Iridium Communications (NASDAQ:IRDM) Given “Neutral” Rating at BWS Financial

BWS Financial reaffirmed their neutral rating on shares of Iridium Communications (NASDAQ:IRDM) in a research note published on Monday, 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’ Q2 2024 earnings at $0.21 EPS, 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 research firms also recently issued reports on IRDM. TheStreet upgraded Iridium Communications from a d+ rating to a c- rating in a research note on Thursday, February 15th. William Blair cut Iridium Communications from an outperform rating to a market perform rating in a research report on Thursday, February 15th. Barclays lowered their price objective on Iridium Communications from $45.00 to $42.00 and set an overweight rating on the stock in a research report on Friday, February 23rd. Finally, Raymond James lowered their price objective on Iridium Communications from $53.00 to $48.00 and set a strong-buy rating on the stock in a research report on Friday, February 16th. Three investment 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 stock. Based on data from MarketBeat.com, the company has a consensus rating of Moderate Buy and a consensus target price of $44.25.

Iridium Communications Price Performance

NASDAQ IRDM opened at $29.28 on Monday. Iridium Communications has a one year low of $24.14 and a one year high of $66.15. The stock has a 50-day moving average of $27.41 and a 200 day moving average of $34.57. The company has a market capitalization of $3.56 billion, a price-to-earnings ratio of 139.43 and a beta of 0.85. 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 (NASDAQ:IRDM) last released its quarterly earnings data on Thursday, April 18th. The technology company reported $0.16 EPS for the quarter, topping the consensus estimate of $0.15 by $0.01. Iridium Communications had a return on equity of 2.76% and a net margin of 3.20%. The company had revenue of $203.80 million during the quarter, compared to the consensus estimate of $193.84 million. During the same period last year, the company earned $0.08 EPS. Iridium Communications’s revenue for the quarter was down .7% on a year-over-year basis. On average, sell-side analysts forecast that Iridium Communications will post 0.74 EPS for the current year.

Iridium Communications Announces Dividend

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 dividend of $0.13 per share. The ex-dividend date of this dividend was Thursday, March 14th. This represents a $0.52 annualized dividend and a dividend yield of 1.78%. Iridium Communications’s dividend payout ratio (DPR) is 247.62%.

Hedge Funds Weigh In On Iridium Communications

Large investors have recently modified their holdings of the stock. Northwest Financial Advisors bought a new position in shares of Iridium Communications during the 4th quarter valued at approximately $26,000. Allspring Global Investments Holdings LLC bought a new position in shares of Iridium Communications during the 4th quarter valued at approximately $41,000. Covestor Ltd increased its position in shares of Iridium Communications by 83.2% during the 3rd quarter. Covestor Ltd now owns 1,006 shares of the technology company’s stock valued at $46,000 after purchasing an additional 457 shares during the last quarter. Headlands Technologies LLC bought a new position in shares of Iridium Communications during the 4th quarter valued at approximately $60,000. Finally, Quarry LP increased its position in shares of Iridium Communications by 691.4% during the 4th quarter. Quarry LP now owns 1,939 shares of the technology company’s stock valued at $80,000 after purchasing an additional 1,694 shares during the last quarter. Institutional investors 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.