Barclays Raises Iridium Communications (NASDAQ:IRDM) Price Target to $45.00

Iridium Communications (NASDAQ:IRDM) had its price objective increased by Barclays from $44.00 to $45.00 in a report issued on Wednesday, Benzinga reports. The firm currently has an overweight rating on the technology company’s stock.

Separately, BWS Financial restated a neutral rating and set a $30.00 target price on shares of Iridium Communications in a research report on Monday, April 22nd. Three research analysts have rated the stock with a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of Moderate Buy and an average price target of $45.00.

Iridium Communications Stock Performance

Shares of NASDAQ:IRDM opened at $29.07 on Wednesday. The company’s 50 day moving average price is $27.45 and its two-hundred day moving average price is $29.39. Iridium Communications has a 12-month low of $24.14 and a 12-month high of $54.42. The firm has a market cap of $3.44 billion, a PE ratio of 138.43 and a beta of 0.65. The company has a quick ratio of 2.52, a current ratio of 2.25 and a debt-to-equity ratio of 2.08.

Iridium Communications (NASDAQ:IRDM) last announced its earnings results on Tuesday, July 23rd. The technology company reported $0.27 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.17 by $0.10. Iridium Communications had a net margin of 11.08% and a return on equity of 10.23%. The firm had revenue of $201.07 million for the quarter, compared to analyst estimates of $204.01 million. During the same quarter in the prior year, the business posted ($0.24) EPS. The business’s revenue was up 4.1% compared to the same quarter last year. Equities research analysts predict that Iridium Communications will post 0.77 earnings per share for the current year.

Iridium Communications Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, June 28th. Stockholders of record on Friday, June 14th were issued a dividend of $0.14 per share. This represents a $0.56 dividend on an annualized basis and a dividend yield of 1.93%. The ex-dividend date of this dividend was Friday, June 14th. This is an increase from Iridium Communications’s previous quarterly dividend of $0.13. Iridium Communications’s dividend payout ratio is 266.67%.

Hedge Funds Weigh In On Iridium Communications

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Northwest Financial Advisors bought a new position in Iridium Communications in the 4th quarter valued at approximately $26,000. Allspring Global Investments Holdings LLC lifted its stake in Iridium Communications by 7,684.6% in the 2nd quarter. Allspring Global Investments Holdings LLC now owns 1,012 shares of the technology company’s stock valued at $27,000 after purchasing an additional 999 shares during the last quarter. Acadian Asset Management LLC bought a new position in Iridium Communications in the 1st quarter valued at approximately $29,000. Mather Group LLC. bought a new position in Iridium Communications in the 2nd quarter valued at approximately $32,000. Finally, Blue Trust Inc. lifted its stake in Iridium Communications by 109.7% in the 2nd quarter. Blue Trust Inc. now owns 1,491 shares of the technology company’s stock valued at $39,000 after purchasing an additional 780 shares during the last quarter. Institutional investors own 84.36% of the company’s stock.

Iridium Communications Company Profile

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.