Iridium Communications Inc (NASDAQ:IRDM) Stock Has Average Target Price of $41.20 According to Brokerages

Shares of Iridium Communications Inc (NASDAQ:IRDM) have been given an average rating of “Hold” by the eight ratings firms that are currently covering the company, MarketBeat reports. One research analyst has rated the stock with a sell recommendation, four have issued a hold recommendation and three have given a buy recommendation to the company. The average 1 year price target among brokers that have issued a report on the stock in the last year is $41.20.

A number of brokerages have recently issued reports on IRDM. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Iridium Communications in a research report on Tuesday, October 6th. William Blair lowered Iridium Communications from an “outperform” rating to a “hold” rating in a research report on Monday, June 29th. New Street Research upgraded Iridium Communications from a “neutral” rating to a “buy” rating in a research note on Wednesday, July 22nd. Finally, Morgan Stanley boosted their price target on Iridium Communications from $26.00 to $54.00 and gave the stock an “equal weight” rating in a research note on Tuesday, June 30th.

Insider Activity at Iridium Communications

In other Iridium Communications news, insider Suzanne E. Mcbride sold 85,454 shares of the business’s stock in a transaction that occurred on Monday, August 17th. The shares were sold at an average price of $50.28, for a total transaction of $4,296,627.12. Following the sale, the insider owned 282,017 shares of the company’s stock, valued at approximately $14,179,814.76. The trade was a 23.25% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Timothy Last sold 5,769 shares of the company’s stock in a transaction that occurred on Tuesday, September 15th. The shares were sold at an average price of $46.35, for a total transaction of $267,393.15. Following the transaction, the executive vice president owned 84,130 shares in the company, valued at $3,899,425.50. The trade was a 6.42% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 381,688 shares of company stock worth $19,146,390 in the last 90 days. 2.70% of the stock is owned by insiders.

Hedge Funds Weigh In On Iridium Communications

Hedge funds have recently made changes to their positions in the company. Silver Heights Capital Management Inc boosted its position in Iridium Communications by 1.2% in the fourth quarter. Silver Heights Capital Management Inc now owns 5,251,133 shares of the technology company’s stock valued at $91,265,000 after buying an additional 61,430 shares during the last quarter. Bank of America Corp DE purchased a new position in Iridium Communications during the 2nd quarter worth approximately $13,446,000. Edgestream Partners L.P. purchased a new position in Iridium Communications during the 1st quarter worth approximately $2,083,000. Hsbc Holdings PLC purchased a new position in Iridium Communications during the 2nd quarter worth approximately $781,000. Finally, Fifth Third Bancorp lifted its stake in Iridium Communications by 2,810.5% during the 1st quarter. Fifth Third Bancorp now owns 39,786 shares of the technology company’s stock valued at $1,104,000 after acquiring an additional 38,419 shares during the period. 84.36% of the stock is owned by institutional investors and hedge funds.

Iridium Communications Stock Performance

Shares of NASDAQ:IRDM opened at $45.78 on Monday. The firm has a 50 day moving average of $47.96 and a 200 day moving average of $45.40. The company has a quick ratio of 2.31, a current ratio of 2.78 and a debt-to-equity ratio of 3.70. The company has a market capitalization of $4.85 billion, a price-to-earnings ratio of 52.02, a price-to-earnings-growth ratio of 3.77 and a beta of 0.84. Iridium Communications has a 52 week low of $15.65 and a 52 week high of $57.18.

Iridium Communications (NASDAQ:IRDM) last issued its quarterly earnings data on Wednesday, July 22nd. The technology company reported $0.09 earnings per share for the quarter, missing analysts’ consensus estimates of $0.28 by ($0.19). The company had revenue of $225.24 million for the quarter, compared to the consensus estimate of $220.32 million. Iridium Communications had a net margin of 10.55% and a return on equity of 22.57%. Iridium Communications’s revenue for the quarter was up 3.8% compared to the same quarter last year. During the same period in the previous year, the business earned $0.20 EPS. On average, sell-side analysts predict that Iridium Communications will post 0.95 earnings per share for the current fiscal year.

Iridium Communications Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, September 30th. Investors of record on Tuesday, September 15th were paid a $0.15 dividend. The ex-dividend date was Tuesday, September 15th. This represents a $0.60 dividend on an annualized basis and a yield of 1.3%. Iridium Communications’s dividend payout ratio (DPR) is 68.18%.

Iridium Communications Company Profile

Iridium Communications Inc is a global provider of satellite-based voice and data communications. The company operates the Iridium satellite network, a constellation of low-Earth-orbit satellites designed to provide coverage across the world, including oceans, airways, polar regions and other areas beyond the reach of traditional terrestrial networks.

Iridium serves commercial, government and industrial customers through a range of products and services. Its offerings include satellite phones, push-to-talk communications, two-way messaging, Internet of Things connectivity and Iridium Certus broadband services.