Iridium Communications (NASDAQ:IRDM) Reaches New 12-Month Low - Here's Why

Shares of Iridium Communications Inc. (NASDAQ:IRDM - Get Free Report) hit a new 52-week low on Wednesday . The stock traded as low as $23.43 and last traded at $24.13, with a volume of 1078673 shares trading hands. The stock had previously closed at $24.12.

Analyst Ratings Changes

Several research analysts have recently issued reports on IRDM shares. Cantor Fitzgerald assumed 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. BWS Financial decreased their price objective on shares of Iridium Communications from $30.00 to $25.00 and set a "neutral" rating on the stock in a research report on Wednesday, April 23rd. StockNews.com lowered shares of Iridium Communications from a "buy" rating to a "hold" rating in a report on Thursday, May 1st. Barclays lowered their price target 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, William Blair upgraded Iridium Communications from a "market perform" rating to an "outperform" rating in a research report on Tuesday, April 22nd. Two analysts have rated the stock with a hold rating and four have issued a buy rating to the company's stock. Based on data from MarketBeat, Iridium Communications has an average rating of "Moderate Buy" and a consensus price target of $34.25.

Iridium Communications Price Performance

The company has a quick ratio of 1.25, a current ratio of 1.73 and a debt-to-equity ratio of 3.05. The firm's 50-day moving average is $26.33 and its 200-day moving average is $28.40. The company has a market cap of $2.81 billion, a PE ratio of 27.31, a PEG ratio of 1.28 and a beta of 0.74.

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

Iridium Communications Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Monday, March 17th were issued a dividend of $0.14 per share. This represents a $0.56 dividend on an annualized basis and a dividend yield of 2.16%. The ex-dividend date of this dividend was Monday, March 17th. Iridium Communications's dividend payout ratio (DPR) is presently 52.83%.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the business. Universal Beteiligungs und Servicegesellschaft mbH purchased a new stake in Iridium Communications in the first quarter worth about $468,000. Allianz Asset Management GmbH bought a new stake in shares of Iridium Communications in the 1st quarter worth approximately $205,000. Los Angeles Capital Management LLC grew its stake in shares of Iridium Communications by 182.3% in the 1st quarter. Los Angeles Capital Management LLC now owns 185,658 shares of the technology company's stock worth $5,072,000 after buying an additional 119,890 shares during the last quarter. Private Advisor Group LLC increased its position in Iridium Communications by 24.0% during the 1st quarter. Private Advisor Group LLC now owns 119,876 shares of the technology company's stock valued at $3,275,000 after buying an additional 23,174 shares in the last quarter. Finally, SBI Securities Co. Ltd. raised its stake in Iridium Communications by 37.2% during the first quarter. SBI Securities Co. Ltd. now owns 1,757 shares of the technology company's stock valued at $48,000 after buying an additional 476 shares during the last quarter. 84.36% of the stock is currently 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.