Iridium Communications (NASDAQ:IRDM) Hits New 1-Year Low - Here's Why

Iridium Communications Inc. (NASDAQ:IRDM - Get Free Report) shares hit a new 52-week low during trading on Tuesday . The company traded as low as $19.91 and last traded at $20.39, with a volume of 619953 shares changing hands. The stock had previously closed at $23.20.

Wall Street Analyst Weigh In

IRDM has been the subject of several research analyst reports. BWS Financial decreased their target price on Iridium Communications from $30.00 to $25.00 and set a "neutral" rating for the company in a research report on Wednesday. Cantor Fitzgerald started coverage on Iridium Communications in a research note on Friday, January 24th. They issued an "overweight" rating and a $40.00 price objective on the stock. Barclays dropped their price target on shares of Iridium Communications from $45.00 to $38.00 and set an "overweight" rating on the stock in a research note on Monday, March 10th. StockNews.com lowered Iridium Communications from a "buy" rating to a "hold" rating in a report on Tuesday, April 22nd. Finally, William Blair raised Iridium Communications from a "market perform" rating to an "outperform" rating in a report on Tuesday, April 22nd. Two equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to MarketBeat, Iridium Communications presently has a consensus rating of "Moderate Buy" and an average price target of $34.33.

Iridium Communications Stock Performance

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 company's 50-day moving average price is $27.20 and its 200 day moving average price is $28.67. The stock has a market capitalization of $2.52 billion, a PE ratio of 24.38, a PEG ratio of 1.28 and a beta of 0.66.

Iridium Communications (NASDAQ:IRDM - Get Free Report) last announced its earnings results on Tuesday, April 22nd. The technology company reported $0.27 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 firm had revenue of $214.88 million for the quarter, compared to analysts' expectations of $211.78 million. During the same quarter in the previous year, the business posted $0.17 EPS. On average, equities research analysts expect that Iridium Communications Inc. will post 0.89 earnings per share for the current fiscal year.

Iridium Communications Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Monday, March 17th were paid 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 2.42%. Iridium Communications's dividend payout ratio is currently 58.95%.

Institutional Trading of Iridium Communications

Institutional investors have recently bought and sold shares of the company. Barclays PLC increased its position in shares of Iridium Communications by 19.2% during the third quarter. Barclays PLC now owns 856,901 shares of the technology company's stock valued at $26,093,000 after acquiring an additional 137,924 shares in the last quarter. Franklin Resources Inc. raised its holdings in shares of Iridium Communications by 18.0% during the third quarter. Franklin Resources Inc. now owns 143,049 shares of the technology company's stock valued at $4,296,000 after purchasing an additional 21,857 shares during the last quarter. GAMMA Investing LLC boosted its holdings in Iridium Communications by 44.8% in the fourth quarter. GAMMA Investing LLC now owns 3,473 shares of the technology company's stock worth $101,000 after purchasing an additional 1,074 shares during the last quarter. Nordea Investment Management AB raised its stake in Iridium Communications by 30.2% during the 4th quarter. Nordea Investment Management AB now owns 248,602 shares of the technology company's stock valued at $7,264,000 after buying an additional 57,690 shares during the last quarter. Finally, Ballentine Partners LLC boosted its stake in shares of Iridium Communications by 6.8% in the 4th quarter. Ballentine Partners LLC now owns 11,731 shares of the technology company's stock worth $340,000 after buying an additional 750 shares during 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.