Iridium Communications (NASDAQ:IRDM) Price Target Cut to $38.00 by Analysts at Barclays

Iridium Communications (NASDAQ:IRDM) had its target price decreased by Barclays from $45.00 to $38.00 in a research report report published on Monday,Benzinga reports. Barclays currently has an overweight rating on the technology company’s stock.

Several other equities analysts also recently weighed in on IRDM. Cantor Fitzgerald initiated coverage on Iridium Communications in a research report on Friday, January 24th. They set an “overweight” rating and a $40.00 target price on the stock. StockNews.com upgraded shares of Iridium Communications from a “hold” rating to a “buy” rating in a report on Thursday, February 27th.

Iridium Communications Price Performance

IRDM stock opened at $29.75 on Monday. Iridium Communications has a 52 week low of $24.14 and a 52 week high of $35.85. The firm has a market capitalization of $3.24 billion, a P/E ratio of 31.32, a price-to-earnings-growth ratio of 1.28 and a beta of 0.70. The company has a fifty day simple moving average of $29.69 and a two-hundred day simple moving average of $29.29. The company has a quick ratio of 1.25, a current ratio of 1.73 and a debt-to-equity ratio of 3.05.

Iridium Communications (NASDAQ:IRDM) last announced its quarterly earnings results on Thursday, February 13th. The technology company reported $0.31 EPS for the quarter, beating analysts’ consensus estimates of $0.15 by $0.16. Iridium Communications had a net margin of 13.58% and a return on equity of 15.66%. The firm had revenue of $212.99 million during the quarter, compared to the consensus estimate of $203.78 million. Analysts anticipate that Iridium Communications will post 0.89 earnings per share for the current fiscal year.

Iridium Communications Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Monday, March 17th will be issued a dividend of $0.14 per share. This represents a $0.56 dividend on an annualized basis and a yield of 1.88%. The ex-dividend date of this dividend is Monday, March 17th. Iridium Communications’s payout ratio is currently 58.95%.

Insider Transactions at Iridium Communications

In other Iridium Communications news, Director Thomas Fitzpatrick sold 12,500 shares of the company’s stock in a transaction on Friday, January 10th. The stock was sold at an average price of $28.53, for a total value of $356,625.00. Following the completion of the sale, the director now directly owns 241,030 shares in the company, valued at approximately $6,876,585.90. This represents a 4.93 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 2.00% of the company’s stock.

Institutional Trading of Iridium Communications

Hedge funds have recently added to or reduced their stakes in the business. State Street Corp increased its position in Iridium Communications by 0.9% during the 3rd quarter. State Street Corp now owns 4,269,883 shares of the technology company’s stock valued at $130,018,000 after purchasing an additional 36,851 shares during the period. Sumitomo Mitsui Trust Group Inc. increased its holdings in Iridium Communications by 12.8% during the fourth quarter. Sumitomo Mitsui Trust Group Inc. now owns 2,829,052 shares of the technology company’s stock valued at $82,099,000 after buying an additional 320,506 shares during the period. Nikko Asset Management Americas Inc. raised its stake in Iridium Communications by 13.2% in the fourth quarter. Nikko Asset Management Americas Inc. now owns 2,827,580 shares of the technology company’s stock worth $82,028,000 after buying an additional 329,915 shares in the last quarter. ARK Investment Management LLC lifted its holdings in Iridium Communications by 5.7% during the fourth quarter. ARK Investment Management LLC now owns 2,507,715 shares of the technology company’s stock worth $72,774,000 after buying an additional 134,924 shares during the period. Finally, Schroder Investment Management Group boosted its position in Iridium Communications by 44.7% during the 4th quarter. Schroder Investment Management Group now owns 2,213,512 shares of the technology company’s stock valued at $64,125,000 after acquiring an additional 683,777 shares in the last quarter. 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.