Iridium Communications (NASDAQ:IRDM) Sees Large Volume Increase - Time to Buy?

Iridium Communications Inc. (NASDAQ:IRDM - Get Free Report) shares saw unusually-strong trading volume on Thursday . Approximately 817,416 shares were traded during trading, a decline of 23% from the previous session's volume of 1,066,526 shares.The stock last traded at $35.14 and had previously closed at $30.20.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on IRDM shares. Barclays upped their target price on shares of Iridium Communications from $44.00 to $45.00 and gave the stock an "overweight" rating in a research report on Wednesday, July 24th. BWS Financial reiterated a "neutral" rating and set a $30.00 target price on shares of Iridium Communications in a research report on Wednesday, July 24th. Two investment analysts have rated the stock with a hold rating, one has given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $41.00.

Iridium Communications Price Performance

The company's fifty day moving average is $28.20 and its two-hundred day moving average is $27.93. The firm has a market capitalization of $4.08 billion, a price-to-earnings ratio of 159.86 and a beta of 0.65. The company has a quick ratio of 1.52, a current ratio of 2.25 and a debt-to-equity ratio of 2.08.

Iridium Communications (NASDAQ:IRDM - Get Free Report) last issued its earnings results on Tuesday, July 23rd. The technology company reported $0.27 EPS for the quarter, beating the consensus estimate of $0.17 by $0.10. Iridium Communications had a net margin of 11.08% and a return on equity of 10.23%. The firm had revenue of $201.07 million during the quarter, compared to the consensus estimate of $204.01 million. During the same quarter in the prior year, the firm earned ($0.24) earnings per share. The business's quarterly revenue was up 4.1% on a year-over-year basis. Equities research analysts anticipate that Iridium Communications Inc. will post 0.81 earnings per share for the current fiscal year.

Iridium Communications Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Friday, September 13th were paid a $0.14 dividend. This represents a $0.56 annualized dividend and a yield of 1.67%. The ex-dividend date was Friday, September 13th. Iridium Communications's payout ratio is presently 266.67%.

Iridium Communications announced that its Board of Directors has approved a stock buyback plan on Thursday, September 19th that permits the company to repurchase $500.00 million in shares. This repurchase authorization permits the technology company to reacquire up to 14.2% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company's board believes its shares are undervalued.

Institutional Investors Weigh In On Iridium Communications

Large investors have recently bought and sold shares of the company. Counterpoint Mutual Funds LLC bought a new stake in shares of Iridium Communications during the first quarter worth $280,000. Oak Thistle LLC bought a new stake in shares of Iridium Communications during the first quarter worth $546,000. State of Michigan Retirement System increased its position in shares of Iridium Communications by 2.4% during the first quarter. State of Michigan Retirement System now owns 30,459 shares of the technology company's stock worth $797,000 after acquiring an additional 700 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. increased its position in shares of Iridium Communications by 19.9% during 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, Anchor Capital Management Company LLC increased its position in shares of Iridium Communications by 47.2% during the first quarter. Anchor Capital Management Company LLC now owns 623,941 shares of the technology company's stock worth $16,322,000 after acquiring an additional 200,000 shares in the last quarter. Institutional investors 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.