Iridium Communications Inc (IRDM) Given Consensus Rating of “Buy” by Brokerages
Iridium Communications Inc (NASDAQ:IRDM) has been given an average rating of “Buy” by the six analysts that are presently covering the stock, MarketBeat.com reports. One research analyst has rated the stock with a hold recommendation, three have assigned a buy recommendation and one has issued a strong buy recommendation on the company. The average 1-year target price among brokerages that have issued ratings on the stock in the last year is $12.50.
A number of equities research analysts recently commented on IRDM shares. Zacks Investment Research upgraded Iridium Communications from a “hold” rating to a “buy” rating and set a $11.00 target price on the stock in a research report on Wednesday, September 27th. BidaskClub upgraded Iridium Communications from a “hold” rating to a “buy” rating in a research report on Saturday, July 1st. Drexel Hamilton reiterated a “buy” rating and issued a $14.00 target price on shares of Iridium Communications in a research report on Thursday, August 31st. TheStreet downgraded Iridium Communications from a “b” rating to a “c+” rating in a research report on Thursday, August 17th. Finally, ValuEngine upgraded Iridium Communications from a “buy” rating to a “strong-buy” rating in a research report on Friday, September 1st.
In other Iridium Communications news, COO S. Scott Smith sold 135,000 shares of the business’s stock in a transaction that occurred on Wednesday, August 30th. The stock was sold at an average price of $10.51, for a total transaction of $1,418,850.00. Following the sale, the chief operating officer now directly owns 309,000 shares of the company’s stock, valued at $3,247,590. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 6.40% of the company’s stock.
Hedge funds and other institutional investors have recently modified their holdings of the business. BB&T Securities LLC increased its stake in Iridium Communications by 9.1% during the second quarter. BB&T Securities LLC now owns 92,783 shares of the technology company’s stock worth $1,025,000 after acquiring an additional 7,773 shares during the last quarter. Pinnacle Associates Ltd. increased its stake in Iridium Communications by 16.8% during the second quarter. Pinnacle Associates Ltd. now owns 3,169,553 shares of the technology company’s stock worth $35,024,000 after acquiring an additional 455,585 shares during the last quarter. Vanguard Group Inc. increased its stake in Iridium Communications by 4.8% during the first quarter. Vanguard Group Inc. now owns 10,000,166 shares of the technology company’s stock worth $96,501,000 after acquiring an additional 457,168 shares during the last quarter. Municipal Employees Retirement System of Michigan increased its stake in Iridium Communications by 49.9% during the second quarter. Municipal Employees Retirement System of Michigan now owns 27,560 shares of the technology company’s stock worth $305,000 after acquiring an additional 9,180 shares during the last quarter. Finally, Karp Capital Management Corp bought a new stake in Iridium Communications during the first quarter worth approximately $443,000.
Iridium Communications (NASDAQ:IRDM) opened at 11.20 on Friday. The firm has a 50-day moving average price of $10.59 and a 200-day moving average price of $10.49. Iridium Communications has a 52 week low of $7.50 and a 52 week high of $11.57. The company has a market capitalization of $1.09 billion, a price-to-earnings ratio of 11.98 and a beta of 1.71.
Iridium Communications (NASDAQ:IRDM) last posted its earnings results on Thursday, July 27th. The technology company reported $0.20 EPS for the quarter, topping analysts’ consensus estimates of $0.19 by $0.01. The company had revenue of $111.60 million for the quarter, compared to the consensus estimate of $109.18 million. Iridium Communications had a return on equity of 8.68% and a net margin of 27.14%. The firm’s revenue for the quarter was up 2.2% on a year-over-year basis. During the same period in the previous year, the business earned $0.22 earnings per share. Analysts anticipate that Iridium Communications will post $0.80 EPS for the current fiscal year.
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About Iridium Communications
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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