Iridium Communications (NASDAQ:IRDM) Price Target Lowered to $31.00 at Barclays

Key Points

• Barclays has lowered its price target for Iridium Communications from $38.00 to $31.00, maintaining an "overweight" rating, which suggests a potential upside of approximately 20.67% from the current share price.
• Despite the cut, several analysts have varying opinions on the stock; William Blair upgraded it to "outperform," while Wall Street Zen downgraded it to "hold."
• Shares of Iridium Communications opened at $25.69 and have fluctuated between a 12-month low of $19.91 and a high of $35.85, with a market capitalization of $2.78 billion.

Iridium Communications (NASDAQ:IRDM - Free Report) had its target price decreased by Barclays from $38.00 to $31.00 in a report published on Monday,Benzinga reports. Barclays currently has an overweight rating on the technology company's stock.

IRDM has been the topic of a number of other research reports. Oppenheimer assumed coverage on Iridium Communications in a research note on Monday, May 5th. They set an "outperform" rating and a $34.00 price objective on the stock. William Blair upgraded Iridium Communications from a "market perform" rating to an "outperform" rating in a research note on Tuesday, April 22nd. Wall Street Zen cut Iridium Communications from a "buy" rating to a "hold" rating in a research note on Thursday, May 1st. Raymond James Financial restated a "strong-buy" rating and set a $39.00 target price (down from $47.00) on shares of Iridium Communications in a research note on Friday, July 25th. Finally, BWS Financial lowered their target price on Iridium Communications from $30.00 to $25.00 and set a "neutral" rating for the company in a research note on Wednesday, April 23rd. Two research analysts have rated the stock with a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Iridium Communications presently has an average rating of "Moderate Buy" and an average price target of $33.80.

Iridium Communications Trading Down 1.7%

NASDAQ:IRDM traded down $0.42 on Monday, hitting $24.49. 925,397 shares of the stock were exchanged, compared to its average volume of 1,387,019. The stock has a market cap of $2.60 billion, a PE ratio of 24.84, a PEG ratio of 0.90 and a beta of 0.79. The company has a current ratio of 2.51, a quick ratio of 1.75 and a debt-to-equity ratio of 3.82. The stock has a fifty day moving average of $28.83 and a 200-day moving average of $27.89. Iridium Communications has a fifty-two week low of $19.91 and a fifty-two week high of $35.85.

Iridium Communications (NASDAQ:IRDM - Get Free Report) last issued its quarterly earnings data on Thursday, July 24th. The technology company reported $0.20 EPS for the quarter, missing analysts' consensus estimates of $0.23 by ($0.03). The company had revenue of $216.91 million for the quarter, compared to analyst estimates of $214.73 million. Iridium Communications had a return on equity of 20.28% and a net margin of 13.20%. The company's revenue for the quarter was up 7.9% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.27 EPS. As a group, equities analysts expect that Iridium Communications will post 0.89 earnings per share for the current fiscal year.

Iridium Communications Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Monday, September 15th will be paid a $0.15 dividend. This is a boost from Iridium Communications's previous quarterly dividend of $0.14. The ex-dividend date is Monday, September 15th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 2.4%. Iridium Communications's dividend payout ratio (DPR) is currently 60.61%.

Institutional Investors Weigh In On Iridium Communications

A number of institutional investors have recently modified their holdings of the stock. ARK Investment Management LLC raised its stake in shares of Iridium Communications by 9.0% in the 2nd quarter. ARK Investment Management LLC now owns 5,333,528 shares of the technology company's stock valued at $160,913,000 after purchasing an additional 441,851 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. raised its stake in shares of Iridium Communications by 10.9% in the 2nd quarter. Sumitomo Mitsui Trust Group Inc. now owns 4,315,763 shares of the technology company's stock valued at $130,207,000 after purchasing an additional 422,618 shares in the last quarter. Nikko Asset Management Americas Inc. boosted its holdings 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 valued at $106,210,000 after buying an additional 1,061,465 shares during the period. Schroder Investment Management Group boosted its holdings in shares of Iridium Communications by 44.7% in the 4th quarter. Schroder Investment Management Group now owns 2,213,512 shares of the technology company's stock valued at $64,125,000 after buying an additional 683,777 shares during the period. Finally, American Century Companies Inc. boosted its holdings in shares of Iridium Communications by 26.6% in the 1st quarter. American Century Companies Inc. now owns 2,198,343 shares of the technology company's stock valued at $60,059,000 after buying an additional 462,501 shares during the period. Institutional investors and hedge funds own 84.36% of the company's stock.

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.