Wall Street analysts forecast that Iridium Communications Inc (NASDAQ:IRDM) will announce sales of $109.23 million for the current quarter, according to Zacks. Four analysts have provided estimates for Iridium Communications’ earnings, with estimates ranging from $107.00 million to $112.10 million. Iridium Communications posted sales of $109.20 million in the same quarter last year, which would indicate a positive year over year growth rate of 0%. The firm is scheduled to issue its next quarterly earnings results on Thursday, July 27th.
On average, analysts expect that Iridium Communications will report full-year sales of $109.23 million for the current fiscal year, with estimates ranging from $436.40 million to $443.20 million. For the next financial year, analysts expect that the firm will post sales of $477.23 million per share, with estimates ranging from $457.20 million to $493.97 million. Zacks’ sales averages are a mean average based on a survey of sell-side research analysts that follow Iridium Communications.
Iridium Communications (NASDAQ:IRDM) last posted its quarterly earnings results on Thursday, April 27th. The technology company reported $0.30 EPS for the quarter, beating the consensus estimate of $0.21 by $0.09. Iridium Communications had a net margin of 27.76% and a return on equity of 9.04%. The business had revenue of $104.40 million for the quarter, compared to analysts’ expectations of $105.25 million. During the same period in the previous year, the company posted $0.23 EPS. Iridium Communications’s revenue was up .2% on a year-over-year basis.
IRDM has been the topic of a number of research analyst reports. Zacks Investment Research lowered shares of Iridium Communications from a “buy” rating to a “hold” rating in a report on Monday, May 1st. TheStreet upgraded shares of Iridium Communications from a “c+” rating to a “b” rating in a report on Friday, March 31st. Finally, BidaskClub upgraded shares of Iridium Communications from a “hold” rating to a “buy” rating in a report on Tuesday. Two research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. The company currently has a consensus rating of “Buy” and a consensus price target of $12.00.
A number of large investors have recently modified their holdings of the stock. BlackRock Inc. raised its stake in shares of Iridium Communications by 67,429.0% in the first quarter. BlackRock Inc. now owns 12,644,812 shares of the technology company’s stock valued at $122,024,000 after buying an additional 12,626,087 shares during the last quarter. Gamco Investors INC. ET AL raised its stake in shares of Iridium Communications by 837.8% in the first quarter. Gamco Investors INC. ET AL now owns 662,951 shares of the technology company’s stock valued at $6,397,000 after buying an additional 592,258 shares during the last quarter. Pinnacle Associates Ltd. raised its stake in shares of Iridium Communications by 22.5% in the first quarter. Pinnacle Associates Ltd. now owns 2,713,968 shares of the technology company’s stock valued at $26,190,000 after buying an additional 498,165 shares during the last quarter. Vanguard Group Inc. raised its stake in shares of Iridium Communications by 4.8% in the first quarter. Vanguard Group Inc. now owns 10,000,166 shares of the technology company’s stock valued at $96,501,000 after buying an additional 457,168 shares during the last quarter. Finally, James Investment Research Inc. acquired a new stake in shares of Iridium Communications during the first quarter valued at about $2,859,000. Hedge funds and other institutional investors own 97.37% of the company’s stock.
Iridium Communications (IRDM) traded up 0.89% during trading on Wednesday, hitting $11.35. 1,466,047 shares of the stock traded hands. The company has a market capitalization of $1.11 billion, a P/E ratio of 11.85 and a beta of 1.73. Iridium Communications has a one year low of $6.80 and a one year high of $11.58. The company’s 50 day moving average is $10.47 and its 200 day moving average is $9.90.
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About Iridium Communications
Iridium Communications Inc is engaged in providing global satellite communications services and products. The Company offers mobile voice and data communications services through satellite, and provides communications services offering true global coverage. It provides services to businesses, the United States and foreign governments, non-governmental organizations and consumers through its satellite network, which has over 70 in-orbit satellites with in orbit spares and related ground infrastructure.
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