Iridium Communications (NASDAQ:IRDM) Reaches New 12-Month Low at $24.71

Iridium Communications Inc. (NASDAQ:IRDM) hit a new 52-week low during mid-day trading on Friday . The company traded as low as $24.71 and last traded at $24.72, with a volume of 508105 shares traded. The stock had previously closed at $25.70.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on IRDM shares. TheStreet upgraded shares of Iridium Communications from a “d+” rating to a “c-” rating in a research report on Thursday, February 15th. Raymond James dropped their target price on shares of 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. Barclays dropped their target price on shares of Iridium Communications from $45.00 to $42.00 and set an “overweight” rating on the stock in a research report on Friday, February 23rd. William Blair downgraded shares of Iridium Communications from an “outperform” rating to a “market perform” rating in a research report on Thursday, February 15th. Finally, BWS Financial downgraded shares of Iridium Communications from a “buy” rating to a “neutral” rating and set a $30.00 target price on the stock. in a research report on Friday, February 16th. Three analysts have rated the stock with a hold rating, three have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $49.80.

Iridium Communications Stock Performance

The company has a debt-to-equity ratio of 1.65, a current ratio of 2.06 and a quick ratio of 1.37. The company’s fifty day simple moving average is $28.53 and its two-hundred day simple moving average is $35.54. The stock has a market cap of $3.02 billion, a price-to-earnings ratio of 189.77 and a beta of 0.85.

Iridium Communications (NASDAQ:IRDM) last released its quarterly earnings data on Thursday, February 15th. The technology company reported $0.30 earnings per share for the quarter, topping the consensus estimate of $0.03 by $0.27. Iridium Communications had a net margin of 1.95% and a return on equity of 1.58%. The firm had revenue of $194.74 million for the quarter, compared to the consensus estimate of $192.13 million. During the same quarter in the prior year, the company posted ($0.01) earnings per share. The business’s revenue was up .5% on a year-over-year basis. On average, analysts forecast that Iridium Communications Inc. will post 0.72 earnings per share for the current year.

Iridium Communications Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 29th. Shareholders 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 yield of 2.11%. Iridium Communications’s payout ratio is 400.00%.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the business. Goldman Sachs Group Inc. grew its stake in shares of Iridium Communications by 45.7% in the 4th quarter. Goldman Sachs Group Inc. now owns 199,313 shares of the technology company’s stock worth $8,204,000 after acquiring an additional 62,558 shares in the last quarter. Quarry LP grew its stake in shares of Iridium Communications by 691.4% in the 4th quarter. Quarry LP now owns 1,939 shares of the technology company’s stock worth $80,000 after acquiring an additional 1,694 shares in the last quarter. Cim Investment Management Inc. grew its stake in shares of Iridium Communications by 45.9% in the 4th quarter. Cim Investment Management Inc. now owns 13,162 shares of the technology company’s stock worth $542,000 after acquiring an additional 4,143 shares in the last quarter. Barclays PLC grew its stake in shares of Iridium Communications by 52.6% in the 4th quarter. Barclays PLC now owns 105,170 shares of the technology company’s stock worth $4,329,000 after acquiring an additional 36,244 shares in the last quarter. Finally, Voloridge Investment Management LLC grew its stake in shares of Iridium Communications by 4.0% in the 4th quarter. Voloridge Investment Management LLC now owns 277,851 shares of the technology company’s stock worth $11,436,000 after acquiring an additional 10,656 shares in the last quarter. 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.