BWS Financial Reiterates “Neutral” Rating for Iridium Communications (NASDAQ:IRDM)

Iridium Communications (NASDAQ:IRDM)‘s stock had its “neutral” rating reiterated by analysts at BWS Financial in a research report issued to clients and investors on Monday, Benzinga reports. They presently have a $30.00 price objective on the technology company’s stock. BWS Financial’s price objective would indicate a potential downside of 3.26% from the stock’s current price.

Separately, Barclays increased their target price on shares of Iridium Communications from $44.00 to $45.00 and gave the company an “overweight” rating in a research report on Wednesday, July 24th. Two investment analysts have rated the stock with a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $41.00.

Iridium Communications Trading Down 1.9 %

Iridium Communications stock traded down $0.59 during trading on Monday, reaching $31.01. The company had a trading volume of 71,242 shares, compared to its average volume of 1,080,793. The company has a debt-to-equity ratio of 2.08, a quick ratio of 1.52 and a current ratio of 2.25. Iridium Communications has a 12-month low of $24.14 and a 12-month high of $41.66. The stock’s 50 day moving average price is $28.30 and its two-hundred day moving average price is $28.00. The firm has a market capitalization of $3.77 billion, a price-to-earnings ratio of 147.67 and a beta of 0.65.

Iridium Communications (NASDAQ:IRDM) last posted its earnings results on Tuesday, July 23rd. The technology company reported $0.27 EPS for the quarter, topping analysts’ consensus estimates of $0.17 by $0.10. The business had revenue of $201.07 million for the quarter, compared to analysts’ expectations of $204.01 million. Iridium Communications had a net margin of 11.08% and a return on equity of 10.23%. The business’s revenue for the quarter was up 4.1% compared to the same quarter last year. During the same period in the previous year, the company posted ($0.24) earnings per share. As a group, equities analysts expect that Iridium Communications will post 0.81 earnings per share for the current fiscal year.

Iridium Communications declared that its Board of Directors has initiated a share buyback plan on Thursday, September 19th that authorizes the company to buyback $500.00 million in shares. This buyback authorization authorizes the technology company to repurchase up to 14.2% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s board believes its shares are undervalued.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the business. Capstone Investment Advisors LLC bought a new stake in shares of Iridium Communications during the first quarter worth $913,000. Mirae Asset Global Investments Co. Ltd. grew its stake in Iridium Communications by 427.6% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 72,626 shares of the technology company’s stock valued at $1,900,000 after purchasing an additional 58,860 shares in the last quarter. Russell Investments Group Ltd. grew its stake in Iridium Communications by 10.4% in the first quarter. Russell Investments Group Ltd. now owns 231,976 shares of the technology company’s stock valued at $6,068,000 after purchasing an additional 21,769 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. lifted its position in shares of Iridium Communications by 19.9% in the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 2,089,600 shares of the technology company’s stock valued at $54,664,000 after buying an additional 346,118 shares during the last quarter. Finally, Bayesian Capital Management LP acquired a new stake in shares of Iridium Communications in the first quarter valued at approximately $544,000. 84.36% of the stock is owned by 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.