Iridium Communications (NASDAQ:IRDM) Rating Reiterated by BWS Financial

BWS Financial reiterated their neutral rating on shares of Iridium Communications (NASDAQ:IRDM - Free Report) in a research note issued to investors on Monday morning, Benzinga reports. BWS Financial currently has a $30.00 target price on the technology company's stock.

Separately, Barclays increased their price target on Iridium Communications from $44.00 to $45.00 and gave the company an "overweight" rating in a research note on Wednesday, July 24th. Two equities research analysts have rated the stock with a hold rating, one has issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $41.00.

Iridium Communications Trading Down 5.9 %

Shares of IRDM stock traded down $1.87 on Monday, hitting $29.73. The company had a trading volume of 1,640,476 shares, compared to its average volume of 1,088,523. The firm has a market cap of $3.61 billion, a P/E ratio of 141.57 and a beta of 0.65. The stock's 50-day moving average is $28.30 and its two-hundred day moving average is $28.00. 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 twelve month low of $24.14 and a twelve month high of $41.66.

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, beating the consensus estimate of $0.17 by $0.10. The company had revenue of $201.07 million during the quarter, compared to analysts' expectations of $204.01 million. Iridium Communications had a return on equity of 10.23% and a net margin of 11.08%. The business's quarterly revenue was up 4.1% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($0.24) earnings per share. On average, equities research analysts anticipate that Iridium Communications will post 0.81 earnings per share for the current fiscal year.

Iridium Communications announced that its board has approved a stock repurchase program on Thursday, September 19th that allows the company to buyback $500.00 million in shares. This buyback authorization allows the technology company to reacquire up to 14.2% of its shares through open market purchases. Shares buyback programs are typically a sign that the company's board of directors believes its stock is undervalued.

Iridium Communications Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Friday, September 13th were paid a dividend of $0.14 per share. The ex-dividend date was Friday, September 13th. This represents a $0.56 annualized dividend and a yield of 1.88%. Iridium Communications's dividend payout ratio is currently 266.67%.

Institutional Investors Weigh In On Iridium Communications

Large investors have recently added to or reduced their stakes in the business. Capstone Investment Advisors LLC acquired a new stake in Iridium Communications during the first quarter worth approximately $913,000. Mirae Asset Global Investments Co. Ltd. boosted its holdings 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 worth $1,900,000 after acquiring an additional 58,860 shares in the last quarter. Russell Investments Group Ltd. boosted its holdings 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 worth $6,068,000 after acquiring an additional 21,769 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. boosted its holdings in 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 worth $54,664,000 after acquiring an additional 346,118 shares in the last quarter. Finally, Bayesian Capital Management LP bought a new position in Iridium Communications in the first quarter worth approximately $544,000. Institutional investors and hedge funds own 84.36% of the company's stock.

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.