BWS Financial Reiterates Neutral Rating for Iridium Communications (NASDAQ:IRDM)

BWS Financial reiterated their neutral rating on shares of Iridium Communications (NASDAQ:IRDM) in a research note released on Monday morning, Benzinga reports. The firm currently has a $30.00 price target on the technology company’s stock. BWS Financial also issued estimates for Iridium Communications’ Q4 2024 earnings at $0.14 EPS, Q1 2025 earnings at $0.16 EPS, Q2 2025 earnings at $0.19 EPS, Q3 2025 earnings at $0.23 EPS, Q4 2025 earnings at $0.17 EPS and FY2025 earnings at $0.76 EPS.

Separately, Barclays upped their price objective 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. Two analysts have rated the stock with a hold rating, one has assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $41.00.

Iridium Communications Price Performance

Shares of NASDAQ:IRDM opened at $28.94 on Monday. The company has a market cap of $3.51 billion, a price-to-earnings ratio of 137.81 and a beta of 0.65. The business has a 50 day moving average price of $28.48 and a 200 day moving average price of $28.08. The company has a quick ratio of 1.52, a current ratio of 2.25 and a debt-to-equity ratio of 2.08. Iridium Communications has a twelve month low of $24.14 and a twelve month high of $41.66.

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

Iridium Communications Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Friday, September 13th were given a dividend of $0.14 per share. The ex-dividend date of this dividend was Friday, September 13th. This represents a $0.56 annualized dividend and a dividend yield of 1.94%. Iridium Communications’s dividend payout ratio (DPR) is presently 266.67%.

Iridium Communications declared that its board has initiated 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 repurchase up to 14.2% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board of directors believes its stock is undervalued.

Insider Buying and Selling at Iridium Communications

In other news, Director Robert H. Niehaus sold 38,355 shares of the company’s stock in a transaction dated Wednesday, October 23rd. The shares were sold at an average price of $29.39, for a total value of $1,127,253.45. Following the sale, the director now owns 254,824 shares of the company’s stock, valued at approximately $7,489,277.36. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 2.00% of the company’s stock.

Institutional Trading of Iridium Communications

Hedge funds have recently modified their holdings of the company. Capstone Investment Advisors LLC bought a new stake in Iridium Communications during the 1st quarter worth approximately $913,000. Mirae Asset Global Investments Co. Ltd. increased its stake in shares of Iridium Communications by 427.6% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 72,626 shares of the technology company’s stock valued at $1,900,000 after buying an additional 58,860 shares in the last quarter. Russell Investments Group Ltd. raised its holdings in shares of Iridium Communications by 10.4% in the first quarter. Russell Investments Group Ltd. now owns 231,976 shares of the technology company’s stock valued at $6,068,000 after buying an additional 21,769 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. lifted its position in Iridium Communications by 19.9% during the 1st quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 2,089,600 shares of the technology company’s stock worth $54,664,000 after buying an additional 346,118 shares in the last quarter. Finally, Bayesian Capital Management LP bought a new stake in Iridium Communications during the 1st quarter worth about $544,000. Institutional investors and hedge funds 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.