Brokerages expect that Iridium Communications Inc (NASDAQ:IRDM) will announce earnings of ($0.09) per share for the current fiscal quarter, according to Zacks. Four analysts have made estimates for Iridium Communications’ earnings. The highest EPS estimate is $0.04 and the lowest is ($0.19). Iridium Communications posted earnings of $0.23 per share during the same quarter last year, which would indicate a negative year over year growth rate of 139.1%. The company is scheduled to issue its next quarterly earnings report before the market opens on Thursday, October 25th.
On average, analysts expect that Iridium Communications will report full year earnings of ($0.26) per share for the current year, with EPS estimates ranging from ($0.55) to $0.12. For the next year, analysts expect that the business will post earnings of ($0.37) per share, with EPS estimates ranging from ($0.89) to $0.28. Zacks Investment Research’s EPS calculations are an average based on a survey of sell-side research analysts that follow Iridium Communications.
Iridium Communications (NASDAQ:IRDM) last posted its earnings results on Tuesday, July 31st. The technology company reported ($0.06) EPS for the quarter, meeting the Zacks’ consensus estimate of ($0.06). Iridium Communications had a return on equity of 3.72% and a net margin of 36.66%. The company had revenue of $134.93 million for the quarter, compared to the consensus estimate of $120.54 million. During the same quarter in the previous year, the business earned $0.20 earnings per share. The company’s revenue for the quarter was up 20.9% on a year-over-year basis.
A number of equities research analysts have recently weighed in on the company. Raymond James raised Iridium Communications to a “strong-buy” rating in a research note on Thursday. BidaskClub cut Iridium Communications from a “strong-buy” rating to a “buy” rating in a research note on Tuesday. Northland Securities cut Iridium Communications from a “market perform” rating to an “under perform” rating in a research note on Monday, September 10th. Sidoti reaffirmed a “neutral” rating on shares of Iridium Communications in a research note on Monday, August 27th. Finally, Zacks Investment Research cut Iridium Communications from a “strong-buy” rating to a “hold” rating in a research note on Saturday, August 4th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating, two have given a buy rating and two have assigned a strong buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus target price of $18.55.
In other news, EVP Bryan J. Hartin sold 29,655 shares of Iridium Communications stock in a transaction on Monday, August 6th. The stock was sold at an average price of $19.23, for a total value of $570,265.65. Following the completion of the sale, the executive vice president now directly owns 94,168 shares of the company’s stock, valued at $1,810,850.64. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, COO S. Scott Smith sold 3,500 shares of Iridium Communications stock in a transaction on Monday, September 10th. The shares were sold at an average price of $20.10, for a total value of $70,350.00. Following the completion of the sale, the chief operating officer now directly owns 221,034 shares of the company’s stock, valued at $4,442,783.40. The disclosure for this sale can be found here. Insiders sold 100,871 shares of company stock valued at $1,998,926 over the last ninety days. Insiders own 5.60% of the company’s stock.
Several hedge funds and other institutional investors have recently modified their holdings of the company. Wells Fargo & Company MN grew its stake in Iridium Communications by 143.8% during the 1st quarter. Wells Fargo & Company MN now owns 838,345 shares of the technology company’s stock worth $9,432,000 after purchasing an additional 494,515 shares in the last quarter. Northern Trust Corp grew its stake in Iridium Communications by 0.3% during the 1st quarter. Northern Trust Corp now owns 2,246,797 shares of the technology company’s stock worth $25,276,000 after purchasing an additional 7,803 shares in the last quarter. JPMorgan Chase & Co. grew its stake in Iridium Communications by 96.9% during the 1st quarter. JPMorgan Chase & Co. now owns 430,209 shares of the technology company’s stock worth $4,840,000 after purchasing an additional 211,675 shares in the last quarter. Principal Financial Group Inc. grew its stake in Iridium Communications by 3.2% during the 1st quarter. Principal Financial Group Inc. now owns 706,703 shares of the technology company’s stock worth $7,950,000 after purchasing an additional 21,616 shares in the last quarter. Finally, BB&T Securities LLC grew its stake in Iridium Communications by 12.2% during the 1st quarter. BB&T Securities LLC now owns 96,347 shares of the technology company’s stock worth $1,083,000 after purchasing an additional 10,482 shares in the last quarter. 86.23% of the stock is owned by institutional investors and hedge funds.
Shares of NASDAQ IRDM opened at $19.26 on Friday. Iridium Communications has a twelve month low of $9.95 and a twelve month high of $24.10. The company has a quick ratio of 2.09, a current ratio of 2.18 and a debt-to-equity ratio of 1.20. The firm has a market capitalization of $2.49 billion, a PE ratio of 27.51 and a beta of 1.84.
About Iridium Communications
Iridium Communications Inc provides mobile voice and data communications services through satellite to businesses, the U.S. and foreign 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.
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