Iridium Communications (NASDAQ:IRDM) Upgraded at StockNews.com

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

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

Iridium Communications Stock Up 0.4 %

NASDAQ IRDM opened at $27.65 on Friday. Iridium Communications has a 12 month low of $24.14 and a 12 month high of $35.85. The company has a market capitalization of $3.01 billion, a P/E ratio of 29.11, a PEG ratio of 1.28 and a beta of 0.70. The company’s 50 day simple moving average is $29.40 and its 200 day simple moving average is $29.41. The company has a debt-to-equity ratio of 3.05, a current ratio of 1.73 and a quick ratio of 1.25.

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

Iridium Communications Announces Dividend

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

Insider Buying and Selling

In related news, Director Thomas Fitzpatrick sold 12,500 shares of the business’s stock in a transaction that occurred on Friday, January 10th. The shares were sold at an average price of $28.53, for a total transaction of $356,625.00. Following the transaction, the director now directly owns 241,030 shares of the company’s stock, valued at approximately $6,876,585.90. The trade was a 4.93 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Company insiders own 2.00% of the company’s stock.

Institutional Investors Weigh In On Iridium Communications

A number of institutional investors have recently modified their holdings of IRDM. Plato Investment Management Ltd purchased a new stake in shares of Iridium Communications during the fourth quarter worth $32,000. SBI Securities Co. Ltd. acquired a new position in Iridium Communications in the 4th quarter worth about $37,000. Pinnacle Holdings LLC raised its stake in shares of Iridium Communications by 45.4% during the 4th quarter. Pinnacle Holdings LLC now owns 1,528 shares of the technology company’s stock worth $44,000 after purchasing an additional 477 shares in the last quarter. Fifth Third Bancorp lifted its holdings in shares of Iridium Communications by 19.8% during the 4th quarter. Fifth Third Bancorp now owns 2,162 shares of the technology company’s stock valued at $63,000 after buying an additional 357 shares during the last quarter. Finally, Covestor Ltd grew its stake in shares of Iridium Communications by 529.6% in the 4th quarter. Covestor Ltd now owns 2,512 shares of the technology company’s stock valued at $73,000 after buying an additional 2,113 shares in the last quarter. Institutional investors and hedge funds 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.