Iridium Communications (NASDAQ:IRDM) Trading 4.7% Higher - Here's Why

Iridium Communications Inc. (NASDAQ:IRDM - Get Free Report) shares rose 4.7% during mid-day trading on Monday . The stock traded as high as $24.44 and last traded at $24.25. Approximately 372,008 shares changed hands during trading, a decline of 67% from the average daily volume of 1,129,697 shares. The stock had previously closed at $23.16.

Wall Street Analysts Forecast Growth

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

Iridium Communications Stock 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 has a 50-day moving average of $26.73 and a 200 day moving average of $28.57. The stock has a market capitalization of $2.63 billion, a P/E ratio of 25.55, a PEG ratio of 1.28 and a beta of 0.66.

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

Iridium Communications Dividend Announcement

The company 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. This represents a $0.56 dividend on an annualized basis and a dividend yield of 2.31%. The ex-dividend date was Monday, March 17th. Iridium Communications's dividend payout ratio (DPR) is currently 52.83%.

Hedge Funds Weigh In On Iridium Communications

A number of institutional investors and hedge funds have recently bought and sold shares of IRDM. Plato Investment Management Ltd acquired a new stake in Iridium Communications in the 4th quarter valued at about $32,000. SBI Securities Co. Ltd. bought a new stake in shares of Iridium Communications during the fourth quarter worth $37,000. UMB Bank n.a. increased its position in Iridium Communications by 129.8% in the first quarter. UMB Bank n.a. now owns 1,379 shares of the technology company's stock worth $38,000 after purchasing an additional 779 shares during the period. Pinnacle Holdings LLC grew 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 worth $44,000 after buying an additional 477 shares during the period. Finally, Cooksen Wealth LLC acquired a new position in Iridium Communications in the first quarter valued at about $47,000. 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.