Iridium Communications (NASDAQ:IRDM) Price Target Raised to $44.00 at Barclays

Iridium Communications (NASDAQ:IRDM) had its target price boosted by Barclays from $42.00 to $44.00 in a research note published on Friday morning, Benzinga reports. They currently have an overweight rating on the technology company’s stock.

Several other equities research analysts have also issued reports on IRDM. William Blair lowered shares of Iridium Communications from an outperform rating to a market perform rating in a research note on Thursday, February 15th. Raymond James cut their target price 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. BWS Financial reissued a neutral rating and set a $30.00 target price on shares of Iridium Communications in a research report on Monday, April 22nd. Finally, TheStreet raised shares of Iridium Communications from a d+ rating to a c- rating in a research report on Thursday, February 15th. Three equities research analysts have rated the stock with a hold rating, two have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, Iridium Communications currently has an average rating of Moderate Buy and a consensus price target of $44.75.

Iridium Communications Trading Up 5.7 %

NASDAQ IRDM opened at $31.37 on Friday. The firm’s 50 day moving average price is $27.28 and its two-hundred day moving average price is $34.50. The company has a debt-to-equity ratio of 1.86, a quick ratio of 2.52 and a current ratio of 3.33. Iridium Communications has a twelve month low of $24.14 and a twelve month high of $65.69. The stock has a market cap of $3.81 billion, a price-to-earnings ratio of 149.38 and a beta of 0.85.

Iridium Communications (NASDAQ:IRDM) last posted its quarterly earnings results on Thursday, April 18th. The technology company reported $0.16 EPS 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 for the quarter, compared to analysts’ expectations of $193.84 million. During the same period in the previous year, the company posted $0.08 EPS. Iridium Communications’s revenue was down .7% on a year-over-year basis. Equities analysts anticipate that Iridium Communications will post 0.73 EPS for the current year.

Iridium Communications Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Friday, March 15th were given a dividend of $0.13 per share. This represents a $0.52 dividend on an annualized basis and a dividend yield of 1.66%. The ex-dividend date of this dividend was Thursday, March 14th. Iridium Communications’s dividend payout ratio is currently 247.62%.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the stock. Arizona State Retirement System raised its position in shares of Iridium Communications by 0.9% during the third quarter. Arizona State Retirement System now owns 32,269 shares of the technology company’s stock valued at $1,468,000 after buying an additional 272 shares during the last quarter. Treasurer of the State of North Carolina increased its stake in Iridium Communications by 0.5% in the third quarter. Treasurer of the State of North Carolina now owns 54,770 shares of the technology company’s stock valued at $2,491,000 after acquiring an additional 280 shares during the period. Covestor Ltd increased its stake in Iridium Communications by 83.2% in the third quarter. Covestor Ltd now owns 1,006 shares of the technology company’s stock valued at $46,000 after acquiring an additional 457 shares during the period. Vanguard Personalized Indexing Management LLC increased its stake in Iridium Communications by 7.7% in the third quarter. Vanguard Personalized Indexing Management LLC now owns 6,456 shares of the technology company’s stock valued at $294,000 after acquiring an additional 459 shares during the period. Finally, ORG Partners LLC increased its stake in Iridium Communications by 20.6% in the fourth quarter. ORG Partners LLC now owns 3,216 shares of the technology company’s stock valued at $132,000 after acquiring an additional 550 shares during the period. Institutional investors and hedge funds own 84.36% of the company’s stock.

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.