Analysts Set Iridium Communications Inc. (NASDAQ:IRDM) Target Price at $34.25

Shares of Iridium Communications Inc. (NASDAQ:IRDM) have been given a consensus recommendation of “Moderate Buy” by the five analysts that are currently covering the firm, Marketbeat reports. One analyst has rated the stock with a hold recommendation and four have assigned a buy recommendation to the company. The average 1-year target price among brokers that have issued ratings on the stock in the last year is $34.25.

A number of equities research analysts have weighed in on the company. StockNews.com lowered Iridium Communications from a “buy” rating to a “hold” rating in a research report on Thursday, May 1st. Barclays decreased their target price on Iridium Communications from $45.00 to $38.00 and set an “overweight” rating for the company in a research report on Monday, March 10th. Oppenheimer assumed coverage on Iridium Communications in a research report on Monday, May 5th. They set an “outperform” rating and a $34.00 target price for the company. Cantor Fitzgerald began coverage on Iridium Communications in a research report on Friday, January 24th. They set an “overweight” rating and a $40.00 target price for the company. Finally, William Blair raised Iridium Communications from a “market perform” rating to an “outperform” rating in a research report on Tuesday, April 22nd.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the stock. Deutsche Bank AG raised its position in shares of Iridium Communications by 52.4% in the 1st quarter. Deutsche Bank AG now owns 9,482 shares of the technology company’s stock worth $259,000 after acquiring an additional 3,261 shares in the last quarter. New Age Alpha Advisors LLC grew its stake in Iridium Communications by 78.6% during the 1st quarter. New Age Alpha Advisors LLC now owns 15,559 shares of the technology company’s stock worth $425,000 after buying an additional 6,847 shares during the last quarter. Jupiter Asset Management Ltd. purchased a new position in Iridium Communications during the 1st quarter worth $7,040,000. Natixis Advisors LLC grew its stake in Iridium Communications by 3.8% during the 1st quarter. Natixis Advisors LLC now owns 14,750 shares of the technology company’s stock worth $403,000 after buying an additional 546 shares during the last quarter. Finally, Wellington Shields & Co. LLC purchased a new position in Iridium Communications during the 1st quarter worth $287,000. 84.36% of the stock is owned by institutional investors.

Iridium Communications Price Performance

Shares of IRDM stock opened at $26.45 on Monday. Iridium Communications has a 52-week low of $19.91 and a 52-week high of $35.85. 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 $2.86 billion, a P/E ratio of 27.84, a P/E/G ratio of 1.28 and a beta of 0.74. The stock has a 50 day moving average price of $25.94 and a 200 day moving average price of $28.32.

Iridium Communications (NASDAQ:IRDM) last issued its earnings results 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 return on equity of 15.66% and a net margin of 13.58%. During the same period in the previous year, the company posted $0.17 EPS. As a group, sell-side analysts predict that Iridium Communications will post 0.89 earnings per share for the current year.

Iridium Communications Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Monday, March 17th were given a $0.14 dividend. This represents a $0.56 annualized dividend and a dividend yield of 2.12%. The ex-dividend date of this dividend was Monday, March 17th. Iridium Communications’s payout ratio is 52.83%.

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.