Iridium Communications (NASDAQ:IRDM) Stock Rating Lowered by StockNews.com

StockNews.com cut shares of Iridium Communications (NASDAQ:IRDM - Free Report) from a buy rating to a hold rating in a research report sent to investors on Tuesday morning.

Other equities analysts have also recently issued research reports about the stock. Barclays dropped their price objective on shares of Iridium Communications from $45.00 to $38.00 and set an "overweight" rating for the company in a research note on Monday, March 10th. William Blair raised shares of Iridium Communications from a "market perform" rating to an "outperform" rating in a report on Tuesday, April 22nd. Finally, Cantor Fitzgerald started coverage on shares of Iridium Communications in a report on Friday, January 24th. They issued an "overweight" rating and a $40.00 target price on the stock. Two research analysts have rated the stock with a hold rating and three have issued a buy rating to the company's stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $34.33.

Iridium Communications Price Performance

Shares of IRDM stock traded up $0.12 during mid-day trading on Tuesday, reaching $23.16. The company's stock had a trading volume of 1,433,137 shares, compared to its average volume of 1,132,472. Iridium Communications has a 1-year low of $19.91 and a 1-year high of $35.85. The company has a market cap of $2.52 billion, a P/E ratio of 24.38, a PEG ratio of 1.28 and a beta of 0.66. 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 firm's 50-day moving average is $27.20 and its two-hundred day moving average is $28.67.

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

Iridium Communications Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Monday, March 17th were issued a dividend of $0.14 per share. This represents a $0.56 annualized dividend and a yield of 2.42%. The ex-dividend date was Monday, March 17th. Iridium Communications's dividend payout ratio is 58.95%.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of IRDM. Plato Investment Management Ltd acquired a new position in Iridium Communications during the 4th quarter worth $32,000. SBI Securities Co. Ltd. acquired a new position in Iridium Communications during the 4th quarter worth $37,000. UMB Bank n.a. raised its position in shares of Iridium Communications by 129.8% during the 1st quarter. UMB Bank n.a. now owns 1,379 shares of the technology company's stock valued at $38,000 after acquiring an additional 779 shares during the last quarter. Pinnacle Holdings LLC raised its position 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 valued at $44,000 after acquiring an additional 477 shares during the last quarter. Finally, Fifth Third Bancorp raised its position 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 valued at $63,000 after acquiring an additional 357 shares during the last quarter. Institutional investors and hedge funds own 84.36% of the company's stock.

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.