Q2 2024 EPS Estimates for Iridium Communications Inc. (NASDAQ:IRDM) Raised by William Blair

Iridium Communications Inc. (NASDAQ:IRDM) – William Blair boosted their Q2 2024 earnings estimates for shares of Iridium Communications in a research note issued to investors on Thursday, April 18th. William Blair analyst L. Dipalma now forecasts that the technology company will post earnings of $0.16 per share for the quarter, up from their prior forecast of $0.13. William Blair currently has a “Market Perform” rating on the stock. The consensus estimate for Iridium Communications’ current full-year earnings is $0.72 per share. William Blair also issued estimates for Iridium Communications’ Q3 2024 earnings at $0.20 EPS and Q4 2024 earnings at $0.20 EPS.

Other research analysts have also issued research reports about the stock. TheStreet upgraded shares of Iridium Communications from a “d+” rating to a “c-” rating in a research note on Thursday, February 15th. Raymond James reduced their price objective on shares of Iridium Communications from $53.00 to $48.00 and set a “strong-buy” rating for the company in a research note on Friday, February 16th. Barclays reduced their price objective on shares of Iridium Communications from $45.00 to $42.00 and set an “overweight” rating for the company in a research note on Friday, February 23rd. Finally, BWS Financial lowered shares of Iridium Communications from a “buy” rating to a “neutral” rating and set a $30.00 price target on the stock. in a research note on Friday, February 16th. Three research analysts have rated the stock with a hold rating, two have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $44.25.

Iridium Communications Price Performance

Shares of IRDM opened at $27.40 on Monday. The company has a debt-to-equity ratio of 1.65, a quick ratio of 1.37 and a current ratio of 2.06. The stock has a market capitalization of $3.35 billion, a PE ratio of 130.48 and a beta of 0.85. The company has a 50 day moving average price of $27.66 and a 200-day moving average price of $34.80. Iridium Communications has a fifty-two week low of $24.14 and a fifty-two week high of $68.34.

Iridium Communications (NASDAQ:IRDM) last released its quarterly earnings data on Thursday, April 18th. The technology company reported $0.16 earnings per share (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 2.70%. The company had revenue of $203.80 million during the quarter, compared to analysts’ expectations of $193.84 million. During the same period in the previous year, the company earned $0.08 EPS. The firm’s quarterly revenue was down .7% on a year-over-year basis.

Institutional Trading of Iridium Communications

Several large investors have recently made changes to their positions in the business. Northwest Financial Advisors purchased a new position in Iridium Communications during the fourth quarter valued at $26,000. West Tower Group LLC acquired a new stake in shares of Iridium Communications in the fourth quarter valued at about $27,000. ICA Group Wealth Management LLC acquired a new stake in shares of Iridium Communications in the fourth quarter valued at about $36,000. Quarry LP acquired a new stake in shares of Iridium Communications in the second quarter valued at about $39,000. Finally, Allspring Global Investments Holdings LLC acquired a new stake in shares of Iridium Communications in the fourth quarter valued at about $41,000. 84.36% of the stock is owned by hedge funds and other institutional investors.

Iridium Communications Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Friday, March 15th were issued a $0.13 dividend. This represents a $0.52 annualized dividend and a dividend yield of 1.90%. The ex-dividend date of this dividend was Thursday, March 14th. Iridium Communications’s dividend payout ratio (DPR) is currently 247.62%.

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.