BWS Financial Comments on Iridium Communications Inc.’s Q2 2024 Earnings (NASDAQ:IRDM)

Iridium Communications Inc. (NASDAQ:IRDM) – Investment analysts at BWS Financial lowered their Q2 2024 EPS estimates for shares of Iridium Communications in a research note issued on Monday, April 22nd. BWS Financial analyst H. Khorsand now expects that the technology company will earn $0.21 per share for the quarter, down from their previous forecast of $0.22. BWS Financial currently has a “Neutral” rating and a $30.00 target price on the stock. The consensus estimate for Iridium Communications’ current full-year earnings is $0.73 per share. BWS Financial also issued estimates for Iridium Communications’ Q3 2024 earnings at $0.23 EPS, Q4 2024 earnings at $0.20 EPS and FY2024 earnings at $0.80 EPS.

A number of other equities analysts have also recently weighed in on the stock. Barclays lowered their price objective on shares of Iridium Communications from $45.00 to $42.00 and set an “overweight” rating for the company in a research report on Friday, February 23rd. William Blair cut shares of Iridium Communications from an “outperform” rating to a “market perform” rating in a research report on Thursday, February 15th. TheStreet raised shares of Iridium Communications from a “d+” rating to a “c-” rating in a research report on Thursday, February 15th. Finally, Raymond James lowered their price objective on shares of Iridium Communications from $53.00 to $48.00 and set a “strong-buy” rating for the company in a research report on Friday, February 16th. Three equities research 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 company’s stock. Based on data from MarketBeat, Iridium Communications has a consensus rating of “Moderate Buy” and a consensus target price of $44.25.

Iridium Communications Stock Performance

NASDAQ:IRDM opened at $29.69 on Wednesday. The company has a debt-to-equity ratio of 1.86, a quick ratio of 2.52 and a current ratio of 3.33. The stock has a market capitalization of $3.61 billion, a P/E ratio of 138.86 and a beta of 0.85. The company has a 50 day moving average price of $27.29 and a 200 day moving average price of $34.53. Iridium Communications has a fifty-two week low of $24.14 and a fifty-two week high of $65.69.

Iridium Communications (NASDAQ:IRDM) last posted its quarterly earnings results on Thursday, April 18th. The technology company reported $0.16 earnings per share for the quarter, beating the consensus estimate of $0.15 by $0.01. Iridium Communications had a net margin of 3.20% and a return on equity of 2.76%. The business had revenue of $203.80 million during the quarter, compared to analysts’ expectations of $193.84 million. During the same quarter in the prior year, the company posted $0.08 EPS. The business’s revenue for the quarter was down .7% on a year-over-year basis.

Institutional Investors Weigh In On Iridium Communications

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Norges Bank acquired a new stake in Iridium Communications during the 4th quarter worth $55,079,000. Van Berkom & Associates Inc. raised its stake in Iridium Communications by 57.5% during the 3rd quarter. Van Berkom & Associates Inc. now owns 2,059,088 shares of the technology company’s stock worth $93,668,000 after acquiring an additional 751,595 shares in the last quarter. Pacer Advisors Inc. raised its stake in Iridium Communications by 2,918.9% during the 4th quarter. Pacer Advisors Inc. now owns 603,900 shares of the technology company’s stock worth $24,857,000 after acquiring an additional 583,896 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. raised its stake in Iridium Communications by 44.9% during the 4th quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 1,743,482 shares of the technology company’s stock worth $71,762,000 after acquiring an additional 539,909 shares in the last quarter. Finally, Nikko Asset Management Americas Inc. raised its stake in Iridium Communications by 44.9% during 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 acquiring an additional 539,909 shares in the last quarter. 84.36% of the stock is currently owned by institutional investors and hedge funds.

Iridium Communications Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Friday, March 15th were issued a $0.13 dividend. The ex-dividend date was Thursday, March 14th. This represents a $0.52 dividend on an annualized basis and a dividend yield of 1.75%. Iridium Communications’s payout ratio is 247.62%.

About Iridium Communications

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.