Iridium Communications Inc. Forecasted to Earn Q3 2024 Earnings of $0.18 Per Share (NASDAQ:IRDM)

Iridium Communications Inc. (NASDAQ:IRDM - Free Report) - Equities researchers at Zacks Research reduced their Q3 2024 earnings per share estimates for shares of Iridium Communications in a note issued to investors on Monday, October 14th. Zacks Research analyst R. Department now expects that the technology company will post earnings of $0.18 per share for the quarter, down from their previous forecast of $0.19. The consensus estimate for Iridium Communications' current full-year earnings is $0.81 per share. Zacks Research also issued estimates for Iridium Communications' FY2024 earnings at $0.80 EPS, FY2025 earnings at $0.77 EPS and Q1 2026 earnings at $0.20 EPS.

Other equities analysts also recently issued reports about the company. BWS Financial reissued a "neutral" rating and issued a $30.00 target price on shares of Iridium Communications in a research report on Wednesday, July 24th. Barclays increased their price objective on Iridium Communications from $44.00 to $45.00 and gave the company an "overweight" rating in a report on Wednesday, July 24th. Two research analysts have rated the stock with a hold rating, one has given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $41.00.

Iridium Communications Stock Performance

Iridium Communications stock traded up $0.04 during mid-day trading on Tuesday, reaching $30.07. 871,008 shares of the company traded hands, compared to its average volume of 1,063,558. The firm's fifty day moving average is $28.01 and its two-hundred day moving average is $27.87. The company has a market capitalization of $3.65 billion, a price-to-earnings ratio of 143.19 and a beta of 0.65. Iridium Communications has a fifty-two week low of $24.14 and a fifty-two week high of $44.63. The company has a debt-to-equity ratio of 2.08, a current ratio of 2.25 and a quick ratio of 1.52.

Iridium Communications (NASDAQ:IRDM - Get Free Report) last issued its quarterly earnings results on Tuesday, July 23rd. The technology company reported $0.27 earnings per share 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 analyst estimates of $204.01 million. Iridium Communications had a return on equity of 10.23% and a net margin of 11.08%. The company's revenue was up 4.1% on a year-over-year basis. During the same quarter in the previous year, the firm earned ($0.24) earnings per share.

Iridium Communications declared that its Board of Directors has authorized a stock buyback plan on Thursday, September 19th that allows the company to repurchase $500.00 million in shares. This repurchase authorization allows the technology company to reacquire up to 14.2% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company's leadership believes its shares are undervalued.

Iridium Communications Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Friday, September 13th were paid a $0.14 dividend. The ex-dividend date was Friday, September 13th. This represents a $0.56 dividend on an annualized basis and a dividend yield of 1.86%. Iridium Communications's payout ratio is 266.67%.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of IRDM. Allspring Global Investments Holdings LLC grew its stake in shares of Iridium Communications by 7,684.6% during the 2nd quarter. Allspring Global Investments Holdings LLC now owns 1,012 shares of the technology company's stock worth $27,000 after purchasing an additional 999 shares during the period. Acadian Asset Management LLC purchased a new position in Iridium Communications in the first quarter valued at $29,000. Mather Group LLC. purchased a new position in Iridium Communications in the second quarter valued at $32,000. Blue Trust Inc. raised its position in shares of Iridium Communications by 109.7% in the second quarter. Blue Trust Inc. now owns 1,491 shares of the technology company's stock worth $39,000 after acquiring an additional 780 shares during the period. Finally, International Assets Investment Management LLC purchased a new stake in shares of Iridium Communications during the 2nd quarter worth about $45,000. 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.