StockNews.com Downgrades Iridium Communications (NASDAQ:IRDM) to Hold

StockNews.com downgraded shares of Iridium Communications (NASDAQ:IRDM - Free Report) from a buy rating to a hold rating in a research report sent to investors on Tuesday morning.

IRDM has been the subject of several other research reports. Cantor Fitzgerald started coverage on Iridium Communications in a report on Friday, January 24th. They issued an "overweight" rating and a $40.00 price objective for the company. Barclays reduced their target price on shares of 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, William Blair raised shares of Iridium Communications from a "market perform" rating to an "outperform" rating in a report on Tuesday. Two research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat.com, Iridium Communications currently has an average rating of "Moderate Buy" and an average target price of $34.33.

Iridium Communications Stock Performance

NASDAQ IRDM traded up $0.12 during trading hours on Tuesday, reaching $23.16. 1,433,137 shares of the company were exchanged, compared to its average volume of 1,139,815. 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 stock has a market capitalization of $2.52 billion, a P/E ratio of 24.38, a P/E/G ratio of 1.28 and a beta of 0.66. Iridium Communications has a 1 year low of $19.91 and a 1 year high of $35.85. The business's 50 day simple moving average is $27.38 and its 200-day simple moving average is $28.72.

Iridium Communications (NASDAQ:IRDM - Get Free Report) last posted its quarterly earnings results on Tuesday, April 22nd. The technology company reported $0.27 EPS for the quarter, topping analysts' consensus estimates of $0.22 by $0.05. Iridium Communications had a net margin of 13.58% and a return on equity of 15.66%. The company had revenue of $214.88 million for the quarter, compared to analysts' expectations of $211.78 million. During the same quarter in the previous year, the firm posted $0.17 EPS. On average, equities research analysts expect that Iridium Communications will post 0.89 earnings per share for the current year.

Iridium Communications Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Monday, March 17th were given a dividend of $0.14 per share. This represents a $0.56 annualized dividend and a dividend yield of 2.42%. The ex-dividend date was Monday, March 17th. Iridium Communications's dividend payout ratio is presently 58.95%.

Hedge Funds Weigh In On Iridium Communications

Large investors have recently modified their holdings of the company. Sumitomo Mitsui Trust Group Inc. boosted its holdings in Iridium Communications by 37.6% in the 1st quarter. Sumitomo Mitsui Trust Group Inc. now owns 3,893,145 shares of the technology company's stock valued at $106,361,000 after purchasing an additional 1,064,093 shares during the period. Nikko Asset Management Americas Inc. boosted its stake in Iridium Communications by 13.2% during the fourth quarter. Nikko Asset Management Americas Inc. now owns 2,827,580 shares of the technology company's stock valued at $82,028,000 after buying an additional 329,915 shares during the period. ARK Investment Management LLC grew its position in Iridium Communications by 5.7% during the fourth quarter. ARK Investment Management LLC now owns 2,507,715 shares of the technology company's stock worth $72,774,000 after buying an additional 134,924 shares in the last quarter. Schroder Investment Management Group increased its stake in 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 worth $64,125,000 after acquiring an additional 683,777 shares during the last quarter. Finally, ArrowMark Colorado Holdings LLC increased its stake in Iridium Communications by 37.3% in the 4th quarter. ArrowMark Colorado Holdings LLC now owns 2,088,053 shares of the technology company's stock worth $60,595,000 after acquiring an additional 567,164 shares during the last quarter. 84.36% of the stock is currently 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.