Finally, BWS Financial lowered their price target on shares of Iridium Communications from $30.00 to $25.00 and set a “neutral” rating for the company in a report on Wednesday, April 23rd. Two research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $34.25.

Iridium Communications Stock Performance

NASDAQ:IRDM opened at $26.31 on Monday. The company has a market capitalization of $2.85 billion, a P/E ratio of 27.70, a P/E/G ratio of 1.28 and a beta of 0.74. The business has a fifty day simple moving average of $26.11 and a two-hundred day simple moving average of $28.37. The company has a debt-to-equity ratio of 3.05, a current ratio of 1.73 and a quick ratio of 1.25. Iridium Communications has a 1 year low of $19.91 and a 1 year high of $35.85.

Iridium Communications (NASDAQ:IRDM) last released its quarterly earnings data on Tuesday, April 22nd. The technology company reported $0.27 earnings per share for the quarter, beating analysts’ consensus estimates of $0.22 by $0.05. The business had revenue of $214.88 million during the quarter, compared to analyst estimates of $211.78 million. Iridium Communications had a net margin of 13.58% and a return on equity of 15.66%. During the same period in the previous year, the business earned $0.17 EPS. On average, analysts expect that Iridium Communications will post 0.89 earnings per share for the current year.

Iridium Communications Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Monday, March 17th were given a dividend of $0.14 per share. The ex-dividend date of this dividend was Monday, March 17th. This represents a $0.56 annualized dividend and a yield of 2.13%. Iridium Communications’s payout ratio is 52.83%.

Institutional Investors Weigh In On Iridium Communications

Several hedge funds and other institutional investors have recently added to or reduced their stakes in IRDM. Plato Investment Management Ltd purchased a new stake in shares of Iridium Communications in the 4th quarter worth approximately $32,000. SBI Securities Co. Ltd. purchased a new stake in Iridium Communications during the fourth quarter valued at $37,000. UMB Bank n.a. lifted its stake in shares of Iridium Communications by 129.8% in the 1st quarter. UMB Bank n.a. now owns 1,379 shares of the technology company’s stock worth $38,000 after purchasing an additional 779 shares during the period. Pinnacle Holdings LLC boosted its stake in shares of Iridium Communications by 45.4% during the 4th quarter. Pinnacle Holdings LLC now owns 1,528 shares of the technology company’s stock worth $44,000 after acquiring an additional 477 shares during the last quarter. Finally, Cooksen Wealth LLC purchased a new position in Iridium Communications during the first quarter valued at $47,000. 84.36% of the stock is owned by hedge funds and other institutional investors.

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.