Iridium Communications Inc. (NASDAQ:IRDM) Short Interest Down 6.3% in June

Iridium Communications Inc. (NASDAQ:IRDM) was the recipient of a significant decrease in short interest during the month of June. As of June 15th, there was short interest totalling 4,930,000 shares, a decrease of 6.3% from the May 31st total of 5,260,000 shares. Based on an average trading volume of 1,100,000 shares, the days-to-cover ratio is presently 4.5 days. Approximately 4.6% of the shares of the stock are sold short.

Analysts Set New Price Targets

IRDM has been the topic of several research reports. BWS Financial reaffirmed a “neutral” rating and set a $30.00 price target on shares of Iridium Communications in a report on Monday, April 22nd. Barclays raised their target price on shares of Iridium Communications from $42.00 to $44.00 and gave the company an “overweight” rating in a research report on Friday, April 26th. Three equities 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 company’s stock. Based on data from MarketBeat.com, Iridium Communications has an average rating of “Moderate Buy” and a consensus target price of $44.75.

Iridium Communications Stock Performance

NASDAQ:IRDM opened at $26.82 on Thursday. The stock’s 50-day moving average is $28.83 and its 200-day moving average is $31.02. The stock has a market cap of $3.26 billion, a P/E ratio of 127.71 and a beta of 0.65. Iridium Communications has a 1-year low of $24.14 and a 1-year high of $61.84. The company has a current ratio of 3.33, a quick ratio of 2.52 and a debt-to-equity ratio of 1.86.

Iridium Communications (NASDAQ:IRDM) last posted its earnings results on Thursday, April 18th. The technology company reported $0.16 earnings per share for the quarter, topping analysts’ consensus estimates of $0.15 by $0.01. The firm had revenue of $203.80 million for the quarter, compared to analyst estimates of $193.84 million. Iridium Communications had a net margin of 3.20% and a return on equity of 2.76%. The company’s revenue for the quarter was down .7% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.08 EPS. Equities research analysts anticipate that Iridium Communications will post 0.74 earnings per share for the current year.

Iridium Communications Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, June 28th. Investors of record on Friday, June 14th were given a dividend of $0.14 per share. This is a positive change from Iridium Communications’s previous quarterly dividend of $0.13. This represents a $0.56 annualized dividend and a yield of 2.09%. The ex-dividend date was Friday, June 14th. Iridium Communications’s dividend payout ratio (DPR) is currently 266.67%.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of IRDM. Northwest Financial Advisors bought a new position in shares of Iridium Communications during the fourth quarter worth about $26,000. Acadian Asset Management LLC bought a new position in Iridium Communications during the 1st quarter worth approximately $29,000. Allspring Global Investments Holdings LLC acquired a new position in shares of Iridium Communications in the 4th quarter worth approximately $41,000. Covestor Ltd lifted its position in shares of Iridium Communications by 1,033.5% in the 1st quarter. Covestor Ltd now owns 1,791 shares of the technology company’s stock worth $47,000 after purchasing an additional 1,633 shares during the period. Finally, GAMMA Investing LLC boosted its stake in shares of Iridium Communications by 157.5% in the 2nd quarter. GAMMA Investing LLC now owns 1,916 shares of the technology company’s stock valued at $51,000 after purchasing an additional 1,172 shares during the last quarter. 84.36% of the stock is owned by institutional investors and hedge funds.

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.