Barclays Cuts Iridium Communications (NASDAQ:IRDM) Price Target to $38.00

Iridium Communications (NASDAQ:IRDM) had its price target reduced by Barclays from $45.00 to $38.00 in a research note issued to investors on Monday,Benzinga reports. They currently have an overweight rating on the technology company’s stock.

Other equities analysts also recently issued reports about the company. StockNews.com upgraded Iridium Communications from a “hold” rating to a “buy” rating in a research report on Thursday, February 27th. Cantor Fitzgerald initiated coverage on Iridium Communications in a research report on Friday, January 24th. They issued an “overweight” rating and a $40.00 price objective on the stock.

Iridium Communications Price Performance

NASDAQ IRDM opened at $27.35 on Monday. The company has a market capitalization of $2.98 billion, a PE ratio of 28.79, a price-to-earnings-growth ratio of 1.28 and a beta of 0.70. The company has a debt-to-equity ratio of 3.05, a quick ratio of 1.25 and a current ratio of 1.73. The business’s fifty day moving average is $29.71 and its 200 day moving average is $29.34. Iridium Communications has a fifty-two week low of $24.14 and a fifty-two week high of $35.85.

Iridium Communications (NASDAQ:IRDM) last released its earnings results on Thursday, February 13th. The technology company reported $0.31 earnings per share for the quarter, beating the consensus estimate of $0.15 by $0.16. The company had revenue of $212.99 million for the quarter, compared to the consensus estimate of $203.78 million. Iridium Communications had a return on equity of 15.66% and a net margin of 13.58%. Sell-side analysts predict that Iridium Communications will post 0.89 earnings per share for the current year.

Iridium Communications Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Monday, March 17th will be given a $0.14 dividend. The ex-dividend date is Monday, March 17th. This represents a $0.56 annualized dividend and a dividend yield of 2.05%. Iridium Communications’s payout ratio is 58.95%.

Insider Activity

In other news, Director Thomas Fitzpatrick sold 12,500 shares of Iridium Communications stock in a transaction dated Friday, January 10th. The stock was sold at an average price of $28.53, for a total value of $356,625.00. Following the sale, the director now directly owns 241,030 shares of the company’s stock, valued at approximately $6,876,585.90. The trade was a 4.93 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 2.00% of the company’s stock.

Institutional Investors Weigh In On Iridium Communications

Several large investors have recently made changes to their positions in the company. State Street Corp increased its stake in Iridium Communications by 0.9% during the third quarter. State Street Corp now owns 4,269,883 shares of the technology company’s stock worth $130,018,000 after acquiring an additional 36,851 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. increased its stake in Iridium Communications by 12.8% during the fourth quarter. Sumitomo Mitsui Trust Group Inc. now owns 2,829,052 shares of the technology company’s stock worth $82,099,000 after acquiring an additional 320,506 shares during the last quarter. Nikko Asset Management Americas Inc. increased its stake in Iridium Communications by 13.2% during the fourth quarter. Nikko Asset Management Americas Inc. now owns 2,827,580 shares of the technology company’s stock worth $82,028,000 after acquiring an additional 329,915 shares during the last quarter. ARK Investment Management LLC increased its stake in Iridium Communications by 5.7% during the fourth quarter. ARK Investment Management LLC now owns 2,507,715 shares of the technology company’s stock worth $72,774,000 after acquiring an additional 134,924 shares during the last quarter. Finally, Schroder Investment Management Group increased its stake in Iridium Communications by 44.7% during the fourth quarter. Schroder Investment Management Group now owns 2,213,512 shares of the technology company’s stock worth $64,125,000 after acquiring an additional 683,777 shares during the last quarter. 84.36% of the stock is owned by institutional investors.

About Iridium Communications

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.