Iridium Communications (NASDAQ:IRDM) Rating Reiterated by BWS Financial

BWS Financial reissued their neutral rating on shares of Iridium Communications (NASDAQ:IRDM) in a report published on Wednesday, 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’ Q3 2024 earnings at $0.19 EPS, Q4 2024 earnings at $0.16 EPS and FY2024 earnings at $0.78 EPS.

Separately, Barclays increased their price target on shares of Iridium Communications from $44.00 to $45.00 and gave the company an overweight rating in a research report on Wednesday. Three analysts have rated the stock with a hold rating, two have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of Moderate Buy and a consensus price target of $45.00.

Iridium Communications Price Performance

IRDM opened at $29.07 on Wednesday. The firm has a market cap of $3.44 billion, a P/E ratio of 138.43 and a beta of 0.65. The firm has a 50-day moving average of $27.45 and a 200 day moving average of $29.39. The company has a debt-to-equity ratio of 2.08, a quick ratio of 2.52 and a current ratio of 2.25. Iridium Communications has a fifty-two week low of $24.14 and a fifty-two week high of $54.42.

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

Iridium Communications Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, June 28th. Shareholders of record on Friday, June 14th were issued a dividend of $0.14 per share. 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. This represents a $0.56 annualized dividend and a yield of 1.93%. Iridium Communications’s dividend payout ratio is 266.67%.

Institutional Investors Weigh In On Iridium Communications

Institutional investors and hedge funds have recently modified their holdings of the company. Cullen Investment Group LTD. purchased a new stake in shares of Iridium Communications in the fourth quarter worth about $1,548,000. International Assets Investment Management LLC purchased a new stake in shares of Iridium Communications in the fourth quarter worth about $3,727,000. Nikko Asset Management Americas Inc. lifted its holdings in shares of Iridium Communications by 44.9% in the fourth quarter. Nikko Asset Management Americas Inc. now owns 1,743,482 shares of the technology company’s stock worth $71,762,000 after buying an additional 539,909 shares in the last quarter. Silver Heights Capital Management Inc lifted its holdings in shares of Iridium Communications by 8.8% in the fourth quarter. Silver Heights Capital Management Inc now owns 2,656,227 shares of the technology company’s stock worth $109,330,000 after buying an additional 214,508 shares in the last quarter. Finally, BNP Paribas Financial Markets lifted its holdings in shares of Iridium Communications by 250.1% in the fourth quarter. BNP Paribas Financial Markets now owns 122,906 shares of the technology company’s stock worth $5,059,000 after buying an additional 87,802 shares in the last quarter. 84.36% of the stock is owned by hedge funds and other institutional investors.

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.