Iridium Communications (NASDAQ:IRDM) Stock Price Up 4.7% - Still a Buy?

Iridium Communications Inc. (NASDAQ:IRDM - Get Free Report)'s share price was up 4.7% on Monday . The company traded as high as $24.44 and last traded at $24.25. Approximately 372,008 shares traded 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 Analyst Weigh In

Several research firms have issued reports on IRDM. William Blair upgraded shares of Iridium Communications from a "market perform" rating to an "outperform" rating in a research note on Tuesday, April 22nd. Barclays dropped 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. Cantor Fitzgerald started coverage on Iridium Communications in a research note on Friday, January 24th. They issued an "overweight" rating and a $40.00 target price on the stock. BWS Financial dropped their price target on Iridium Communications from $30.00 to $25.00 and set a "neutral" rating for the company in a research report on Wednesday, April 23rd. Finally, StockNews.com cut shares of Iridium Communications from a "buy" rating to a "hold" rating in a research report on Thursday. Two research analysts have rated the stock with a hold rating and three have given a buy rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $34.33.

Iridium Communications Price Performance

The firm has a fifty day moving average of $26.46 and a two-hundred day moving average of $28.49. The company has a current ratio of 1.73, a quick ratio of 1.25 and a debt-to-equity ratio of 3.05. The company has a market capitalization of $2.72 billion, a PE ratio of 26.50, a PEG ratio of 1.28 and a beta of 0.74.

Iridium Communications (NASDAQ:IRDM - Get Free Report) last released its quarterly earnings data on Tuesday, April 22nd. The technology company reported $0.27 earnings per share for the quarter, beating analysts' consensus estimates 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 firm posted $0.17 earnings per share. 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 disclosed a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Monday, March 17th were given a $0.14 dividend. This represents a $0.56 dividend on an annualized basis and a dividend yield of 2.22%. The ex-dividend date was Monday, March 17th. Iridium Communications's payout ratio is 52.83%.

Hedge Funds Weigh In On Iridium Communications

Several hedge funds have recently made changes to their positions in the business. Fifth Third Bancorp boosted its holdings in Iridium Communications by 19.8% in the fourth 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 in the last quarter. SBI Securities Co. Ltd. lifted its position in shares of Iridium Communications by 37.2% in the 1st quarter. SBI Securities Co. Ltd. now owns 1,757 shares of the technology company's stock worth $48,000 after purchasing an additional 476 shares during the period. Pinnacle Holdings LLC increased its position in shares of Iridium Communications by 45.4% during the fourth quarter. Pinnacle Holdings LLC now owns 1,528 shares of the technology company's stock valued at $44,000 after buying an additional 477 shares during the period. IFM Investors Pty Ltd raised its stake in Iridium Communications by 3.7% in the first quarter. IFM Investors Pty Ltd now owns 13,402 shares of the technology company's stock worth $366,000 after buying an additional 480 shares in the last quarter. Finally, GAMMA Investing LLC lifted its holdings in Iridium Communications by 14.1% in the first quarter. GAMMA Investing LLC now owns 3,961 shares of the technology company's stock worth $108,000 after buying an additional 488 shares during the period. 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.