Iridium Communications (NASDAQ:IRDM) Sets New 52-Week Low - Here's What Happened

Iridium Communications Inc. (NASDAQ:IRDM - Get Free Report) hit a new 52-week low during trading on Tuesday . The company traded as low as $19.91 and last traded at $20.39, with a volume of 619953 shares changing hands. The stock had previously closed at $23.20.

Analyst Ratings Changes

A number of research firms have issued reports on IRDM. Barclays reduced their price target on shares of Iridium Communications from $45.00 to $38.00 and set an "overweight" rating for the company in a research report on Monday, March 10th. StockNews.com cut shares of Iridium Communications from a "buy" rating to a "hold" rating in a report on Tuesday. BWS Financial lowered their price target on shares of Iridium Communications from $30.00 to $25.00 and set a "neutral" rating on the stock in a report on Wednesday. Cantor Fitzgerald initiated coverage on Iridium Communications in a research note on Friday, January 24th. They set an "overweight" rating and a $40.00 price objective for the company. Finally, William Blair upgraded Iridium Communications from a "market perform" rating to an "outperform" rating in a research note on Tuesday. Two research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat.com, Iridium Communications currently has an average rating of "Moderate Buy" and an average price target of $34.33.

Iridium Communications Trading Down 1.6 %

The stock has a market cap of $2.47 billion, a PE ratio of 23.89, a price-to-earnings-growth ratio of 1.28 and a beta of 0.66. The company has a 50 day moving average of $27.38 and a two-hundred day moving average of $28.72. The company has a debt-to-equity ratio of 3.05, a quick ratio of 1.25 and a current ratio of 1.73.

Iridium Communications (NASDAQ:IRDM - Get Free Report) last issued its quarterly 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 company had revenue of $214.88 million during the quarter, compared to analyst estimates of $211.78 million. Iridium Communications had a net margin of 13.58% and a return on equity of 15.66%. During the same quarter in the previous year, the firm earned $0.17 EPS. Sell-side analysts anticipate that Iridium Communications Inc. will post 0.89 earnings per share for the current fiscal year.

Iridium Communications Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Monday, March 17th were paid a $0.14 dividend. This represents a $0.56 annualized dividend and a yield of 2.47%. The ex-dividend date of this dividend was Monday, March 17th. Iridium Communications's dividend payout ratio is currently 58.95%.

Institutional Investors Weigh In On Iridium Communications

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Plato Investment Management Ltd acquired a new stake in shares of Iridium Communications in the fourth quarter valued at about $32,000. SBI Securities Co. Ltd. purchased a new stake in Iridium Communications during the 4th quarter valued at about $37,000. UMB Bank n.a. raised its holdings in Iridium Communications by 129.8% in the 1st quarter. UMB Bank n.a. now owns 1,379 shares of the technology company's stock valued at $38,000 after acquiring an additional 779 shares during the last quarter. Pinnacle Holdings LLC lifted its stake in Iridium Communications by 45.4% in the 4th quarter. Pinnacle Holdings LLC now owns 1,528 shares of the technology company's stock worth $44,000 after purchasing an additional 477 shares in the last quarter. Finally, Fifth Third Bancorp boosted its holdings in shares of Iridium Communications by 19.8% during 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 last quarter. 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.