Equities Analysts Offer Predictions for Iridium Communications Inc.’s Q2 2024 Earnings (NASDAQ:IRDM)

Iridium Communications Inc. (NASDAQ:IRDM) – William Blair raised their Q2 2024 earnings per share (EPS) estimates for Iridium Communications in a research note issued to investors on Thursday, April 18th. William Blair analyst L. Dipalma now anticipates that the technology company will post earnings per share of $0.16 for the quarter, up from their prior forecast of $0.13. William Blair has a “Market Perform” rating on the stock. The consensus estimate for Iridium Communications’ current full-year earnings is $0.72 per share. William Blair also issued estimates for Iridium Communications’ Q3 2024 earnings at $0.20 EPS and Q4 2024 earnings at $0.20 EPS.

Several other research firms also recently commented on IRDM. Barclays decreased their price objective on Iridium Communications from $45.00 to $42.00 and set an “overweight” rating on the stock in a report on Friday, February 23rd. Raymond James decreased their price objective on Iridium Communications from $53.00 to $48.00 and set a “strong-buy” rating on the stock in a report on Friday, February 16th. TheStreet upgraded Iridium Communications from a “d+” rating to a “c-” rating in a report on Thursday, February 15th. Finally, BWS Financial restated a “neutral” rating and set a $30.00 price target on shares of Iridium Communications in a report on Monday. Three equities research analysts have rated the stock with a hold rating, two have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $44.25.

Iridium Communications Trading Up 2.2 %

Shares of IRDM stock opened at $28.74 on Monday. The company has a quick ratio of 2.52, a current ratio of 3.33 and a debt-to-equity ratio of 1.86. The business has a 50-day moving average price of $27.51 and a two-hundred day moving average price of $34.68. Iridium Communications has a 12-month low of $24.14 and a 12-month high of $68.34. The firm has a market cap of $3.49 billion, a P/E ratio of 136.86 and a beta of 0.85.

Iridium Communications (NASDAQ:IRDM) last posted its quarterly earnings data on Thursday, April 18th. The technology company reported $0.16 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.15 by $0.01. The company had revenue of $203.80 million during the quarter, compared to analyst estimates of $193.84 million. Iridium Communications had a return on equity of 2.76% and a net margin of 3.20%. The firm’s quarterly revenue was down .7% on a year-over-year basis. During the same quarter last year, the company earned $0.08 earnings per share.

Hedge Funds Weigh In On Iridium Communications

Several hedge funds and other institutional investors have recently added to or reduced their stakes in IRDM. Cullen Investment Group LTD. purchased a new stake in Iridium Communications during the 4th quarter valued at $1,548,000. Hsbc Holdings PLC raised its stake in Iridium Communications by 11.9% during the 3rd quarter. Hsbc Holdings PLC now owns 54,578 shares of the technology company’s stock valued at $2,498,000 after buying an additional 5,823 shares during the last quarter. Teachers Retirement System of The State of Kentucky raised its stake in Iridium Communications by 92.7% during the 3rd quarter. Teachers Retirement System of The State of Kentucky now owns 43,137 shares of the technology company’s stock valued at $1,962,000 after buying an additional 20,752 shares during the last quarter. Pacer Advisors Inc. raised its stake in Iridium Communications by 2,918.9% during the 4th quarter. Pacer Advisors Inc. now owns 603,900 shares of the technology company’s stock valued at $24,857,000 after buying an additional 583,896 shares during the last quarter. Finally, GSA Capital Partners LLP raised its stake in Iridium Communications by 1,167.9% during the 3rd quarter. GSA Capital Partners LLP now owns 51,310 shares of the technology company’s stock valued at $2,334,000 after buying an additional 47,263 shares during the last quarter. 84.36% of the stock is owned by institutional investors.

Iridium Communications Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 29th. Investors of record on Friday, March 15th were given a $0.13 dividend. The ex-dividend date of this dividend was Thursday, March 14th. This represents a $0.52 annualized dividend and a yield of 1.81%. Iridium Communications’s dividend payout ratio (DPR) is presently 247.62%.

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.