Iridium Communications Inc. (NASDAQ:IRDM) Receives $67.00 Average PT from Analysts

Posted by Defense World Staff on Jun 25th, 2023

Shares of Iridium Communications Inc. (NASDAQ:IRDM – Get Rating) have been assigned an average recommendation of “Moderate Buy” from the five ratings firms that are covering the company, Marketbeat.com reports. Two analysts have rated the stock with a hold rating, two have given a buy rating and one has issued a strong buy rating on the company. The average 1-year price objective among analysts that have issued ratings on the stock in the last year is $65.80.

A number of research analysts have recently commented on the company. StockNews.com began coverage on Iridium Communications in a research report on Thursday, May 18th. They set a “hold” rating for the company. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Iridium Communications in a research note on Thursday. They issued a “hold” rating and a $61.00 price objective for the company. Morgan Stanley upped their target price on shares of Iridium Communications from $66.00 to $72.00 and gave the company an “overweight” rating in a research report on Friday, April 21st. Finally, Raymond James lifted their price target on Iridium Communications from $71.00 to $76.00 and gave the stock a “strong-buy” rating in a research report on Friday, April 21st.

Iridium Communications Stock Performance

Shares of NASDAQ IRDM opened at $61.71 on Thursday. The firm’s fifty day moving average is $62.06 and its two-hundred day moving average is $59.51. Iridium Communications has a 52-week low of $36.42 and a 52-week high of $68.34. The company has a market cap of $7.77 billion, a P/E ratio of 474.69 and a beta of 1.08. The company has a debt-to-equity ratio of 1.35, a quick ratio of 2.08 and a current ratio of 2.40.

Iridium Communications (NASDAQ:IRDM – Get Rating) last issued its earnings results on Thursday, April 20th. The technology company reported $0.08 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.02) by $0.10. Iridium Communications had a return on equity of 1.38% and a net margin of 2.07%. The firm had revenue of $205.27 million for the quarter, compared to analysts’ expectations of $187.98 million. During the same period in the previous year, the firm posted $0.02 earnings per share. The business’s revenue was up 22.0% compared to the same quarter last year. As a group, analysts anticipate that Iridium Communications will post 0.22 EPS for the current fiscal year.

Iridium Communications Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, June 30th. Stockholders of record on Thursday, June 15th will be paid a dividend of $0.13 per share. This represents a $0.52 annualized dividend and a dividend yield of 0.84%. The ex-dividend date of this dividend is Wednesday, June 14th. Iridium Communications’s dividend payout ratio is presently 400.00%.

Insider Activity

In related news, EVP Bryan J. Hartin sold 27,835 shares of Iridium Communications stock in a transaction that occurred on Wednesday, May 3rd. The shares were sold at an average price of $64.80, for a total transaction of $1,803,708.00. Following the transaction, the executive vice president now directly owns 65,101 shares of the company’s stock, valued at $4,218,544.80. The sale was disclosed in a filing with the SEC, which is accessible through this link. In other Iridium Communications news, EVP Bryan J. Hartin sold 8,129 shares of Iridium Communications stock in a transaction on Tuesday, April 25th. The shares were sold at an average price of $66.01, for a total value of $536,595.29. Following the transaction, the executive vice president now directly owns 81,601 shares of the company’s stock, valued at $5,386,482.01. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Bryan J. Hartin sold 27,835 shares of Iridium Communications stock in a transaction on Wednesday, May 3rd. The stock was sold at an average price of $64.80, for a total transaction of $1,803,708.00. Following the completion of the transaction, the executive vice president now directly owns 65,101 shares in the company, valued at $4,218,544.80. The disclosure for this sale can be found here. Insiders own 2.10% of the company’s stock.

Institutional Investors Weigh In On Iridium Communications

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Level Four Advisory Services LLC lifted its stake in shares of Iridium Communications by 25.2% during the first quarter. Level Four Advisory Services LLC now owns 7,319 shares of the technology company’s stock worth $453,000 after buying an additional 1,471 shares during the period. Macquarie Group Ltd. lifted its stake in shares of Iridium Communications by 18.2% during the first quarter. Macquarie Group Ltd. now owns 622,404 shares of the technology company’s stock worth $38,546,000 after buying an additional 95,705 shares during the period. Legato Capital Management LLC lifted its position in Iridium Communications by 4.3% during the first quarter. Legato Capital Management LLC now owns 21,006 shares of the technology company’s stock valued at $1,301,000 after purchasing an additional 859 shares during the period. Putnam Investments LLC lifted its position in Iridium Communications by 103.6% during the first quarter. Putnam Investments LLC now owns 273,070 shares of the technology company’s stock valued at $16,911,000 after purchasing an additional 138,967 shares during the period. Finally, JPMorgan Chase & Co. lifted its position in Iridium Communications by 31.3% during the first quarter. JPMorgan Chase & Co. now owns 547,378 shares of the technology company’s stock valued at $33,901,000 after purchasing an additional 130,347 shares during the period. 82.36% of the stock is currently owned by institutional investors and hedge funds.

About Iridium Communications

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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.