$109.23 Million in Sales Expected for Iridium Communications Inc (NASDAQ:IRDM) This Quarter
Brokerages forecast that Iridium Communications Inc (NASDAQ:IRDM) will report sales of $109.23 million for the current quarter, Zacks Investment Research reports. Four analysts have provided estimates for Iridium Communications’ earnings, with the highest sales estimate coming in at $112.10 million and the lowest estimate coming in at $107.00 million. Iridium Communications reported sales of $109.20 million during the same quarter last year, which indicates a positive year-over-year growth rate of 0%. The business is scheduled to report its next earnings results before the market opens on Thursday, July 27th.
According to Zacks, analysts expect that Iridium Communications will report full year sales of $109.23 million for the current financial year, with estimates ranging from $436.40 million to $443.20 million. For the next year, analysts expect that the business will report sales of $477.23 million per share, with estimates ranging from $457.20 million to $493.97 million. Zacks’ sales calculations are an average based on a survey of sell-side research firms that follow Iridium Communications.
Iridium Communications (NASDAQ:IRDM) last posted its quarterly earnings results on Thursday, April 27th. The technology company reported $0.30 EPS for the quarter, topping the Zacks’ consensus estimate of $0.21 by $0.09. The company had revenue of $104.40 million for the quarter, compared to analysts’ expectations of $105.25 million. Iridium Communications had a return on equity of 9.04% and a net margin of 27.76%. The firm’s revenue was up .2% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.23 EPS.
A number of equities research analysts have commented on IRDM shares. Zacks Investment Research downgraded Iridium Communications from a “buy” rating to a “hold” rating in a research report on Monday, May 1st. TheStreet raised Iridium Communications from a “c+” rating to a “b” rating in a research note on Friday, March 31st. Finally, BidaskClub raised Iridium Communications from a “hold” rating to a “buy” rating in a research note on Saturday, July 1st. Two research analysts have rated the stock with a hold rating and two have given a buy rating to the company. The stock presently has a consensus rating of “Buy” and an average target price of $12.00.
Shares of Iridium Communications (NASDAQ IRDM) traded up 1.42% during trading on Friday, reaching $10.70. The company’s stock had a trading volume of 703,706 shares. The company has a market capitalization of $1.04 billion, a PE ratio of 11.17 and a beta of 1.71. The stock has a 50 day moving average of $10.57 and a 200-day moving average of $10.01. Iridium Communications has a 1-year low of $6.80 and a 1-year high of $11.57.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Russell Investments Group Ltd. acquired a new position in Iridium Communications during the fourth quarter valued at about $1,190,000. State Board of Administration of Florida Retirement System boosted its position in Iridium Communications by 79.2% in the fourth quarter. State Board of Administration of Florida Retirement System now owns 90,536 shares of the technology company’s stock valued at $869,000 after buying an additional 40,000 shares in the last quarter. Comerica Bank boosted its position in Iridium Communications by 5.8% in the fourth quarter. Comerica Bank now owns 85,663 shares of the technology company’s stock valued at $934,000 after buying an additional 4,717 shares in the last quarter. State Street Corp increased its stake in Iridium Communications by 10.9% in the fourth quarter. State Street Corp now owns 1,909,931 shares of the technology company’s stock valued at $18,337,000 after buying an additional 187,491 shares during the last quarter. Finally, New York State Teachers Retirement System increased its stake in Iridium Communications by 0.3% in the fourth quarter. New York State Teachers Retirement System now owns 60,402 shares of the technology company’s stock valued at $580,000 after buying an additional 200 shares during the last quarter. 97.37% of the stock is owned by institutional investors and hedge funds.
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Iridium Communications Company Profile
Iridium Communications Inc is engaged in providing global satellite communications services and products. The Company offers mobile voice and data communications services through satellite, and provides communications services offering true global coverage. It provides services to businesses, the United States and foreign governments, non-governmental organizations and consumers through its satellite network, which has over 70 in-orbit satellites with in orbit spares and related ground infrastructure.
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