Iridium Communications (NASDAQ:IRDM) Raised to “Buy” at StockNews.com

StockNews.com upgraded shares of Iridium Communications (NASDAQ:IRDM) from a hold rating to a buy rating in a research note published on Thursday.

Separately, Cantor Fitzgerald assumed coverage on Iridium Communications in a research note on Friday, January 24th. They set an “overweight” rating and a $40.00 price objective on the stock.

Iridium Communications Price Performance

Shares of NASDAQ:IRDM opened at $32.13 on Thursday. The firm has a market capitalization of $3.50 billion, a PE ratio of 33.82, a P/E/G ratio of 1.28 and a beta of 0.65. 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 company has a 50-day moving average price of $29.49 and a two-hundred day moving average price of $29.11. Iridium Communications has a twelve month low of $24.14 and a twelve month high of $35.85.

Iridium Communications (NASDAQ:IRDM) last released its quarterly earnings data on Thursday, February 13th. The technology company reported $0.31 EPS for the quarter, topping the consensus estimate of $0.15 by $0.16. Iridium Communications had a net margin of 13.58% and a return on equity of 15.66%. The company had revenue of $212.99 million during the quarter, compared to the consensus estimate of $203.78 million. Equities analysts forecast that Iridium Communications will post 0.89 EPS for the current year.

Iridium Communications Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, December 31st. Stockholders of record on Monday, December 16th were given a dividend of $0.14 per share. The ex-dividend date of this dividend was Monday, December 16th. This represents a $0.56 dividend on an annualized basis and a dividend yield of 1.74%. Iridium Communications’s dividend payout ratio (DPR) is currently 58.95%.

Insiders Place Their Bets

In related news, Director Thomas Fitzpatrick sold 12,500 shares of the firm’s stock in a transaction that occurred on Friday, January 10th. The shares were sold at an average price of $28.53, for a total value of $356,625.00. Following the sale, the director now directly owns 241,030 shares of the company’s stock, valued at $6,876,585.90. This trade represents a 4.93 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Corporate insiders own 2.00% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Plato Investment Management Ltd purchased a new position in shares of Iridium Communications in the 4th quarter worth about $32,000. SBI Securities Co. Ltd. bought a new stake in shares of Iridium Communications in the 4th quarter valued at about $37,000. Pinnacle Holdings LLC boosted its holdings in Iridium Communications by 45.4% during the 4th quarter. Pinnacle Holdings LLC now owns 1,528 shares of the technology company’s stock valued at $44,000 after acquiring an additional 477 shares during the period. Capital Performance Advisors LLP bought a new position in Iridium Communications during the 3rd quarter worth approximately $57,000. Finally, Fifth Third Bancorp increased its stake in Iridium Communications by 19.8% in the 4th quarter. Fifth Third Bancorp now owns 2,162 shares of the technology company’s stock worth $63,000 after purchasing an additional 357 shares during the period. 84.36% of the stock is currently owned by hedge funds and other 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.