Iridium Communications (NASDAQ:IRDM) Raised to “Buy” at StockNews.com

StockNews.com upgraded shares of Iridium Communications (NASDAQ:IRDM) from a hold rating to a buy rating in a research report report published on Friday morning.

Other research analysts have also issued reports about the stock. Barclays lowered their target price on shares of Iridium Communications from $45.00 to $38.00 and set an “overweight” rating on the stock in a research note on Monday, March 10th. Cantor Fitzgerald began coverage on Iridium Communications in a research report on Friday, January 24th. They issued an “overweight” rating and a $40.00 price target on the stock.

Iridium Communications Stock Performance

IRDM opened at $27.65 on Friday. The stock has a 50-day moving average of $29.40 and a 200-day moving average of $29.41. The company has a debt-to-equity ratio of 3.05, a quick ratio of 1.25 and a current ratio of 1.73. Iridium Communications has a 52-week low of $24.14 and a 52-week high of $35.85. The company has a market cap of $3.01 billion, a PE ratio of 29.11, a price-to-earnings-growth ratio of 1.28 and a beta of 0.70.

Iridium Communications (NASDAQ:IRDM) last announced its earnings results on Thursday, February 13th. The technology company reported $0.31 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.15 by $0.16. Iridium Communications had a return on equity of 15.66% and a net margin of 13.58%. The firm had revenue of $212.99 million during the quarter, compared to analysts’ expectations of $203.78 million. As a group, equities research analysts forecast that Iridium Communications will post 0.89 earnings per share for the current fiscal year.

Iridium Communications Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Monday, March 17th will be paid a $0.14 dividend. The ex-dividend date of this dividend is Monday, March 17th. This represents a $0.56 annualized dividend and a dividend yield of 2.03%. Iridium Communications’s payout ratio is 58.95%.

Insider Activity at Iridium Communications

In related news, Director Thomas Fitzpatrick sold 12,500 shares of Iridium Communications stock in a transaction dated Friday, January 10th. The stock was sold at an average price of $28.53, for a total transaction of $356,625.00. Following the sale, the director now directly owns 241,030 shares of the company’s stock, valued at $6,876,585.90. This trade represents a 4.93 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 2.00% of the company’s stock.

Hedge Funds Weigh In On Iridium Communications

Several large investors have recently added to or reduced their stakes in IRDM. State Street Corp increased its position in shares of Iridium Communications by 0.9% during the third quarter. State Street Corp now owns 4,269,883 shares of the technology company’s stock valued at $130,018,000 after purchasing an additional 36,851 shares during the period. Sumitomo Mitsui Trust Group Inc. boosted its stake in Iridium Communications by 12.8% during the fourth quarter. Sumitomo Mitsui Trust Group Inc. now owns 2,829,052 shares of the technology company’s stock worth $82,099,000 after buying an additional 320,506 shares in the last quarter. Nikko Asset Management Americas Inc. increased its holdings in Iridium Communications by 13.2% in the 4th quarter. Nikko Asset Management Americas Inc. now owns 2,827,580 shares of the technology company’s stock valued at $82,028,000 after buying an additional 329,915 shares during the period. ARK Investment Management LLC raised its stake in shares of Iridium Communications by 5.7% in the 4th quarter. ARK Investment Management LLC now owns 2,507,715 shares of the technology company’s stock valued at $72,774,000 after buying an additional 134,924 shares in the last quarter. Finally, Schroder Investment Management Group lifted its holdings in shares of Iridium Communications by 44.7% during the 4th quarter. Schroder Investment Management Group now owns 2,213,512 shares of the technology company’s stock worth $64,125,000 after acquiring an additional 683,777 shares during the period. Institutional investors and hedge funds 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.