Analysts Set Iridium Communications Inc. (NASDAQ:IRDM) Target Price at $34.25

Iridium Communications Inc. (NASDAQ:IRDM - Get Free Report) has been given a consensus rating of "Moderate Buy" by the five analysts that are currently covering the company, Marketbeat reports. One equities research analyst has rated the stock with a hold rating and four have given a buy rating to the company. The average 1-year price target among brokers that have covered the stock in the last year is $34.25.

Several analysts recently weighed in on IRDM shares. Cantor Fitzgerald assumed coverage on Iridium Communications in a report on Friday, January 24th. They issued an "overweight" rating and a $40.00 price objective for the company. Barclays cut their price objective on Iridium Communications from $45.00 to $38.00 and set an "overweight" rating on the stock in a report on Monday, March 10th. BWS Financial decreased their target price on shares of Iridium Communications from $30.00 to $25.00 and set a "neutral" rating for the company in a research note on Wednesday, April 23rd. Oppenheimer initiated coverage on shares of Iridium Communications in a research note on Monday. They issued an "outperform" rating and a $34.00 target price on the stock. Finally, William Blair raised shares of Iridium Communications from a "market perform" rating to an "outperform" rating in a report on Tuesday, April 22nd.

Iridium Communications Trading Up 0.2 %

Shares of NASDAQ IRDM traded up $0.06 during trading on Monday, reaching $26.31. The stock had a trading volume of 1,209,027 shares, compared to its average volume of 1,138,825. The company has a market cap of $2.85 billion, a P/E ratio of 27.70, a PEG ratio of 1.28 and a beta of 0.74. Iridium Communications has a fifty-two week low of $19.91 and a fifty-two week high of $35.85. The company has a debt-to-equity ratio of 3.05, a quick ratio of 1.25 and a current ratio of 1.73. The business's 50-day moving average price is $26.11 and its 200-day moving average price is $28.37.

Iridium Communications (NASDAQ:IRDM - Get Free Report) last posted its quarterly earnings data on Tuesday, April 22nd. The technology company reported $0.27 earnings per share for the quarter, beating analysts' consensus estimates of $0.22 by $0.05. The firm had revenue of $214.88 million for the quarter, compared to analyst estimates of $211.78 million. Iridium Communications had a net margin of 13.58% and a return on equity of 15.66%. During the same period last year, the firm posted $0.17 EPS. On average, equities research analysts predict that Iridium Communications will post 0.89 EPS for the current fiscal year.

Iridium Communications Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Monday, March 17th were given a $0.14 dividend. The ex-dividend date was Monday, March 17th. This represents a $0.56 dividend on an annualized basis and a dividend yield of 2.13%. Iridium Communications's dividend payout ratio (DPR) is currently 52.83%.

Institutional Investors Weigh In On Iridium Communications

Institutional investors have recently added to or reduced their stakes in the company. ARK Investment Management LLC raised its position in shares of Iridium Communications by 95.1% in the first quarter. ARK Investment Management LLC now owns 4,891,677 shares of the technology company's stock worth $133,641,000 after buying an additional 2,383,962 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. lifted its holdings in Iridium Communications by 37.6% in the first quarter. Sumitomo Mitsui Trust Group Inc. now owns 3,893,145 shares of the technology company's stock worth $106,361,000 after buying an additional 1,064,093 shares during the period. Nikko Asset Management Americas Inc. grew its position in shares of Iridium Communications by 37.5% in the 1st quarter. Nikko Asset Management Americas Inc. now owns 3,889,045 shares of the technology company's stock worth $106,210,000 after buying an additional 1,061,465 shares during the period. Schroder Investment Management Group boosted its holdings in Iridium Communications by 44.7% in the fourth quarter. Schroder Investment Management Group now owns 2,213,512 shares of the technology company's stock worth $64,125,000 after acquiring an additional 683,777 shares in the last quarter. Finally, ArrowMark Colorado Holdings LLC raised its holdings in Iridium Communications by 37.3% in the 4th quarter. ArrowMark Colorado Holdings LLC now owns 2,088,053 shares of the technology company's stock worth $60,595,000 after acquiring an additional 567,164 shares during the last quarter. 84.36% of the stock is owned by 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.