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

BWS Financial reiterated their neutral rating on shares of Iridium Communications (NASDAQ:IRDM) in a report released on Wednesday morning, Benzinga reports. BWS Financial 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 raised their target price on shares of Iridium Communications from $44.00 to $45.00 and gave the stock an overweight rating in a research note on Wednesday. Three equities research analysts have rated the stock with a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of Moderate Buy and an average target price of $45.00.

Iridium Communications Stock Performance

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

Iridium Communications (NASDAQ:IRDM) last posted 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. The company had revenue of $201.07 million during the quarter, compared to analysts’ expectations of $204.01 million. Iridium Communications had a net margin of 11.08% and a return on equity of 10.23%. Iridium Communications’s quarterly revenue was up 4.1% compared to the same quarter last year. During the same quarter last year, the company posted ($0.24) EPS. As a group, equities analysts forecast that Iridium Communications will post 0.77 earnings per share 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 paid a $0.14 dividend. This is a boost from Iridium Communications’s previous quarterly dividend of $0.13. The ex-dividend date was Friday, June 14th. This represents a $0.56 annualized dividend and a yield of 1.93%. Iridium Communications’s payout ratio is 266.67%.

Institutional Trading of Iridium Communications

Hedge funds and other institutional investors have recently bought and sold shares of the business. Cullen Investment Group LTD. acquired a new stake in Iridium Communications in the 4th quarter worth about $1,548,000. International Assets Investment Management LLC acquired a new stake in Iridium Communications in the 4th quarter worth about $3,727,000. Nikko Asset Management Americas Inc. raised its stake in Iridium Communications by 44.9% in the 4th quarter. Nikko Asset Management Americas Inc. now owns 1,743,482 shares of the technology company’s stock worth $71,762,000 after purchasing an additional 539,909 shares in the last quarter. Silver Heights Capital Management Inc raised its stake in Iridium Communications by 8.8% in the 4th quarter. Silver Heights Capital Management Inc now owns 2,656,227 shares of the technology company’s stock worth $109,330,000 after purchasing an additional 214,508 shares in the last quarter. Finally, BNP Paribas Financial Markets raised its stake in Iridium Communications by 250.1% in the 4th quarter. BNP Paribas Financial Markets now owns 122,906 shares of the technology company’s stock worth $5,059,000 after purchasing an additional 87,802 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.