Iridium Communications (NASDAQ:IRDM) Trading Up 3.5%

Iridium Communications Inc. (NASDAQ:IRDM)’s share price rose 3.5% on Friday . The company traded as high as $28.99 and last traded at $28.85. Approximately 213,666 shares traded hands during mid-day trading, a decline of 80% from the average daily volume of 1,054,977 shares. The stock had previously closed at $27.88.

Wall Street Analyst Weigh In

IRDM has been the subject of a number of analyst reports. Barclays raised their target price on shares of Iridium Communications from $44.00 to $45.00 and gave the company an “overweight” rating in a research report on Wednesday, July 24th. BWS Financial reaffirmed a “neutral” rating and issued a $30.00 target price on shares of Iridium Communications in a research report on Wednesday, July 24th. Three equities research analysts have rated the stock with a hold rating, one has given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $41.00.

Iridium Communications Trading Up 4.4 %

The business’s 50-day moving average price is $27.01 and its 200 day moving average price is $27.51. The company has a market cap of $3.53 billion, a P/E ratio of 138.10 and a beta of 0.64. The company has a debt-to-equity ratio of 2.08, a quick ratio of 1.52 and a current ratio of 2.25.

Iridium Communications (NASDAQ:IRDM) last announced its quarterly earnings data on Tuesday, July 23rd. The technology company reported $0.27 EPS for the quarter, beating analysts’ consensus estimates of $0.17 by $0.10. Iridium Communications had a net margin of 11.08% and a return on equity of 10.23%. The company had revenue of $201.07 million during the quarter, compared to the consensus estimate of $204.01 million. During the same quarter last year, the firm posted ($0.24) EPS. The company’s quarterly revenue was up 4.1% on a year-over-year basis. As a group, analysts expect that Iridium Communications Inc. will post 0.81 earnings per share for the current year.

Iridium Communications Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Friday, September 13th will be given a $0.14 dividend. This represents a $0.56 dividend on an annualized basis and a dividend yield of 1.92%. The ex-dividend date is Friday, September 13th. Iridium Communications’s dividend payout ratio (DPR) is presently 266.67%.

Iridium Communications announced that its Board of Directors has approved a stock repurchase program on Thursday, September 19th that authorizes the company to buyback $500.00 million in shares. This buyback authorization authorizes the technology company to reacquire up to 14.2% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s board believes its stock is undervalued.

Institutional Trading of Iridium Communications

Several hedge funds and other institutional investors have recently modified their holdings of IRDM. Allspring Global Investments Holdings LLC increased its holdings in shares of Iridium Communications by 7,684.6% during the second quarter. Allspring Global Investments Holdings LLC now owns 1,012 shares of the technology company’s stock worth $27,000 after purchasing an additional 999 shares during the period. Acadian Asset Management LLC bought a new position in shares of Iridium Communications during the first quarter worth approximately $29,000. Mather Group LLC. bought a new position in shares of Iridium Communications during the second quarter worth approximately $32,000. Blue Trust Inc. increased its holdings in shares of Iridium Communications by 109.7% during the second quarter. Blue Trust Inc. now owns 1,491 shares of the technology company’s stock worth $39,000 after purchasing an additional 780 shares during the period. Finally, International Assets Investment Management LLC bought a new position in shares of Iridium Communications during the second quarter worth approximately $45,000. Institutional investors own 84.36% of the company’s stock.

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.