Zacks: Analysts Expect Iridium Communications Inc (IRDM) Will Announce Quarterly Sales of $112.00 Million
Brokerages expect Iridium Communications Inc (NASDAQ:IRDM) to post $112.00 million in sales for the current fiscal quarter, according to Zacks Investment Research. Four analysts have made estimates for Iridium Communications’ earnings. The highest sales estimate is $115.74 million and the lowest is $109.40 million. Iridium Communications reported sales of $107.45 million during the same quarter last year, which would suggest a positive year-over-year growth rate of 4.2%. The business is scheduled to issue its next quarterly earnings report on Thursday, February 22nd.
According to Zacks, analysts expect that Iridium Communications will report full-year sales of $112.00 million for the current financial year, with estimates ranging from $441.90 million to $448.32 million. For the next fiscal year, analysts expect that the business will post sales of $482.49 million per share, with estimates ranging from $472.30 million to $489.44 million. Zacks’ sales calculations are an average based on a survey of research analysts that cover Iridium Communications.
Iridium Communications (NASDAQ:IRDM) last posted its earnings results on Thursday, October 26th. The technology company reported $0.23 EPS for the quarter, topping the Zacks’ consensus estimate of $0.18 by $0.05. The company had revenue of $116.55 million for the quarter, compared to the consensus estimate of $113.96 million. Iridium Communications had a return on equity of 8.31% and a net margin of 26.38%. Iridium Communications’s quarterly revenue was up 3.3% compared to the same quarter last year. During the same period in the previous year, the business earned $0.26 earnings per share.
Several research analysts have weighed in on IRDM shares. Wells Fargo & Company increased their price target on shares of Iridium Communications from $9.75 to $12.00 and gave the company a “market perform” rating in a report on Friday, October 27th. Zacks Investment Research raised shares of Iridium Communications from a “hold” rating to a “buy” rating and set a $11.00 price target on the stock in a report on Wednesday, September 27th. ValuEngine raised shares of Iridium Communications from a “buy” rating to a “strong-buy” rating in a report on Friday, September 1st. Drexel Hamilton reissued a “buy” rating and issued a $14.00 price target on shares of Iridium Communications in a report on Thursday, August 31st. Finally, TheStreet cut shares of Iridium Communications from a “b” rating to a “c+” rating in a report on Thursday, August 17th. One research analyst has rated the stock with a sell rating, two have given a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the stock. The company presently has an average rating of “Buy” and an average price target of $12.33.
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In other news, COO S. Scott Smith sold 135,000 shares of the firm’s stock in a transaction that occurred on Wednesday, August 30th. The shares were sold at an average price of $10.51, for a total transaction of $1,418,850.00. Following the transaction, 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 can be accessed through the SEC website. 6.40% of the stock is currently owned by company insiders.
Several institutional investors and hedge funds have recently made changes to their positions in IRDM. Flinton Capital Management LLC increased its holdings in shares of Iridium Communications by 80.6% during the second quarter. Flinton Capital Management LLC now owns 9,100 shares of the technology company’s stock worth $101,000 after purchasing an additional 4,060 shares during the period. Thompson Davis & CO. Inc. bought a new position in shares of Iridium Communications during the second quarter worth approximately $102,000. PNC Financial Services Group Inc. increased its holdings in shares of Iridium Communications by 15.3% during the second quarter. PNC Financial Services Group Inc. now owns 9,799 shares of the technology company’s stock worth $109,000 after purchasing an additional 1,303 shares during the period. Everence Capital Management Inc. bought a new position in shares of Iridium Communications during the second quarter worth approximately $116,000. Finally, QS Investors LLC increased its holdings in shares of Iridium Communications by 23,091.5% during the second quarter. QS Investors LLC now owns 10,900 shares of the technology company’s stock worth $120,000 after purchasing an additional 10,853 shares during the period.
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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