Iridium Communications (NASDAQ:IRDM) Reaches New 12-Month Low – What’s Next?

Iridium Communications Inc. (NASDAQ:IRDM)’s stock price reached a new 52-week low during mid-day trading on Thursday . The stock traded as low as $22.18 and last traded at $24.65, with a volume of 1621598 shares traded. The stock had previously closed at $22.65.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on IRDM shares. StockNews.com upgraded Iridium Communications from a “hold” rating to a “buy” rating in a research report on Sunday. Barclays cut their target price on Iridium Communications from $45.00 to $38.00 and set an “overweight” rating for the company in a research report on Monday, March 10th. Finally, Cantor Fitzgerald started coverage on Iridium Communications in a research report on Friday, January 24th. They set an “overweight” rating and a $40.00 target price for the company.

Iridium Communications Price Performance

The firm has a market cap of $2.68 billion, a PE ratio of 25.95, a PEG ratio of 1.28 and a beta of 0.66. The firm has a fifty day simple moving average of $28.66 and a two-hundred day simple moving average of $29.24. The company has a debt-to-equity ratio of 3.05, a quick ratio of 1.25 and a current ratio of 1.73.

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

Iridium Communications Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Monday, March 17th were paid a $0.14 dividend. This represents a $0.56 annualized dividend and a dividend yield of 2.27%. The ex-dividend date was Monday, March 17th. Iridium Communications’s payout ratio is 58.95%.

Insider Activity

In related news, Director Thomas Fitzpatrick sold 12,500 shares of the firm’s stock in a transaction that occurred on Friday, January 10th. The stock was sold at an average price of $28.53, for a total transaction of $356,625.00. Following the completion of the sale, the director now directly owns 241,030 shares of the company’s stock, valued at approximately $6,876,585.90. This trade represents a 4.93 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 2.00% of the company’s stock.

Institutional Investors Weigh In On Iridium Communications

A number of institutional investors and hedge funds have recently modified their holdings of the business. Fifth Third Bancorp lifted its stake in shares of Iridium Communications by 19.8% during the 4th quarter. Fifth Third Bancorp now owns 2,162 shares of the technology company’s stock worth $63,000 after acquiring an additional 357 shares during the last quarter. Pinnacle Holdings LLC lifted its stake in shares of Iridium Communications by 45.4% during the 4th quarter. Pinnacle Holdings LLC now owns 1,528 shares of the technology company’s stock worth $44,000 after acquiring an additional 477 shares during the last quarter. Two Sigma Advisers LP lifted its stake in shares of Iridium Communications by 6.6% during the 4th quarter. Two Sigma Advisers LP now owns 8,100 shares of the technology company’s stock worth $235,000 after acquiring an additional 500 shares during the last quarter. EntryPoint Capital LLC lifted its stake in shares of Iridium Communications by 4.1% during the 4th quarter. EntryPoint Capital LLC now owns 15,330 shares of the technology company’s stock worth $445,000 after acquiring an additional 600 shares during the last quarter. Finally, Commonwealth Equity Services LLC increased its holdings in Iridium Communications by 4.0% during the 4th quarter. Commonwealth Equity Services LLC now owns 19,060 shares of the technology company’s stock worth $553,000 after purchasing an additional 729 shares during the period. 84.36% of the stock is owned by institutional investors.

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.