Q2 2024 EPS Estimates for Iridium Communications Inc. Cut by Analyst (NASDAQ:IRDM)

Iridium Communications Inc. (NASDAQ:IRDM) – Research analysts at BWS Financial reduced their Q2 2024 earnings per share estimates for Iridium Communications in a report released on Monday, April 22nd. BWS Financial analyst H. Khorsand now expects that the technology company will post earnings of $0.21 per share for the quarter, down from their previous forecast of $0.22. BWS Financial has a “Neutral” rating and a $30.00 price target on the stock. The consensus estimate for Iridium Communications’ current full-year earnings is $0.72 per share. BWS Financial also issued estimates for Iridium Communications’ Q3 2024 earnings at $0.23 EPS, Q4 2024 earnings at $0.20 EPS and FY2024 earnings at $0.80 EPS.

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

Several other equities research analysts have also weighed in on IRDM. Barclays lowered their price objective on Iridium Communications from $45.00 to $42.00 and set an “overweight” rating on the stock in a research note on Friday, February 23rd. William Blair lowered Iridium Communications from an “outperform” rating to a “market perform” rating in a research report on Thursday, February 15th. TheStreet upgraded Iridium Communications from a “d+” rating to a “c-” rating in a research report on Thursday, February 15th. Finally, Raymond James decreased their price target on Iridium Communications from $53.00 to $48.00 and set a “strong-buy” rating on the stock in a research report on Friday, February 16th. Three analysts have rated the stock with a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $44.25.

Iridium Communications Trading Up 2.2 %

IRDM stock opened at $28.74 on Wednesday. Iridium Communications has a 1-year low of $24.14 and a 1-year 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. The business’s 50 day moving average is $27.51 and its 200-day moving average is $34.68. The company has a current ratio of 3.33, a quick ratio of 2.52 and a debt-to-equity ratio of 1.86.

Iridium Communications Announces Dividend

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

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the stock. Louisiana State Employees Retirement System raised its stake in Iridium Communications by 2.3% during the 1st quarter. Louisiana State Employees Retirement System now owns 35,600 shares of the technology company’s stock worth $931,000 after buying an additional 800 shares during the period. Sumitomo Mitsui Trust Holdings Inc. increased its holdings in Iridium Communications by 19.9% during the 1st quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 2,089,600 shares of the technology company’s stock worth $54,664,000 after purchasing an additional 346,118 shares in the last quarter. State of Michigan Retirement System increased its holdings in Iridium Communications by 2.4% during the 1st quarter. State of Michigan Retirement System now owns 30,459 shares of the technology company’s stock worth $797,000 after purchasing an additional 700 shares in the last quarter. Oak Thistle LLC bought a new position in Iridium Communications during the 1st quarter worth about $546,000. Finally, Counterpoint Mutual Funds LLC bought a new position in Iridium Communications during the 1st quarter worth about $280,000. Institutional investors and hedge funds own 84.36% of the company’s stock.

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.