Brokerages Anticipate Iridium Communications Inc. (NASDAQ:IRDM) Will Announce Quarterly Sales of $164.10 Million

Analysts expect that Iridium Communications Inc. (NASDAQ:IRDMGet Rating) will announce sales of $164.10 million for the current fiscal quarter, Zacks Investment Research reports. Four analysts have made estimates for Iridium Communications’ earnings. The lowest sales estimate is $158.23 million and the highest is $177.28 million. Iridium Communications reported sales of $149.92 million during the same quarter last year, which would suggest a positive year-over-year growth rate of 9.5%. The firm is expected to report its next quarterly earnings results on Monday, January 1st.

According to Zacks, analysts expect that Iridium Communications will report full year sales of $677.10 million for the current year, with estimates ranging from $657.61 million to $702.45 million. For the next fiscal year, analysts forecast that the firm will report sales of $708.23 million, with estimates ranging from $690.36 million to $727.23 million. Zacks’ sales calculations are an average based on a survey of sell-side research firms that follow Iridium Communications.

Iridium Communications (NASDAQ:IRDMGet Rating) last released its quarterly earnings data on Tuesday, April 19th. The technology company reported $0.02 EPS for the quarter, beating the consensus estimate of ($0.01) by $0.03. Iridium Communications had a negative net margin of 0.21% and a negative return on equity of 0.10%. The business had revenue of $168.20 million for the quarter, compared to the consensus estimate of $156.83 million. During the same period in the prior year, the firm earned ($0.04) EPS. The business’s revenue for the quarter was up 14.8% on a year-over-year basis.

IRDM has been the subject of a number of recent research reports. Morgan Stanley reduced their target price on shares of Iridium Communications from $50.00 to $48.00 and set an “overweight” rating for the company in a research report on Friday, February 11th. StockNews.com raised shares of Iridium Communications from a “hold” rating to a “buy” rating in a report on Tuesday, May 24th. Barclays raised shares of Iridium Communications from an “equal weight” rating to an “overweight” rating and set a $47.00 price objective for the company in a report on Monday, February 21st. Zacks Investment Research raised shares of Iridium Communications from a “hold” rating to a “strong-buy” rating and set a $48.00 price objective for the company in a report on Thursday, April 21st. Finally, Raymond James raised shares of Iridium Communications from an “outperform” rating to a “strong-buy” rating and upped their price objective for the company from $47.00 to $51.00 in a report on Friday, February 18th. Five research analysts have rated the stock with a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Buy” and a consensus target price of $49.67.

Institutional investors have recently bought and sold shares of the company. Byrne Asset Management LLC acquired a new position in Iridium Communications in the fourth quarter valued at $29,000. CWM LLC lifted its position in shares of Iridium Communications by 95.0% during the 1st quarter. CWM LLC now owns 739 shares of the technology company’s stock valued at $30,000 after acquiring an additional 360 shares during the period. Fifth Third Bancorp grew its holdings in Iridium Communications by 82.9% in the fourth quarter. Fifth Third Bancorp now owns 1,101 shares of the technology company’s stock valued at $45,000 after purchasing an additional 499 shares during the last quarter. Concord Wealth Partners grew its holdings in Iridium Communications by 392.2% in the fourth quarter. Concord Wealth Partners now owns 1,206 shares of the technology company’s stock valued at $50,000 after purchasing an additional 961 shares during the last quarter. Finally, Founders Capital Management grew its holdings in Iridium Communications by 12.0% in the fourth quarter. Founders Capital Management now owns 2,800 shares of the technology company’s stock valued at $116,000 after purchasing an additional 300 shares during the last quarter. 97.98% of the stock is currently owned by institutional investors and hedge funds.

IRDM opened at $36.04 on Friday. The company has a debt-to-equity ratio of 1.32, a current ratio of 3.67 and a quick ratio of 3.38. The firm has a fifty day moving average price of $37.58 and a 200 day moving average price of $38.21. The stock has a market cap of $4.61 billion, a P/E ratio of -3,604.00 and a beta of 1.17. Iridium Communications has a 1 year low of $31.73 and a 1 year high of $48.95.

Iridium Communications announced that its board has authorized a share repurchase program on Monday, March 7th that authorizes the company to buyback $300.00 million in outstanding shares. This buyback authorization authorizes the technology company to reacquire up to 5.8% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s management believes its shares are undervalued.

Iridium Communications Company Profile (Get Rating)

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.

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