Barclays Boosts Iridium Communications (NASDAQ:IRDM) Price Target to $44.00

Iridium Communications (NASDAQ:IRDM) had its target price boosted by Barclays from $42.00 to $44.00 in a research note issued to investors on Friday, Benzinga reports. The firm currently has an overweight rating on the technology company’s stock.

A number of other equities research analysts also recently weighed in on the company. Raymond James cut their target price on Iridium Communications from $53.00 to $48.00 and set a strong-buy rating for the company in a research report on Friday, February 16th. TheStreet raised Iridium Communications from a d+ rating to a c- rating in a research note on Thursday, February 15th. BWS Financial reaffirmed a neutral rating and set a $30.00 target price on shares of Iridium Communications in a report on Monday, April 22nd. Finally, William Blair downgraded shares of Iridium Communications from an outperform rating to a market perform rating in a report on Thursday, February 15th. Three investment 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 company’s stock. Based on data from MarketBeat, Iridium Communications has a consensus rating of Moderate Buy and an average target price of $44.75.

Iridium Communications Stock Performance

Shares of IRDM stock opened at $31.37 on Friday. The business has a 50 day simple moving average of $27.30 and a 200 day simple moving average of $34.28. The company has a debt-to-equity ratio of 1.86, a current ratio of 3.33 and a quick ratio of 2.52. The firm has a market capitalization of $3.81 billion, a price-to-earnings ratio of 149.38 and a beta of 0.85. Iridium Communications has a 12-month low of $24.14 and a 12-month high of $65.69.

Iridium Communications (NASDAQ:IRDM) last issued its quarterly earnings data on Thursday, April 18th. The technology company reported $0.16 earnings per share for the quarter, beating analysts’ consensus estimates of $0.15 by $0.01. Iridium Communications had a net margin of 3.20% and a return on equity of 2.76%. The business had revenue of $203.80 million for the quarter, compared to analysts’ expectations of $193.84 million. During the same period in the previous year, the business earned $0.08 earnings per share. The company’s revenue was down .7% on a year-over-year basis. On average, equities research analysts anticipate that Iridium Communications will post 0.73 EPS for the current year.

Iridium Communications Dividend Announcement

The business also recently announced 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. This represents a $0.52 annualized dividend and a dividend yield of 1.66%. The ex-dividend date of this dividend was Thursday, March 14th. Iridium Communications’s dividend payout ratio is 247.62%.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Assenagon Asset Management S.A. acquired a new position in Iridium Communications in the 1st quarter worth approximately $7,437,000. Louisiana State Employees Retirement System boosted its position in shares of Iridium Communications by 2.3% in the first quarter. Louisiana State Employees Retirement System now owns 35,600 shares of the technology company’s stock worth $931,000 after buying an additional 800 shares during the period. Sumitomo Mitsui Trust Holdings Inc. grew its holdings in shares of Iridium Communications by 19.9% during the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 2,089,600 shares of the technology company’s stock valued at $54,664,000 after buying an additional 346,118 shares in the last quarter. State of Michigan Retirement System raised its position in Iridium Communications by 2.4% during the first quarter. State of Michigan Retirement System now owns 30,459 shares of the technology company’s stock valued at $797,000 after buying an additional 700 shares during the period. Finally, Oak Thistle LLC purchased a new stake in Iridium Communications in the 1st quarter worth about $546,000. 84.36% of the stock is owned by hedge funds and other institutional investors.

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.