Iridium Communications (NASDAQ:IRDM) Earns “Neutral” Rating from BWS Financial

BWS Financial reissued their neutral rating on shares of Iridium Communications (NASDAQ:IRDM) in a report published on Monday morning, Benzinga reports. The firm currently has a $30.00 price target on the technology company’s stock. BWS Financial also issued estimates for Iridium Communications’ Q2 2024 earnings at $0.21 EPS, Q3 2024 earnings at $0.23 EPS, Q4 2024 earnings at $0.20 EPS and FY2024 earnings at $0.80 EPS.

Several other equities analysts have also weighed in on the stock. William Blair lowered shares of Iridium Communications from an outperform rating to a market perform rating in a research report on Thursday, February 15th. Barclays decreased their price target on shares of Iridium Communications from $45.00 to $42.00 and set an overweight rating on the stock in a research note on Friday, February 23rd. Raymond James reduced their price objective on shares of Iridium Communications from $53.00 to $48.00 and set a strong-buy rating on the stock in a research note on Friday, February 16th. Finally, TheStreet upgraded shares of Iridium Communications from a d+ rating to a c- rating in a research note on Thursday, February 15th. Three equities research analysts have rated the stock with a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of Moderate Buy and an average target price of $44.25.

Iridium Communications Stock Performance

Shares of IRDM opened at $29.28 on Monday. Iridium Communications has a 12 month low of $24.14 and a 12 month high of $66.15. The firm has a fifty day simple moving average of $27.41 and a 200 day simple moving average of $34.57. The stock has a market capitalization of $3.56 billion, a price-to-earnings ratio of 139.43 and a beta of 0.85. The company has a current ratio of 3.33, a quick ratio of 2.52 and a debt-to-equity ratio of 1.86.

Iridium Communications (NASDAQ:IRDM) last posted its quarterly earnings results on Thursday, April 18th. The technology company reported $0.16 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.15 by $0.01. Iridium Communications had a net margin of 3.20% and a return on equity of 2.76%. The firm had revenue of $203.80 million for the quarter, compared to analyst estimates of $193.84 million. During the same period in the prior year, the firm posted $0.08 earnings per share. The company’s quarterly revenue was down .7% compared to the same quarter last year. Research analysts forecast that Iridium Communications will post 0.74 EPS for the current fiscal year.

Iridium Communications Announces Dividend

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

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in IRDM. National Bank of Canada FI raised its holdings in Iridium Communications by 20.4% in the 3rd quarter. National Bank of Canada FI now owns 25,507 shares of the technology company’s stock valued at $1,132,000 after buying an additional 4,325 shares during the last quarter. SG Americas Securities LLC raised its holdings in Iridium Communications by 2,583.5% in the 3rd quarter. SG Americas Securities LLC now owns 54,448 shares of the technology company’s stock valued at $2,477,000 after buying an additional 52,419 shares during the last quarter. Exchange Traded Concepts LLC raised its holdings in Iridium Communications by 766.1% in the 3rd quarter. Exchange Traded Concepts LLC now owns 12,056 shares of the technology company’s stock valued at $548,000 after buying an additional 10,664 shares during the last quarter. Counterpoint Mutual Funds LLC bought a new position in Iridium Communications during the 3rd quarter worth approximately $125,000. Finally, ARK Investment Management LLC raised its holdings in Iridium Communications by 24.3% during the 3rd quarter. ARK Investment Management LLC now owns 1,924,779 shares of the technology company’s stock worth $87,558,000 after purchasing an additional 376,733 shares during the last quarter. Institutional investors own 84.36% of the company’s stock.

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.